EQS-News: Pfeiffer Vacuum Technology AG Reports Continued Strong Sales for the First Nine Months of 2023
EQS-News: Pfeiffer Vacuum Technology AG
/ Key word(s): 9 Month figures/Forecast
Pfeiffer Vacuum Technology AG Reports Continued Strong Sales for the First Nine Months of 2023
02.11.2023 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
NEWS RELEASE
Pfeiffer Vacuum Technology AG Reports Continued Strong Sales for the First Nine Months of 2023
First nine months 2023:
Record sales of EUR 737.8 million, up 10.3% from the previous year Operating result (EBIT) of EUR 86.6 million and EBIT margin of 11.7% Order intake of EUR 668.8 million, down 22.8% compared to previous year Order backlog with EUR 433.5 million, 15.7% down compared to previous year
Asslar, November 2, 2023. Pfeiffer Vacuum Technology AG, a leading global manufacturer of vacuum solutions, today announced results for the first nine months of 2023. With sales of EUR 737.8 million, representing an increase of 10.3% compared to the previous year, the Company reached the strongest nine-months performance in its history (9M 2022: EUR 668.7 million). The operating result (EBIT) decreased by 7.8% to EUR 86.6 million (9M 2022: EUR 94.0 million) mainly due to costs related to a comprehensive investment program. This represents an EBIT margin of 11.7% (9M 2022: 14.1%) and is in line with our full-year guidance. In addition, the order intake during the reporting period was EUR 668.8 million (9M 2022: EUR 866.5 million), reflecting the expected demand slow-down primarily in the semiconductor market. The order backlog stood at 433.5 million at the end of the first nine months of 2023 (9M 2022: EUR 514.0 million).
The Pfeiffer Vacuum sales increase was driven by a strong performance in the Analytics, Industry and R market segment. Sales in this market segment improved by 17.5% to EUR 381.9 million (9M 2022: EUR 325.1 million). The Semiconductor and Emerging Technologies market segment sales increased by 3.6% to EUR 355.9 million (9M 2022: EUR 343.6 million). The semiconductor market is currently experiencing a market adjustment after a multi-year high-demand cycle.
The operating result (EBIT) decreased by 7.8% to EUR 86.6 million (9M 2022: EUR 94.0 million) and the EBIT margin was 11.7% (9M 2022: 14.1%). The year-over-year decrease in EBIT was primarily due to higher costs for investments to drive long-term sustainable growth, including increasing the production capacities to meet future demand and creating an integrated global IT environment.
The book-to-bill ratio, the ratio of order intake to sales, was at 0.91 for the first nine months of 2023, reflecting particularly the expected demand declines related to the semiconductor market. The order backlog of EUR 433.5 million was down 15.7% compared to the previous year (Sep. 30, 2022: EUR 514.0 million).
“Our sales remained strong year-to-date, even as the demand conditions are becoming increasingly challenging”, says Dr. Britta Giesen, CEO of Pfeiffer Vacuum Technology AG. “Our commitment remains to invest in our manufacturing capacity and capabilities as well as IT infrastructure to position us for the next growth cycle, and to pursue our sustainability goals.”
Overview of key figures:
9M/2023 9M/2022 Change Sales € 737.8 million € 668.7 million 10.3% EBIT € 86.6 million € 94.0 million -7.8% Net income € 60.7 million € 66.6 million -8.9% Earnings per share € 6.15 € 6.75 -8.9% Order intake € 668.8 million € 866.5 million -22.8% Q3/2023 Q3/2022 Change Sales € 241.1 million € 228.1 million 5.7% EBIT € 30.3 million € 33.9 million -10.6% Net income €20.8 million €24.0 million -13.3% Earnings per share € 2.11 € 2.43 -13.2% Order intake € 216.3 million € 286.4 million -24.5% Order backlog € 433.5 million € 514.0 million -15.7%The gross profit for the first nine months of 2023 was EUR 269.6 million (9M 2022: EUR 243.6 million). The year-over-year increase of 10.7% is primarily due to the strong sales performance.
Net income decreased by 8.9% to EUR 60.7 million (9M 2022: EUR 66.6 million), representing earnings per share of EUR 6.15 (9M 2022: EUR 6.75).
In sales by region, which describes sales according to the location of the customers in their corresponding region, showed strong sales growth particularly in Europe: European sales increased by 23.2% to EUR 260.1 million (9M 2022: EUR 211.0 million). Sales in Asia increased by 5.5% to EUR 272.8 million (9M 2022: EUR 258.5 million), while sales in the Americas grew by 3.0% to EUR 204.9 million (9M 2022: EUR 199.0 million).
