ASSLAR (dpa-AFX) - Pfeiffer Vacuum Technology AG (PFFVF.PK, PVTCY.PK), a manufacturer of vacuum solutions, reported Tuesday that its first-quarter net income decreased 34.7 percent to 12.9 million euros from previous year's 19.8 million euros.
Earnings per share fell 34.5 percent to 1.31 euros from 2 euros last year.
EBIT was 18.1 million euros, down 33.9 percent from the previous year's 27.5 million euros. EBIT margin was 11.8 percent, lower than prior year's 16.1 percent.
The company noted that the decline in sales, as well as the cost base had a negative impact on earnings and margin development.
As expected, sales decreased 9.8 percent to 153.7 million euros from previous year's 170.4 million euros. The drop was mainly due to a slowdown of investments in the semiconductor and coatings markets.
At 148.8 million euros, incoming orders were down 23.3 percent from last year's 194.0 million euros. Order backlog was 140.0 million euros, down 7.3 percent.
Looking ahead, the company noted that the first weeks of the second quarter show that sales and the order situation continue to be impacted by weak demand in the semiconductor market.
Nathalie Benedikt, CFO of Pfeiffer Vacuum Technology, said, 'In the long term, we see sales and EBIT margins intact and confirm our long-term targets.'
The company will provide a more detailed outlook on the expected business development and full year forecast in connection with the Annual General Meeting on May 23.
Copyright RTT News/dpa-AFX
© 2019 AFX News
