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US photovoltaics company Westinghouse Solar has seen its second quarter revenues increase 24 per cent compared with the same period in 2010, and 38 per cent on the first quarter of 2011. Total revenue for the quarter was $2.7m and the first half of 2011 saw orders worth $4.8m, up 60 per cent from the $4.8m in the first two months of 2010.
Gross profit was down in the quarter from $342,000 in 2010 to $194,000 this year. The company said that downward pressure on retail prices, partially offset by lower panel and component costs, led to the reduction in profit. Net loss for the quarter stood at $1.3m, the same as the quarter one and up slightly on the $1.2m loss in the first three months of last year.
The company said it expects rapid growth in the second half of 2011 due to the release of a new product and predicts total revenues in the range of $15m to $20m. It also forecasts sequential revenue growth of between 40 and 60 per cent in the third quarter of this year and for cash flow to break even during this period.
Barry Cinnamon, CEO of Westinghouse Solar, said, 'We expect our new manufacturing arrangement - combined with new, larger format panels and lower component costs - to allow Westinghouse Solar to achieve attractive gross margins while pricing our panels competitively against ordinary [direct current] systems. When new and existing installers can purchase a Westinghouse Solar system at a price point roughly comparable to an ordinary [direct current] system, their decision to switch is very easy. We are continuing to expand our network of installers, currently numbering approximately 320 companies in 39 states plus Canada and Mexico.'
