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Amtech returns to profit in fiscal Q2

Amtech Systems' headquarters. Photo by: Amtech Systems Inc (www.amtechsystems.com).

May 16 (Renewables Now) - US equipment manufacturer Amtech Systems Inc (NASDAQ:ASYS) returned to a net profit of USD 2.8 million (EUR 2.4m) in its second fiscal quarter through March but saw its solar shipments decline.

The company, which serves the solar, semiconductor and LED industries, booked a net loss of USD 1.4 million in the year-ago period. As compared to the previous quarter, net profit declined from USD 6.5 million.

Amtech Systems last week reported revenue of USD 32.8 million for the January-March quarter, down from USD 32.9 million a year before and from USD 73.6 million sequentially. It explained that the quarter-on-quarter drop mainly results from the shipment of the entire equipment for a large phased solar order in the first fiscal quarter, while in annual terms the decline was due to falling solar shipments. The solar business accounted for USD 12.6 million of second-quarter revenue.

Its order backlog, which includes deferred revenue and orders expected to ship within the next 12 months, amounted to USD 63.1 million, down from USD 65.9 million at December 31, 2017. Solar order backlog decreased to USD 35 million from USD 39.3 million.

The solar industry supplier guided for revenues of between USD 34 million and USD 37 million in the quarter ending June 30. It expects results for the coming quarters to be highly influenced by the timing of the third phase order of the 1-GW turnkey project.

As for future revenues from the solar market, Amtech’s CEO Fokko Pentinga said that it depends on several factors, among which is “the timing of customers' investment in expanding solar cell production capacity, particularly the timing of turnkey orders." He added that Amtech’s installation and start-up of the first phase order of the 1-GW turnkey project proceeds smoothly.

(USD 1.0 = EUR 0.844)

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Veselina Petrova is one of SeeNews Renewables most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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