Solid balance sheet and cash-flow
Total assets at the end of the third quarter 2023 were EUR 961.9 million, up 11.4% from year-end 2022 (December 31, 2022: EUR 863.7 million). Cash and cash equivalents were EUR 103.8 million (December 31, 2022: EUR 67.8 million). The equity ratio remained at a solid level of 61.1%, slightly below year-end 2022 (December 31, 2022: 61.5%). Capital expenditure in the first nine months increased significantly to EUR 69.3 million, up 32.3% from the same period in 2022 (9M 2022: EUR 52.4 million). Investments were primarily made in production buildings, facilities, and equipment, as well as in the global information technology infrastructure.
Outlook for the 2023: Sales guidance raised
Based on the sales results for the first nine months of 2023 Pfeiffer Vacuum expects new record-high sales for the full year 2023 of around EUR 950 million. This exceeds previous expectations of sales to reach the 2022 level of around EUR 917 million. The EBIT margin expectations for the full year 2023 remain at around 12%, unchanged from the previous outlook. In addition, capital expenditures of about EUR 100 million are planned for the fiscal year 2023.
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 go to: group.pfeiffer-vacuum.com
September 30, 2023 2022 2023 2022 in K€ in K€ in K€ in K€ Net sales 241,111 228,076 737,822 668,689 Cost of sales -156,133 -142,526 -468,175 -425,045 Gross profit 84,978 85,550 269,647 243,644 Selling and marketing expenses -23,178 -23,226 -72,796 -68,447 General and administrative expenses -23,902 -19,661 -80,173 -56,891 Research and development expenses -9,029 -8,958 -28,649 -26,801 Other operating income 5,936 4,837 13,201 12,593 Other operating expenses -4,510 -4,657 -14,608 -10,144 Operating profit 30,295 33,885 86,622 93,954 Financial expenses -2,051 -182 -3,984 -415 Financial income 407 95 816 238 Earnings before taxes 28,651 33,798 83,454 93,777 Income taxes -7,821 -9,780 -22,782 -27,174 Net income 20,830 24,018 60,672 66,603 Earnings per share (in €): Basic 2.11 2.43 6.15 6.75 Diluted 2.11 2.43 6.15 6.75
2023 December 31, 2022 in K€ in K€ Assets Intangible assets 112,532 106,467 Property, plant and equipment 270,421 226,664 Investment properties 310 328 Other financial assets 3,951 4,985 Other assets 689 640 Deferred tax assets 24,182 23,806 Total non-current assets 412,085 362,890 Inventories 237,930 248,993 Trade accounts receivable 164,426 153,154 Contract assets 4,899 3,506 Income tax receivables 8,690 3,641 Prepaid expenses 13,838 10,356 Other financial assets 178 257 Other accounts receivable 15,980 13,095 Cash and cash equivalents 103,826 67,840 Total current assets 549,767 500,842 Total assets 961,852 863,732 Shareholders’ equity and liabilities Share capital 25,261 25,261 Additional paid-in capital 96,245 96,245 Retained earnings 475,686 416,099 Other equity components -9,773 -6,251 Equity of Pfeiffer Vacuum Technology AG shareholders 587,419 531,354 Financial liabilities 126,812 7,858 Provisions for pensions 37,778 36,709 Deferred tax liabilities 4,555 4,064 Contract liabilities 1,705 1,497 Total non-current liabilities 170,850 50,128 Trade accounts payable 64,429 86,158 Contract liabilities 31,400 28,508 Other accounts payable 31,859 33,112 Provisions 59,021 50,748 Income tax liabilities 11,965 15,549 Financial liabilities 4,909 68,175 Total current liabilities 203,583 282,250 Total shareholders’ equity and liabilities 961,852 863,732
September 30, 2023 2022 in K€ in K€ Cash flow from operating activities: Net income 60,672 66,603 Depreciation/amortization 25,490 22,417 Other non-cash income/expenses 16,327 4,891 Effects of changes of assets and liabilities: Inventories -6,363 -75,860 Receivables and other assets -25,379 -21,065 Provisions, including pensions, and income tax liabilities 5,493 3,487 Payables, other liabilities -18,301 28,826 Net cash provided by operating activities 57,939 29,299 Cash flow from investing activities: Capital expenditures -69,344 -52,392 Proceeds from disposals of fixed assets 1,168 214 Net cash used in investing activities -68,176 -52,178 Cash flow from financing activities: Proceeds from increase of financial liabilities 151,529 40,000 Dividend payment -1,085 -40,260 Principal elements of lease payments -5,098 -4,026 Redemption of financial liabilities -100,124 - Net cash provided by/used in financing activities 45,222 -4,286 Effects of foreign exchange rate changes on cash and cash equivalents 1,001 -821 Net changes in cash and cash equivalents 35,986 -27,986 Cash and cash equivalents at beginning of period 67,840 99,371 Cash and cash equivalents at end of period 103,826 71,385
02.11.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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