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Germany's SMA Solar to cut up to 1,100 jobs, lowers revenue outlook
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Germany's SMA Solar to cut up to 1,100 jobs, lowers revenue outlook
Nov 13, 2024 2:52 PM

Nov 13 (Reuters) - SMA Solar Technology plans

to cut up to 1,100 jobs worldwide, the German solar power parts

supplier said on Wednesday, nearly two months after it announced

a restructuring program.

The group revenue was also slightly lowered to a range of

1.45 billion ($1.53 billion) to 1.5 billion euros for the full

year, the company said, adding that it aims to achieve cost

savings of 150 million to 200 million euros.

The company incurred one-off inventory value adjustments and

restructuring expenditures amounting to an estimated 100 million

to 140 million euros for the current fiscal year.

It now expects EBITDA (earnings before interest, taxes,

depreciation, and amortization) to be between minus 20 million

euros to 20 million euros, and EBIT (earnings before interest

and taxes) to be between minus 100 million euros to minus 50

million euros.

SMA had initially cut its profit forecast in June, citing

elections to the European parliament and the presidential

elections in the U.S., which had contributed to market

uncertainty.

($1 = 0.9466 euros)

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