Solar stocks and sector-related exchange traded fund popped Thursday as solar panel makers offered a brighter outlook for the year ahead.
The Invesco Solar ETF (NYSEARCA: TAN) rose 3.2% Thursday.
Leading the charge on Thursday, SMA Solar Technology shares jumped 14.4% after issuing an improved guidance for better financial results in 2019, following a loss and weaker sales over 2018, RenewablesNow reports.
“Due to the sudden downturn in the photovoltaic market in China, Chinese manufacturers have made increasing inroads into the international markets, creating massive price pressure. As a result, project developers and investors have postponed the construction of PV power plants in anticipation of a further fall in prices,” CEO Juergen Reinert said, adding that the limited availability of electronic components had impacted business in commercial PV systems, but that situation has since been resolved.
Looking ahead, the managing board expects sales of between EUR800 million and EUR880 million, bolstered by a projected positive developments in Europe and America, along with the revival of the storage market. In comparison, 2018 sales decreased to around EUR761 million, or $863m, from EUR891 million in the prior year.