Project delays force Meyer Burger 2015 earnings revision

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In its 2014 earnings report, the Swiss-based solar technology manufacturer said a "top priority" for this year would be to break even at the EBITDA level and achieve net sales of around CHF 400 million (roughly US$397 million).

Delays in customers’ projects over the course of the year to date, however, will see Meyer Burger record an EBITDA of between CHF -40 million to -60 million. It has also been forced to revise its full year net sales forecast down, from CHF 400 million, to between CHF 290 million to 340 million.

Meyer Burger’s 1H 2015 earnings results were also adversely affected by project delays, with the company recording an overall H1 net loss of CFH -93.0 million, down on the CHF -88.0 million lost the previous year. At the time, it was hopeful the delayed orders would be counted in its full year results. It now believes, however, the delays will continue into the first half of 2016.

Despite this, Meyer Burger has continued to see its new order intake for the year increase. As of October 31, new order volume reached CHF 367 million, up 44%, from CHF 254 million the previous year.

"This strong increase in incoming orders is mainly due to various large and mid-sized orders for photovoltaic systems and solutions," comented Meyer Burger in a statement released, adding, "The increased project activities in the PV area are clear signs for an improvement in investment behaviour by customers and an increased technology demand to further improve solar cell production lines in terms of cell efficiency and performance capabilities with new technologies (Heterojunction, SmartWire Connection) or upgrade technologies (MB PERC, inspection and measurement systems)."

No other financial results were communicated.