Hanwha Q CELLS announced the financial results of the second quarter of 2015, the first full quarter after it merged with Hanwha SolarOne. The merger helps Hanwha Q CELLS to have a larger manufacturing scale, increasing the gross margin from 14.5% in the prior quarter to 17.3%.
The company also set the guidance for the third quarter, aiming to ship 800 to 820MW of solar PV modules, while aims to further increase the gross margin up to 18%.
For the full year of 2015, Hanwha Q CELLS expects module shipments from 3.2 to 3.4GW, and gross margin from 17% to 19%.
HIGHLIGHTS
- Total solar module shipments were 614 MW, an increase of 12.2% quarter-over-quarter.
- Total shipments include 561 MW of external shipments, 25 MW of OEM and 28 MW of shipments to the Company's own downstream projects.
- Net revenues were $338 million, an increase of 1.3% quarter-over-quarter.
- Average selling price (ASP) of external shipments was $0.59 for the quarter, no change from the previous quarter.
- Gross profit rose 20.7% quarter-over-quarter to US$58.4 million.
- Gross margin improved 277 basis points quarter-over-quarter to 17.3%, exceeding the Company's guidance of 15-to-17%.
- Total processing costs approached 42.5 cents per watt in June for in-house production.
- Cash balance rose to $476 million, an increase of 145%.
- Company generated $424 million in operating cash flow.
- The third quarter guidance is 800 to 820 MW of total module shipments and gross margin should exceed 18%.
- The Company reiterates its FY2015 guidance of total module shipments of 3.2 to 3.4 GW and gross margin of 17 to 19 %.
