Maxwell Technologies Inc., a leading developer and manufacturer of capacitor-based energy storage and power delivery solutions, announces preliminary unaudited revenue results for the first quarter of 2018.
Maxwell expects first quarter 2018 revenue to be approximately $28 million, falling below the company's prior guidance range of $31 million to $33 million. The expected revenue shortfall is directly attributable to the company's high voltage capacitor product line and is related to delays in the processing of Chinese tenders for infrastructure projects. In addition, it believes that the revenue shortfall can be further attributed to delays in infrastructure investment by utilities caused by uncertainty from revisions to taxes and incentives introduced by U.S. tax reform and from potential increased tariffs on steel announced during the first quarter by Presidential proclamation.
"Our preliminary first quarter revenue results reflect a shortfall in anticipated orders related to our high voltage capacitor products," says Dr. Franz Fink, Maxwell's President and Chief Executive Officer. "While we are disappointed with these unforeseen events, we remain encouraged as we expect a recovery in the second half of 2018 as market uncertainties are clarified and delays are mitigated. Moreover, our revenue from our energy storage product line appears to exceed our earlier expectations for the first quarter."
These preliminary, unaudited results are based on management's initial review of operations for the first quarter ended March 31, 2018 and remain subject to completion of the Company's customary quarterly closing and review procedures.