November 12 (Renewables Now) - German solar and other machinery manufacturer Manz AG (ETR:M5Z) on Monday reported weakened earnings before interest and tax (EBIT) for the first nine months of 2019 because of a 6.5% decline in group revenues.
The EBIT result for January-September 2019 was a loss of EUR 7.7 million (USD 8.5m) that compares to a loss of EUR 2.4 million a year earlier. In the solar segment, EBIT dropped to EUR 0.4 million from EUR 11.7 million as revenue there fell to EUR 39 million from EUR 88.1 million. The company noted that there are ongoing customer project delays that affect the top line.
More details about Manz’s financial performance are available in the table below.
|Figures in EUR million||Jan-Sep 2019||Jan-Sep 2018|
|-- Solar segment||39.0||88.1|
|-- Energy Storage segment||23.2||22.7|
|Group EBITDA (loss)||5.8||3.7|
|-- Solar segment||3.3||12.5|
|-- Energy Storage segment||(5.9)||(4.9)|
|Group EBIT (loss)||(7.7)||(2.4)|
|-- Solar segment||0.4||11.7|
|-- Energy Storage segment||(9.0)||(7.2)|
"After a strong start to the financial year 2019, our revenue and earnings forecasts have been deferred due to the overall economic conditions and a few project delays on the customer side. Irrespective of this, our growth opportunities and prospects in the core segments remain fully intact,” commented CEO Martin Drasch.
The management board of the company has revised down its full-year forecast and now expects a positive EBITDA margin in the lower single-digit percentage range and a negative EBIT in the upper single-digit million range for 2019. Revenues are seen slightly below the previous year's level.
(EUR 1.0 = USD 1.101)