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Pfeiffer Vacuum announces results for the first nine months of 2010

• Q3 the best quarter in the company’s history
• Double-digit growth rates in all metrics
• Guidance raised for full fiscal year

Pfeiffer Vacuum closed the month of September with the best quarter ever in its corporate history. This also produced above-average developments for the first nine months. All metrics posted significant, double-digit growth rates.

Highlights at a glance:

9M/20109M/2009Change
Sales revenues
Operating profit (EBIT)
Net income
Earnings per share
€ 158.5 million
€ 37.1 million
€ 29.0 million
€ 3.39
€ 137.5 million
€ 27.7 million
€ 19.7 million
€ 2.31
+ 15.3 %
+ 33.8 %
+ 47.1 %
+ 46.8 %
New orders
Orders on hand
€ 165.3 million
€ 48.6 million
€ 40.8 million
€ 117.3 million
+ 40.9 %
+ 19.1 %
Q3/2010Q3/2009Change
Sales revenues
Operating profit (EBIT)
Net income
Earnings per share
€ 59.1 million
€ 14.4 million
€ 11.3 million
€ 1.32
€ 38.9 million
€ 5.9 million
€ 4.2 million
€ 0.49
+ 51.8 %
+ 146.9 %
+ 169.0 %
+ 169.4 %

Pfeiffer Vacuum Chief Executive Officer Manfred Bender had this to say about the results: “We are very proud of these numbers. The development of our business has far surpassed our expectations. The volume of new orders is overwhelming, and there has already been a clear improvement in margins during the first year of the Trinos integration. We therefore now anticipate sales revenues of around € 210 million for the full fiscal year, and an EBIT margin of over 23 percent.”

 

Sales revenues by region

The regional sales mix produced strong, double-digit growth rates on international markets during the first nine months of the 2010 fiscal year. In the United States, sales revenues improved by 42.2 percent to € 38.9 million (2009: € 27.4 million), and by 46.2 percent in Asia and the rest of the world to € 27.5 million (2009: € 18.8 million). In the other countries of Europe, sales revenues rose by 11.6 percent to € 41.0 million (2009: € 36.7 million). A special effect that was incurred last year due to a major contract from the solar industry has distorted year-on-year comparisons for Germany, causing sales revenues in Germany to decline by 6.4 percent from € 54.6 million to € 51.1 million. Currency translation effects accounted for € 3 million in the first nine months of 2010.

Sales revenues by market segment

Posting a triple-digit growth rate, the Semiconductor market was especially noteworthy in the sales revenue mix by markets, with Pfeiffer Vacuum recording an increase of 125.2 percent to € 17.1 million (2009: € 7.6 million). The Analytical segment, too, saw a significant 39.3-percent rise to € 45.6 million (2009: € 32.7 million). Sales revenues in Industrial Applications improved by 28.5 percent to € 34.6 million (2009: € 27.0 million). The Research & Development market segment continued to sustain its upward trend, with sales revenues advancing by 25.2 percent to € 30.9 million (2009: € 24.7 million). Following a number of negative quarters, the development of sales revenues in the Chemical and Process Technology segment developed on a highly positive note, rising by 18.2 percent to € 6.4 million (2009: € 5.4 million). Only in the Coating segment was there a significant 40.5-percent year-on-year decline in sales revenues to € 23.8 million (2009: € 40.1 million).

Further profitability numbers

Pfeiffer Vacuum’s industry-leading profitability continued to improve during the first nine months of fiscal 2010. Operating profit rose by 33.8 percent to € 37.1 million (2009: € 27.7 million), while the EBIT margin increased by 3.2 percentage points to 23.4 percent. Net income advanced by 47.1 percent to € 29.0 million (2009: € 19.7 million), with earnings per share thus amounting to € 3.39 (2009: € 2.31).

Annexes: Balance Sheet, Statements of Income and Cash Flow


 

 

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