EQS-News: Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum Reports Sustained Strong Demand in First Quarter 2023 and Results In-Line with Forecast for the Fiscal Year 2023
EQS-News: Pfeiffer Vacuum Technology AG
/ Key word(s): Quarter Results/Quarterly / Interim Statement
Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum Reports Sustained Strong Demand in First Quarter 2023 and Results In-Line with Forecast for the Fiscal Year 2023
11.05.2023 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
NEWS RELEASE
Pfeiffer Vacuum Reports Sustained Strong Demand in First Quarter 2023 and Results In-Line with Forecast for the Fiscal Year 2023
First quarter 2023:
Sales of EUR 253.1 million, up 17.2% from the previous year Operating result (EBIT) of EUR 32.2 million, up 2.9% year-on-year Order intake of EUR 238.7 million and order backlog of EUR 488.3 million at the end of March 2023
Asslar, May 11, 2023. Pfeiffer Vacuum Technology AG, a leading global manufacturer of vacuum solutions, today announced results for the first quarter 2023.
The Company’s sales increased by 17.2% to EUR 253.1 million – the first time in the Company’s history to achieve over EUR 250 million in sales within one quarter (Q1 2022: EUR 216.0 million). The operating result (EBIT) increased by 2.9%, reaching EUR 32.2 million (Q1 2022: EUR 31.3 million), representing an EBIT margin of 12.8% (Q1 2022: 14.5%). Furthermore, the order intake during the first quarter was EUR 238.7 million (Q1 2022: EUR 286.2 million) and the order backlog stood at EUR 488.3 million at the end of the first quarter 2023 (Q1 2022: EUR 386.4 million). These key financials are in-line with the Company’s forecast for the full fiscal year 2023.
The sales increase was driven by a strong performance in all market segments. Sales in the Semiconductor and Emerging Technologies market segment increased by 10.7% to EUR 124.7 million (Q1 2022: EUR 112.7 million). The sales in the Analytics, Industry and R market segment improved by 24.2% to EUR 128.3 million (Q1 2022: EUR 103.3 million) with continued broad-based demand.
The operating result (EBIT) increased by 2.9% to EUR 32.2 million (Q1 2022: EUR 31.3 million) and the EBIT margin was 12.8% (Q1 2022: 14.5%). The year-over-year increase in EBIT was primarily a result of the sales increase and related scale economies. The beneficial developments were partially offset by inflation as well as activities to increase production capacity and the development and expansion of the global IT infrastructure.
The book-to-bill ratio, the ratio of order intake to sales, was at a level of 0.94 for the first quarter 2023. The order backlog of EUR 488.3 million represents an increase of 26.4% compared to the previous year (March 31, 2022: EUR 386.4 million) and a slight decrease of 2.9% compared to year-end 2022 (December 31, 2022: EUR 502.7 million).
“The first quarter 2023 was again strong for Pfeiffer Vacuum”, says Dr. Britta Giesen, CEO of Pfeiffer Vacuum Technology AG. “The demand for our products and services remained at high levels across our market segments. However, we expect a slow-down in demand related to the semiconductor market conditions later in 2023. Our focus will remain on being agile in responding to demand shifts in the market and meeting the requirements of our customers. At the same time, we are positioning Pfeiffer Vacuum for medium- and long-term growth by modernizing and expanding our production capacities as well as by building a globally integrated IT infrastructure.”
Overview of key figures:
Q1/2023 Q1/2022 Change Sales € 253.1 million € 216.0 million 17.2% EBIT € 32.2 million € 31.3 million 2.9% Net income € 22.8 million € 22.2 million 2.8% Earnings per share € 2.31 € 2.25 2.7% Order intake € 238.7 million € 286.2 million -16.6% Order backlog € 488.3 million € 386.4 million 26.4%The gross profit in the reporting period was EUR 97.6 million (Q1 2022: EUR 78.7 million). The year-over-year increase of 24.0% is due to positive economies of scale related to increased sales.
Net income increased by 2.8% to EUR 22.8 million (Q1 2022: EUR 22.2 million), representing earnings per share of EUR 2.31 (Q1 2022: EUR 2.25).
In sales by region, which describes sales according to the location of the customers in their corresponding region, Asia achieved an increase in sales of 13.7% to EUR 101.6 million (Q1 2022: EUR 89.4 million). Europe showed an increase of 15.2% to EUR 84.8 million (Q1 2022: 73.6 million). Sales in the Americas increased by 25.9% to EUR 66.6 million (Q1 2022: EUR 52.9 million).
Balance sheet and cash-flow
Total assets at the end of the first quarter 2023 were EUR 905.4 million, up 4.8% from year-end 2022 (December 31, 2022: EUR 863.7 million). Cash and cash equivalents were EUR 71.3 million (December 31, 2022: EUR 67.8 million). The equity ratio remained at a solid level of 60.5%, slightly below year-end 2022 (December 31, 2022: 61.5%). Capital expenditures in the first quarter nearly doubled to EUR 21.0 million and were mainly used for expanding production capacity (Q1 2022: EUR 11.1 million).
