BIRKENFELD (dpa-AFX) - Stratec SE (SBSG), a manufacturer of automated analyzer systems, reported that its adjusted consolidated net income for the first quarter of 2023 dropped to 2.13 million euros from last year's 11.95 million euros, with adjusted earnings per basic share declining to 0.18 euros from 0.99 euros in the prior year.
Adjusted EBIT stood at 3.8 million euros in the first quarter of 2023, compared with 15.0 million euros in the previous year's quarter. As a result, the adjusted EBIT margin amounted to 6.3% compared to 19.9% last year, adversely affected by negative effects of scale, changes in the product mix, and higher input costs due to inflation. The development in the first-quarter margin was also negatively influenced by lower efficiency rates seen at the start of serial production for products newly launched onto the market.
Consolidated sales were 60.5 million euros in the first quarter of 2023 down year-on-year by 19.8% or 20.7% in constant-currency basis.
The company announces initiation of earnings improvement program with expected positive earnings effects of 10.0 million euros to 15.0 million euros in 2024.
The program particularly comprises measures in the areas of personnel, non-personnel cost reductions, and further well-focused price adjustment strategies for the product portfolio. The personnel measures do not provide for any job-cutting program, but do involve a temporary partial halt to new hiring and a reallocation of resources.
Looking ahead fiscal year 2023, the company continues to expect constant-currency sales growth of 8.0% to 12.0% and an adjusted EBIT margin of around 12.0% to 14.0%.
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