Manz sees negative EBITDA, revenue jump in Q1

Manz laser scriber with IPCS (Inline Precision Control System). Image: Manz AG

German solar and other machinery manufacturer Manz AG (ETR:M5Z) today reported negative EBITDA and EBIT for the first quarter of 2018 in spite of an 81% jump in revenues.

Earnings before interest, tax, depreciation and amortisation (EBITDA) were negative EUR 0.9 million (USD 1.1m), compared to positive EUR 23.2 million a year ago, while EBIT was down to negative EUR 3 million from positive EUR 20 million.

Adjusting last year's results for gains from the operation and sale of NICE Solar Energy GmbH, formerly Manz CIGS Technology GmbH, however, EBITDA improved from negative EUR 9.2 million and EBIT from negative EUR 11.5 million.

The company generated its highest-ever first-quarter revenue in January-March 2018 and said the performance showed its efforts to increase its competitiveness and profitability are in the right direction. It maintained ts full-year outlook for revenue growth of 10% to 14% and for a slightly positive EBIT, excluding one-offs.

Summary of revenue and EBITDA by segment:

in USD million	Q1 2018	Q1 2017
Revenue	86.1	47.6
- Solar	35.9	1.5
- Electronics	14.8	19.7
- Energy Storage	7.9	6.1
- Contract Manufacturing	25.1	15.6
- Service	4.7	4.8
EBITDA	(0.9)	23.2
- Solar	2.3	26.4
- Electronics	(4.8)	(2.8)
- Energy Storage	(1.3)	(2.8)
- Contract Manufacturing	2.5	0.8
- Service	0.7	1.5