SMA Solar Technology plans to cut up to 1,100 jobs worldwide and lowered forecasts for the year, the German solar power parts supplier said on Wednesday, nearly two months after it announced a restructuring program.

In September, SMA Solar launched a company-wide restructuring program in a bid to save up to 200 million euros ($211.28 million) in costs.

The company said it now expects lowered group revenue in the range of 1.45 billion euros to 1.5 billion euros for the full year.

It also added that it now expects earnings before interest, taxes, depreciation and amortization (EBITDA) for the year to be between minus 20 million euros to 20 million euros, and earnings before interest and taxes (EBIT) between minus 100 million euros to minus 50 million euros.

"We are putting the company on more streamlined, efficient and flexible footing to build profitable growth in the future," CFO Barbara Gregor said.

Early on Thursday, SMA also published its results for the first nine months of the year, with sales dropping to 1.06 billion euros from 1.34 billion euros last year. EBIDTA for the nine months dropped to 83.5 million euros from 231.2 million euros in the same period last year, it said.

SMA 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. Shares plunged over 30% on the news.

"We will be adjusting the cost base to the lower sales volume and changes in demand," Gregor added.

  - Reuters