REC Silicon increases revenues and sales in Q4, 2016

REC Silicon’s production site in Moses Lake, U.S.
REC Silicon’s production site in Moses Lake, U.S.

REC Silicon ASA (Fornebu, Norway), a producer of polysilicon and silicon gases for the solar and electronics industries, on February 15th, 2017 announced that revenues for the fourth quarter of 2016 were USD 80.4 million, an increase of 58.0 percent compared to USD 50.9 million in the third quarter of 2016.

Higher revenues were the result of an increase of 114.2 percent in polysilicon sales volumes compared to the prior quarter. Fourth quarter 2016 Polysilicon sales volumes were 3,801 MT compared to 1,775 MT during the third quarter of 2016.

 

Robust PV installation demand anticipated during the first half of 2017

As expected, solar markets began to recover after significant deterioration during the third quarter caused by expiration of feed-in tariffs (FiTs) in China, the company notes. Wafer producers have restarted capacity in anticipation of robust PV installation demand during the first half of 2017.

EBITDA for the fourth quarter of 2016 was USD 4.9 million compared to a loss of USD 7.9 million in the third quarter of 2016.

The overall trend in improved EBITDA is a direct result of the successful implementation of cost cutting initiatives to match spending and activity levels with decreased capacity utilization in order to match production volume with market demand, the company notes.

 

2017-02-20 | Courtesy: REC Silicon | solarserver.com © Heindl Server GmbH

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