Pfeiffer Vacuum increases sales by 14.1% to EUR 491.3 million
- Sales increase to EUR 491.3 million: +14.1%
- EBIT reaches EUR 68.5 million: +19.7%
- EBIT margin: 13.9, adjusted: 14.9
- Order Intake: EUR 148.6 million in Q3 2018
Pfeiffer Vacuum, a leading global manufacturer of vacuum solutions further increased sales by 14.1% to EUR 491.3 million compared to the previous year. Weaker momentum compared to the first half of the year is a result of the expected delays in CAPEX expansions in the semiconductor market. Of its total sales, EUR 50.4 million was generated by the companies acquired in the previous year. Gross profit increased by 13.0% to EUR 176.6 million. EBIT improved to EUR 68.5 million, or by 19.7. The EBIT margin improved slightly to 13.9. Adjusted for PPA effects in the amount of EUR 4.6 million, EBIT reached EUR 73.1 million at an adjusted EBIT margin of 14.9. Order intake in the third quarter was down compared to the second quarter by 14.6, at a book-to-bill ratio of 0.97. Order backlog decreased by EUR 4.5 million compared to the previous quarter. Compared to previous year order backlog expanded by EUR 34.6 million to EUR 152.7 million as of September 30, 2018.
Overview of key figures:
|Sales||€ 491.3 million||€ 430.5 million||+14.1%|
|thereof from acquisitions||€ 50.4 million||€ 25.8 million|
|EBIT||€ 68.5 million||€ 57.2 million||+19.7%|
|Adjusted EBIT||€ 73.1 million||€ 60.8 million||+20.2%|
|Net result||€ 49.3 million||€ 39.6 million||+24.3%|
|Earnings per share||€ 4.99||€ 4.02||+24.1%|
|Order Intake||€ 516.6 million||€ 476.3 million||+8.5%|
|thereof from acquisitions||€ 51.5 million||€ 40.5 million|
|Order volume||€ 152.7 million||€ 118.1 million||+29.3%|
|Sales||€ 153.1 million||€ 154.2 million||-0.7%|
|thereof from acquisitions||€ 17.0 million||€ 19.6 million|
|EBIT||€ 20.7 million||€ 22.2 million||-6.4%|
|Adjusted EBIT||€ 21.4 million||€ 24.9 million||-13.9%|
|Net result||€ 14.9 million||€ 15.4 million||-3.3%|
|Earnings per share||€ 1.51||€ 1.56||-3.2%|
|Incoming orders||€ 148.6 million||€ 157.8 million||-5.8%|
|thereof from acquisitions||€ 13.6 million||€ 17.6 million||-22.7%|
*9M and Q3/2017 values adjusted in some cases according to effects from the purchase price allocation for the companies Nor-Cal, ATC and Dreebit, which was carried out retroactively
Nathalie Benedikt, CFO, comments, “Pfeiffer Vacuum was able to further increase sales and earnings despite the expected weaker semiconductor market environment. Capital expenditures of EUR 11.5 million in the third quarter, show the good dynamic in the implementation of our strategy based on the EUR 150 million Three-Year-Investment Plan.”
It was possible to further increase sales in all market segments as of the end of the third quarter. Business with customers from the semiconductor industry recorded an increase of 11.0% to EUR 186.2 million. This corresponds to a share of 37.9% of total sales. In the market for coatings, sales increased by a gratifying 44.7% to EUR 77.0 million. Increased demand for glass and surface coatings resulted in positive momentum. Sales in the analytics segment achieved growth of 18.0% to EUR 87.5 million. Industry customers contributed 19.6% of total sales. Sales in this market segment, the most heterogeneous, grew by 3.0% to EUR 96.6 million. Business with customers from Research and Development was increased by 5.9% to EUR 44.1 million.
In terms of product groups, turbopumps recorded an increase of sales of 10.4% to EUR 141.1 million, confirming their importance on the product level with a share of 28.7% of total sales. The highest sales in terms of product groups was achieved with instruments and components at EUR 145.5 million, with growth of 28.6% compared to the previous year. Backing pumps recorded a rise of 9.5% with sales of EUR 110.1 million. Sales of systems increased by 45.5% to EUR 11.3 million, with a focus on holistic, individualized applications for customers in Research and Development. In the area of service, sales increased to EUR 83.3 million or 2.6% compared to the previous year.
Viewed regionally, Asia proved to be the market with the strongest sales, at sales of EUR 185.1 million and a share of 37.7, an increase of 15.9. This was followed by Europe with sales of EUR 178.6 million and growth of 10.8% compared to the previous year. In North and South America, sales increased by 16.5% to EUR 127.5 million, of which a total of EUR 41.3 million resulted from companies acquired in the previous year.
Dr. Eric Taberlet, CEO of Pfeiffer Vacuum, comments: „We were able to largely offset the weaker sales in the semiconductor market by a more pleasing development in all other market segments. Nevertheless we are confident that we will achieve our guidance for sales and EBIT Margin for the year at the lower end of the range.“