Pfeiffer Vacuum increases sales in the first quarter of 2018 by nearly 25%
- Sales increase by 24.4% to EUR 170.4 million
- EBIT reaches EUR 27.5 million, adjusted: EUR 29.4 million
- EBIT margin of 16.1, adjusted: 17.2
- Incoming orders grow significantly to EUR 194.0 million
Pfeiffer Vacuum, a leading global manufacturer of vacuum solutions, exceeded the previous year’s record sales in the first quarter of 2018. Its sales increased by 24.4% to EUR 170.4 million (previous year: EUR 136.9 million). Of its total sales, EUR 16.0 million was generated by the companies Nor-Cal Products, ATC and Dreebit, all of which it acquired in the previous year.
EBIT in the first quarter came to EUR 27.5 million, which was an increase of 30.0% over the previous year (EUR 21.1 million) and resulted in an EBIT margin of 16.1% (previous year: 15.4). Adjusted for PPA effects, EBIT was EUR 29.4 million (previous year: EUR 21.4 million) and the EBIT margin was 17.2 (previous year: 15.6). Incoming orders totaled EUR 194.0 million, up 32.4 over the previous year’s quarter. EUR 17.0 million of this was attributable to the companies acquired in 2017. The book-to-bill ratio increased to a factor of 1.14 compared with 1.07 in the previous year’s quarter and 1.09 in the last quarter of 2017. The order backlog rose significantly to EUR 151.0 million. Compared to the same period from the previous year, this represents an increase of 84.4% or 18.5% over the last quarter of 2017.
Overview of key figures:
|Q1 2018||Q1 2017*||Change|
|Sales||€ 170.4m||€ 136.9m||+24.4 %|
|there of acquisitions||€ 16.0m||€ 2.1m||-|
|EBIT||€ 27.5m||€ 21.1m||+30.0 %|
|Adjusted EBIT||€ 29.4m||€ 21.4m||-|
|Net income||€ 19.8m||€ 14.7m||+34.7 %|
|EPS||€ 2.00||€ 1.49||+34.2 %|
|Incoming orders||€ 194.0m||€ 146.5m||+32.4 %|
|o/w from acquisitions||€ 17.0m||€ 4.1m||-|
|Order backlog||€ 151.0m||€ 81.9m||+84.4 %|
*Q1 2017 amounts partially adjusted by retroactive PPA allocation for companies ATC and Dreebit, acquired in 2017
Nathalie Benedikt, CFO of Pfeiffer Vacuum Technology AG, comments on the positive results in the first quarter of 2018, “As forecast, there was a clear increase in sales and earnings in the first quarter. At EUR 170.0 million and EUR 27.5 million respectively, our results in the first quarter were excellent.“
All business units reported a gratifying growth in the first quarter of 2018. In terms of markets, Semiconductor achieved outstanding sales of EUR 70.1 million. Business with Coatings, driven primarily by government-funded growth initiatives in Asia, recorded an increase of 64.3 percent, the most significant growth in relative terms. Sales in Analytics were up 13.2 percent over the previous year. Product sales to customers in the R&D area rose 10.4 percent compared with the previous year. Business with Industry customers recorded an increase in sales of 3.2 percent compared with the previous year.
In terms of products, turbopumps and backing pumps registered the strongest increases from purely organic growth in the first quarter. Sales of instruments and components were outstanding, up 68.7 percent over the previous year. The Group companies acquired in the previous year accounted for a significant EUR 14.9 million of total sales of EUR 50.9 million. Business in Services was pleasantly stable with sales of EUR 27.1 million. Systems business recorded growth of EUR 1.3 million compared with the previous year.
In regional terms, Asia was the most significant market, with sales of EUR 66.8 million in the first quarter. Continuing high growth rates resulted in an increase of 25.7% compared with the previous year. North and South America recorded the strongest relative growth of 37.6% compared with the previous year. The companies acquired in 2017 accounted for around 31% of total sales of EUR 41.2 million in the first quarter. The European market is the second-biggest market in terms of sales. Sales of EUR 62.4 million in the first quarter of 2018 were recorded. This equals an increase in sales of 15.9 percent over the previous year.
Dr. Eric Taberlet, CEO of Pfeiffer Vacuum Technology AG, pleased by the development of business in the first quarter of the year, comments: „The good sales performance at the start of the year has continued in the first few weeks of the second quarter. Incoming orders and order backlog are notably higher than in the previous year’s quarters. Major orders were received at the end of April from two key Asian customers in the market for coatings, with individual orders in the mid- single digit-million range.”
A detailed outlook on the expected business development in 2018 will be provided for the upcoming Annual General Meeting on May 23, 2018.
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