Aixtron Cuts 2015 Revenue Outlook; Stock Plunges

(RTTNews) - Aixtron SE (AIXG), a provider of deposition equipment to the semiconductor industry, said that it lowered its 2015 revenue outlook after trimming down its partnership with Chinese customer San'an Optoelectronics.

AIXG closed Wednesday trading at $6.48, down $1.05 or 14.00%. In after hours, the stock further dropped $0.15 or 2.31%.

Based on a broader distribution of revenue for equipment in the silicon industry, power electronics and other optoelectronic applications, the company now expects to generate full-year revenues of approximately 190 million euros in 2015, compared to prior estimate of 190 million euros to 200 million euros.

The target of an EBITDA break-even in the second half of 2015 remains in place.

Aixtron expects to generate revenues in 2016 of around the same level as 2015.

Aixtron noted that it has reached an agreement with its Chinese customer San'an Optoelectronics regarding a substantial reduction in the volume of AIX R6 MOCVD systems ordered from 50 to the three which have already been delivered.

Despite the efforts made by both parties, the customer's specific qualification requirements were not achieved. Both parties agreed to continue their existing partnership by cooperating on future system generations as well as on systems for other applications.

Aixtron noted that it will proceed in marketing and the further development of the AIX R6 Showerhead technology. The focus is now on existing customers that have already achieved or are in the process of achieving qualification.

The company noted that results for 2015 will be published as planned on February 23, 2016.