November 15 (Renewables Now) - German solar and other machinery manufacturer Manz AG (ETR:M5Z) reported on Tuesday lower EBITDA and a negative EBIT for the first nine months of 2018, even as revenues increased by 34% to EUR 258.2 million (USD 292m).
Earnings before interest, tax, depreciation and amortisation (EBITDA) went down to EUR 3.8 million from EUR 8.5 million a year ago, while earnings before interest and tax (EBIT) turned to a negative result of EUR 2.8 million from positive EUR 0.8 million. The company said a cable fire at a facility in Taiwan had a negative impact of EUR 2.2 million on its EBIT, without which the result would have been a loss of just EUR 0.6 million.
Still, in the third quarter EBIT was positive at EUR 2.2 million, which is an increase of EUR 8.4 million for the same period a year ago.
"Assuming framework conditions stay the same, we will thus reach our forecast revenue growth of 10-14 % with a positive EBIT without special effects," Martin Drasch, CEO, commented.
|in EUR million||Jan-Sep 2018||Jan-Sep 2017|
|- Energy Storage||22.7||17.0|
|- Contract Manufacturing||77.4||62.2|
|- Energy Storage||(7.2)||(16.7)|
|- Contract Manufacturing||1.3||2.7|
|- Energy Storage||(4.9)||(14.9)|
|- Contract Manufacturing||2.2||3.6|
(EUR 1 = USD 1.13)