Outlook for the 2023 fiscal year unchanged
The Company confirms its guidance and continues to expect consolidated sales for the fiscal year 2023 to be approximately at the same level as for the fiscal year 2022 (EUR 916.7 million). The EBIT margin expectations for the full year 2023 remain at around 12%. In addition, capital expenditures of about EUR 100 million are planned for the fiscal year 2023. The Company expects the second quarter 2023 again to be solid due to the currently strong backlog with demand slowing in the later part of 2023 related to semiconductor market conditions.
Other news
As announced at the Annual General Meeting of Pfeiffer Vacuum on May 2nd, 2023, the Supervisory Board has decided to extend the Management Board service contract of Dr. Britta Giesen, CEO, for another five-year term until December 31, 2028.
Contact
Pfeiffer Vacuum Technology AG
Investor Relations
Heide Erickson
T +49 6441 802 1360
Heide.Erickson@pfeiffer-vacuum.com
About Pfeiffer Vacuum
Pfeiffer Vacuum (stock exchange symbol PFV, ISIN DE0006916604) is one of the world’s leading providers of vacuum solutions. In addition to a full range of hybrid and magnetically levitated turbopumps, the product portfolio comprises backing pumps, leak detectors, measurement and analysis devices, components as well as vacuum chambers and systems. Ever since the invention of the turbopump by Pfeiffer Vacuum, the company has stood for innovative solutions and high-tech products in the analytical, industrial, research development, semiconductor and future technologies markets. Founded in 1890, Pfeiffer Vacuum is active throughout the world today. The company employs a workforce of some 4,000 people and has more than 20 sales and service companies as well as 10 manufacturing sites worldwide.
For more information, please visit www.pfeiffer-vacuum.com.
Consolidated Statements of Income (unaudited) Three months ended March 31, 2023 2022 in K€ in K€ Net sales 253,058 215,958 Cost of sales -155,440 -137,210 Gross profit 97,618 78,748 Selling and marketing expenses -24,587 -22,042 General and administrative expenses -28,746 -17,338 Research and development expenses -9,527 -8,869 Other operating income 3,921 3,008 Other operating expenses -6,437 -2,169 Operating profit 32,242 31,338 Financial expenses -807 -96 Financial income 192 65 Earnings before taxes 31,627 31,307 Income taxes -8,785 -9,079 Net income 22,842 22,228 Earnings per share (in €): Basic 2.31 2.25 Diluted 2.31 2.25 Consolidated Balance Sheets (unaudited) March 31, 2023 December 31, 2022 in K€ in K€ Assets Intangible assets 106,321 106,467 Property, plant and equipment 242,065 226,664 Investment properties 322 328 Other financial assets 5,228 4,985 Other assets 663 640 Deferred tax assets 23,849 23,806 Total non-current assets 378,448 362,890 Inventories 254,958 248,993 Trade accounts receivable 166,115 153,154 Contract assets 4,827 3,506 Income tax receivables 3,637 3,641 Prepaid expenses 11,051 10,356 Other financial assets 256 257 Other accounts receivable 14,849 13,095 Cash and cash equivalents 71,252 67,840 Total current assets 526,945 500,842 Total assets 905,393 863,732 Shareholders’ equity and liabilities Share capital 25,261 25,261 Additional paid-in capital 96,245 96,245 Retained earnings 438,941 416,099 Other equity components -12,543 -6,251 Equity of Pfeiffer Vacuum Technology AG shareholders 547,904 531,354 Financial liabilities 13,265 7,858 Provisions for pensions 36,906 36,709 Deferred tax liabilities 4,439 4,064 Contract liabilities 1,583 1,497 Total non-current liabilities 56,193 50,128 Trade accounts payable 65,891 86,158 Contract liabilities 29,007 28,508 Other accounts payable 37,567 33,112 Provisions 48,688 50,748 Income tax liabilities 15,307 15,549 Financial liabilities 104,836 68,175 Total current liabilities 301,296 282,250 Total shareholders’ equity and liabilities 905,393 863,732
Consolidated Statements of Cash Flows (unaudited) Three months ended March 31, 2023 2022 in K€ in K€ Cash flow from operating activities: Net income 22,842 22,228 Depreciation/amortization 8,180 7,221 Other non-cash income/expenses 3,512 2,320 Effects of changes of assets and liabilities: Inventories -11,615 -20,331 Receivables and other assets -20,133 -3,925 Provisions, including pensions, and income tax liabilities -1,714 -1,122 Payables, other liabilities -13,965 11,936 Net cash used in / provided by operating activities -12,893 18,327 Cash flow from investing activities: Capital expenditures -20,951 -11,069 Proceeds from disposals of fixed assets 815 67 Net cash used in investing activities -20,136 -11,002 Cash flow from financing activities: Proceeds from increases of financial liabilities 36,531 - Redemptions of leasing liabilities -1,848 -1,278 Redemptions of financial liabilities - 2 Net cash provided by / used in financing activities 34,683 -1,276 Effects of foreign exchange rate changes on cash and cash equivalents 1,758 151 Net change in cash and cash equivalents 3,412 6,200 Cash and cash equivalents at beginning of period 67,840 99,371 Cash and cash equivalents at end of period 71,252 105,571
11.05.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
End of News EQS News Service
1629181 11.05.2023 CET/CEST