Solar sales suffer at Manz due to push-outs and order cancellations

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The changing PV equipment market forced Manz to slightly lower its full-year revenue guidance, despite strong sales growth, particularly in its flat panel display (FPD) business segment.  Manz reported revenue of €192 million for the first 9-months of 2011, a 58 % increase, compared with the previous year's figure of €121.3 million.

Total operating revenue was €217.9 million for the first 9-months, a 64.4 % growth compared with €132.6 million in the previous year. FPD sales made up 40.5% of revenue in the period.

“The crisis on the solar market shows that, also during turbulent periods, we continue to stand on a solid foundation thanks to our diversified positioning, and our concentration on three sectors,” commented Dieter Manz, CEO of Manz AG. “The forthcoming record year in the FPD segment, in particular, underscores the major growth opportunities that we enjoy as a technology and innovation leader. Our New Business segment also highlights the enormous potential that e-mobility offers us.”

Despite the growth in FPD, the solar business segment was said to have underperformed expectations in the first 9-month of the year.

The Management Board revised annual revenue guidance slightly to between €220 million and €230 million, and between breakeven and a slightly positive result in terms of earnings before interest and tax (EBIT).

The company had previously anticipated revenues of between €240 million and €250 million, and an EBIT margin of at least 5 %.

The small revisions were noted to have been due primarily because of initial project postponements, as well as cancellations for solar equipment.

Order backlog stood at approximately €80 million, with solar segment responsible for 26.8% of order backlog.
 

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