Pfeiffer Vacuum Reports Sustained High Demand and new Highs for the First Quarter of 2022
The operating result (EBIT) increased by 38.6% reaching EUR 31.3 million (Q1 2021: EUR 22.6 million) representing an EBIT margin of 14.5% (Q1 2021: 11.8%). Also, the order intake during the quarter was EUR 286.2 million (Q1 2021: EUR 233.9 million) and the order backlog stood at 386.4 million at the end of the first quarter 2022 (Q1 2021: EUR 165.5 million).
The Pfeiffer Vacuum sales increase was driven by a strong performance in all market segments. Sales in the Semiconductor and Emerging Technologies market segment increased by 13.1% to EUR 112.7 million (Q1 2021: EUR 99.6 million). This was a substantial improvement to the previous year, particularly in view of the significant sales increase in the previous year’s first quarter. The sales in the Analytics, Industry and R&D market segment improved by 12.2% to EUR 103.3 million (Q1 2021: EUR 92.1 million) with strong demand particularly in industrial high-vacuum.
The operating result (EBIT) increased by 38.6% to EUR 31.3 million (Q1 2021: EUR 22.6 million) and the EBIT margin was 14.5% (Q1 2021: 11.8%). The year-over-year increase in EBIT was primarily a result of the sales increase and related scale economies, as well as favorable foreign exchange movements, especially from the US-Dollar. The beneficial developments were partially offset by increased material and employee costs as well as investments to increase production capacity and to accelerate growth.
The book-to-bill ratio, the ratio of order intake to sales, was at an impressive level of 1.33 for the first quarter 2022. The order backlog of EUR 386.4 million represents an increase of 133.5% compared to the previous year (March 31, 2021: EUR 165.5 million) and an increase of 22.2% compared to year-end 2021 (December 31, 2021: EUR 316.2 million).
“‘We are very satisfied with positive development of Pfeiffer Vacuum over the course of the first quarter of the current fiscal year,” says Dr. Britta Giesen, CEO of Pfeiffer Vacuum Technology AG. “The demand for our products and services remained on unprecedented levels and was broad based. The primary challenge for us is to continue to successfully navigate within the increasingly strained supply chains. We are committed to keeping our customers at the center of everything we do, in order to increase our market share in the growing high-vacuum market while also driving sustainability. Our commitment is to invest in the future, including in the current global economic uncertainties, to achieve our mid- and long-term strategic goals.”
The gross profit in the reporting period was EUR 78.7 million (Q1 2021: EUR 65.2 million). The year-over-year increase of 20.8% is due to positive economies of scale related to increased sales.
Net income increased by 39.5% to EUR 22.2 million (Q1 2021: EUR 15.9 million), representing earnings per share of EUR 2.25 (Q1 2021: EUR 1.61).
In sales by region, which describes sales according to the location of the customers in their corresponding region, Asia contributed with an increase in sales of 10.7% to EUR 89.4 million (Q1 2021: EUR 80.7 million). Europe showed an increase of 10.4% to EUR 73.6 million (Q1 2021: 66.7 million) related to the broad recovery in all markets. Sales in the Americas increased by 19.9% to EUR 52.9 million (Q1 2021: EUR 44.1 million), also reflecting the positive impact of the US-Dollar foreign exchange movement.
Balance sheet and cash-flow
Total assets at the end of the first quarter 2022 were EUR 744.6 million, up 5.2% from year-end 2021 (December 31, 2021: EUR 707.9 million). Cash and cash equivalents were EUR 105.6 million (December 31, 2021: EUR 99.4 million) and the Company is net debt free from a financial liability perspective. The equity ratio remained at a solid level of 65.1%, slightly above year-end 2021 (December 31, 2021: 64.9%). Capital expenditure in the first quarter more than doubled to EUR 11.1 million and were mainly used for the building out of production facilities (Q1 2021: EUR 5.1 million).
Outlook for the 2022 fiscal year unchanged
The Company confirms its guidance and continues to expect sales for the full year 2022 to grow 5% or more above 2021 levels in a strong market demand environment, with an increasing risk of supply chain disruptions. The EBIT margin expectations for the full year 2022 remain at around 14%. The probability and impact of disruptions due to geopolitical, economic and Corona pandemic related market conditions, including the war in the Ukraine, cannot be predicted.
Source: Pfeiffer Vacuum Technology AG