(Bloomberg) — Hanwha Q Cells Co., the Korean solar panel
manufacturer, surged the most in six weeks after consolidating
its operations with a related company in the first quarter
helped boost revenue.
Hanwha Q Cells advanced 9 percent to $2.18 at the close in
New York, the most since April 16.
Sales for the Seoul-based company climbed 54 percent to
$333.5 million, according to a statement Thursday. The quarterly
report is the first since Hanwha Solar Holdings merged its
Hanwha SolarOne unit with Hanwha Q Cells Investment to form
Hanwha Q Cells on Feb. 6.
“The newly formed company had substantially higher
revenues,” Chief Executive Officer Seong-woo Nam said in the
statement. “We are in the early stages of reducing redundant
costs and realizing our economies of scale in areas like supply
chain management.”
The net loss for the combined company was $20.4 million, or
1 cent per American depository receipt. The loss for the Q Cells
business was $7.2 million a year earlier. One ADR is worth five
ordinary shares.
Hanwha Q Cells shipped 547.3 megawatts of panels in the
first quarter and expects to deliver 650 megawatts to 680
megawatts in the current quarter. Full-year shipments may reach
3.4 gigawatts, led by demand in North America and Japan. The
company will expand its cell and module manufacturing capacity
this year to 3.7 gigawatts each from 3.5 gigawatts and 2.8
gigawatts, respectively.
Hanwha Q Cells agreed in April to supply 1.5 gigawatts of
panels to NextEra Energy Inc., beginning in the fourth quarter.
That deal “provides us strong visibility for the foreseeable
future and greatly improves our potential profitability and
growth,” Nam said.
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Will Wade, Robin Saponar