What To Expect From Hanwha Solarone Co Ltd (NASDAQ:HSOL)?
Hanwha Solarone Co Ltd (NASDAQ:HSOL) said it will release its third quarter 2013 financial results on Tuesday, November 12. Hanwha is a manufacturer of silicon ingots, wafers and photovoltaic cells and modules.
Recently, the company announced that it sold four gigawatts (GW) of photovoltaic modules to 35 countries. According to the company, Hanwha SolarOne becomes the first South Korean solar company to achieve this milestone.
The milestone was achieved as part of the company’s global expansion strategy. Japan and South Africa have become Hanwha SolarOne’s two largest markets over the last year, besides other growing markets. According to update provided by the firm, Japan accounted for 28% of the company’s overall business in 2013, while South Africa contributed almost 19% to the total business.
The company, however, is strengthening its position and presence in the U.S. market and expects it be the company’s third largest market, after Japan and South Africa. In the last 13 months, Hanwha SolarOne has supplied modules to customers such as AEE, REC, SolarCity Corp (NASDAQ:SCTY), SolarUniverse, Black & Veatch, Constellation Energy (NYSE:CEG), Scatec, Strata Solar, Soltage, and WESCO.
Last, the company announced their second quarter results in September with total net revenues of $192.7 million, an increase of 10.4% from RMB1,071.7 million in the same quarter of 2012. The increase in revenue was mainly due to higher shipments and lower costs. During the second quarter, the company shipped PV module shipments totalling 321.2 MW, an increase from 230.7 MW a year ago.
For the upcoming third quarter 2013, Hanwha Solarone Co Ltd (NASDAQ:HSOL) has targeted module shipments to be in a range of 300–325MW. In addition, for the full year 2013, module shipments are expected to be between 1.2–1.4GW. Out of the expected shipment, 30-35% is forecasted for PV module processing services. And, capital expenditures for full year 2013 will be $75 million, depending on market conditions.