May 14, 2008 / 8:13 PM / 11 years ago

CORRECTED - Phoenix Solar swings to Q1 profit, raises guidance

(Corrects EBIT figure in last paragraph to 0.4 million euros instead of 1.8 million euros)

FRANKFURT, May 14 (Reuters) - Phoenix Solar PS4G.DE made a first-quarter profit as its Spanish business thrived and the availability of solar modules improved, spurring the German company to raise its full-year guidance.

Phoenix, a builder and operator of photovoltaic plants and wholesaler of solar systems, said it now expected 2008 earnings before interest and tax (EBIT) of more than 23 million euros ($36 million), up from its previous guidance for 18 million.

Sales should exceed 370 million euros, more than the “considerably more than 300 million euros” it had previously expected, Phoenix said in a statement on Wednesday.

“Owing to the pleasing first quarter, the improved availability of solar modules, a higher order intake and contracts successfully concluded in southern Europe, the board of directors has today adjusted its guidance,” it said.

Phoenix said its orders on hand rose to a record 231 million euros as of the end of March, more than double the 109 million worth it had on Jan. 1 and almost a three-fold increase over the year-earlier figure of 78 million euros.

First-quarter EBIT was 0.4 million euros, compared with a loss of 1.5 million in the year-earlier quarter, while sales rose to 41.6 million euros from 15 million. Profit after tax was 0.6 million euros compared with a loss of 1 million euros a year earlier. (Reporting by Georgina Prodhan; Editing by Braden Reddall) ($1=.6467 Euro)

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