AIXTRON Reports Financial Results for the Q3 2011
Oct 27, 2011 AIXTRON SE, a worldwide leading provider of deposition equipment to the semiconductor industry, today announced the consolidated financial results for the third quarter and first nine months of 2011. Despite weak market and currency corrections that dilute the financial result, the company keeps strong LED lighting vision.
In the third quarter of 2011, the previously high investment activities by Asian LED manufacturers, driven by substantial government funding, have become restrained by an unscheduled but significant slow-down in demand. This partially resulted from insufficiently developed end-market demand, but is also evidence of some financing pressures on the Asian LED manufacturers, including increasing credit tightness in this region.
As a consequence, AIXTRON equipment order intake in Q3/2011 decreased sequentially by 77% to EUR 51.5m (Q2/2011: EUR 222.2m). Equipment order intake of the 9 month 2011 period came in at EUR 484.1m and was 11% lower in a year on year comparison (9M/2010: EUR 544.3m).
Quarterly revenues decreased by 49% sequentially from EUR 175.6m in Q2/2011 to EUR 89.8m in Q3/2011. In a year on year comparison, the 9M/2011 revenues of EUR 470.8m were down by 16% (9M/2010: EUR 559.1m). This sudden decrease in revenues is principally down to a small number of significant customer delayed deliveries, which are also reflected in the order backlog adjustment, announced on September 15th.
The Company’s gross margin decreased sequentially by 1 percentage point, from 44% (EUR 76.9m) in Q2/2011 to 43% (EUR 38.7m) in Q3/2011. In 9M/2011, the gross margin recorded was EUR 219.7m in absolute terms or 47% of sales, 25% or 6pp down from the same period of the previous year (9M/2010: EUR 294.5m, 53% of sales). The year on year decrease by comparison was mainly due to adverse effects the currency had on revenues resulting in higher cost of sales relative to revenues.
The Q3/2011 EBIT came in slightly above break-even, at EUR 0.6m with a 1% EBIT margin (Q2/2011: EUR 54.3m or 31% margin). In 9M/2011 EBIT was EUR 129.8m with a 28% EBIT margin (9M/2010: EUR 189.6m or 34% margin). This EBIT decline is largely due to lower revenues at the previously planned cost base and due to the adverse effects of quarter-end mark-to-market of pending hedging instruments and customer deposits in the third quarter of 2011. Without these non-operational currency related effects, recorded as other operating expenses, the Q3/2011 EBIT would have been EUR 13.0m or 14% of sales.
For full financial details please refer to the original press release: http://www.aixtron.com/index.php?id=466&L=1&id=466&tx_ttnews[tt_news]=1769&tx_ttnews[backPid]=756&cHash=4e24a38418e8e5a9ff0bac2ae23c3309
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