Manz revises 2015 financial forecast downwards

German PV and battery equipment supplier Manz AG has this week revised downwards its 2015 fiscal year forecast following the cancellation of a large order worth approximately €12 million ($13.3 million).

The cancellation was the result of a “end customer’s decision for an alternative technical solution in the final product”, according to Manz, and all anticipated follow-up orders – which were included in the company’s annual forecast – are no longer to be realized. These orders amounted to further double-digit million revenue in euros, the company confirmed.

pv magazine has been informed that the order cancellation was in the Manz business unit Electronics, and therefore not related to the company’s solar activities.

Further delays in Manz’s energy storage segment have also forced the forecast adjustment, with orders anticipated for April and June now expected to be received in a matter of weeks, thus shunting accompanying revenue into the fourth quarter and on to 2016.

As a result of these delays and cancellations, Manz is now forecasting 2015 annual revenues to fall below the previously published figure of €320 – €340 million ($350.6 – $370.8 million), shrinking year-over-year to under €305.9 million ($340 million), which was posted in 2014.

The company’s EBIT is likely to be improved, but still negative, for 2015. Manz did confirm, however, that a more concrete outlook for 2015’s financial performance will be forthcoming later this year once further important orders have been received.