Manz AG lowers business expectations for 2019
Post date: 14/11/2019 - 20:59
In the first nine months of 2019, German mechanical engineering company Manz AG generated sales revenues of €198.2 million ($218 million), down 6.5 percent from €211.9 million in the same period of the previous year. The company justifies the decline in sales with a »persistent customer-side project delay in the solar sector as well as a lack of major investments from the electromobility sector in the development of European battery production.« Earnings before interest, taxes, depreciation and amortization (EBITDA) rose in the first nine months from €3.7 million ($4.0 million) in the same period of the previous year to €5.8 million ($3.8 million); earnings before interest and taxes (EBIT) amounted to €-7.7 million ($-8.4 million) compared fo €-2.4 million in the previous year.
In the Solar division, revenue development was »clearly marked« by delays in the construction of the factory building in connection with orders for turnkey production lines for thin-film solar modules. Sales in the Energy Storage segment were roughly at the previous year's level.
Due to the »overall economic development« and the »shift in sales and earnings,« the Managing Board has revised its previous earnings forecast for 2019. For fiscal 2019, Manz now expects a positive EBITDA margin in the lower single-digit percentage range and a negative EBIT in the upper single-digit million range with sales slightly below the previous year's level. In fiscal 2018, the Manz Group generated sales of around €297 million ($327 million).