Jenoptik reports improvements in revenue and earnings in third quarter in comparison with prior quarters
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- In the third quarter, order intake was at prior-year level with 177.0
- Revenue of 176.1
- Profitability improved over the year; adjusted EBITDA margin was up to 18.0
- Adjusted free cash flow grew to 18.5
- Outlook for 2020: including TRIOPTICS, revenue is expected to come in at between 755 and 775
The effects of the COVID-19 pandemic and uncertainty in the automotive industry were also noticeable in the present reporting period too, and impacted on business performance in the third quarter. Overall economic development was still weak, particularly in the traditional automotive business, but also in parts of the aviation and medical technology industries. Nevertheless, demand for our products and services was pleasing in the third quarter, as previously announced, and at a value of 177.0
The COVID-19 pandemic had varying effects on the development of revenue of the Jenoptik divisions. The pandemic had little to no impact on business with public-sector contractors and the semiconductor equipment industry, which actually posted growth. By contrast, the Light & Production division was strongly affected by developments in the automotive industry, but over the year still saw a slight improvement in revenue. Revenue for the July through September period of 176.1
A more favourable product mix as well as measures taken to limit the impact of the COVID-19 pandemic, such as short-time working, had a positive effect on profitability over the course of the year. Adjusted EBITDA increased strongly from 17.3 and 24.9
?As already announced, Jenoptik?s order intake stabilized in the third quarter at the prior-year level. In the period from July through September, we also saw an appreciable improvement in the quality of our earnings compared to the prior quarters. This makes us confident for the coming months,? says Stefan Traeger, President& CEO of JENOPTIK
Solid cash flow development continued ? consolidation of TRIOPTICS clearly reflected in changes to balance sheet ratios
In the first quarter, the Executive Board took precautionary action allowing it to react quickly to the situation created by the corona pandemic. In addition to securing the company?s liquidity and profitability, measures were put in place to safeguard the operating businesses, including the supply chain, and optimize the working capital. Consequently, the operating cash flow saw an encouraging increase to 31.1
Cash and cash equivalents, together with current financial investments, fell in line with expectations to 83.1
Development of the divisions: improved margin in Light& Optics, good growth in Light& Safety, as expected declines in Light& Production and VINCORION
In the first nine months of 2020, the Light& Optics division generated revenue of 209.8n euros to the division?s order backlog.
The Light & Production division proved to be most susceptible to the ongoing reluctance to invest and considerable uncertainty within the automotive industry, which has been seen since 2019. In the first nine months, the division?s revenue fell by 30.4& Production achieved the highest quarterly revenue of 44.6as not enough to offset underutilization in the other areas throughout the period covered by the report. The division?s EBITDA, adjusted for the impacts of structural and portfolio measures worth minus 1.5& Production was worth 121.7
Despite the COVID-19 pandemic, stable capital spending patterns by public-sector contractors helped the Light& Safety division to achieve very good business performance overall in the first nine months of 2020. Revenue rose by 9.3& Safety division also managed to significantly improve its operating results. Adjusted EBITDA increased to 14.0
In the first nine months of the year, VINCORION generated revenue of 91.0& drive areas due to the difficult global situation. As a result, and due to a lower-margin product mix, VINCORION?s operating result saw a decline. Over the reporting period, EBITDA came to 6.9
Revenue outlook and margin target for 2020, including TRIOPTICS
The Executive Board updated its assessment for the 2020 fiscal year in mid-October. Due to persistently weak overall economic development and further drastic measures to contain the COVID-19 pandemic, the Executive Board anticipates revenue, excluding TRIOPTICS, to come in at between 730 and 750
The quarterly statement is available in the ?Investors/Reports and Presentations? section of the Jenoptik website. The ?Jenoptik app? can be used to view the report on mobile devices running iOS or Android. Images for download can be found in the Jenoptik image database at media.jenoptik.com.
*Figures without note are not adjusted
This announcement can contain forward-looking statements that are based on current expectations and certain assumptions of the management of the Jenoptik Group. A variety of known and unknown risks, uncertainties and other factors can cause the actual results, the financial situation, the development or the performance of the company to be materially different from the announced forward-looking statements. Such factors can be, among others, changes in currency exchange rates and interest rates, the introduction of competing products or the change of the business strategy. The company does not assume any obligation to update such forward-looking statements in the light of future developments.
Jenoptik is a globally operating technology group, which is active in the three photonics-based divisions Light & Optics, Light & Production and Light & Safety as well as with VINCORION for mechatronics solutions. Optical technologies are the very basis of our business with the majority of our products and services being provided to the photonics market. Our key target markets primarily include the semiconductor equipment industry, the medical technology, automotive and mechanical engineering, traffic, aviation as well as the security and defense technology industries. Jenoptik is listed on the Frankfurt Stock Exchange, has more than 4,400 employees worldwide and generated revenue of approx. 855 million euros in 2019.
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Jenoptik is a globally operating technology group, which is active in the three photonics-based divisions Light&Optics, Light&Production and Light&Safety as well as with VINCORION for mechatronics solutions. Optical technologies are the very basis of our business with the majority of our products and services being provided to the photonics market. Our key target markets primarily include the semiconductor equipment industry, the medical technology, automotive and mechanical engineering, traffic, aviation as well as the security and defense technology industries. Jenoptik is listed on the Frankfurt Stock Exchange, has more than 4,400 employees worldwide and generated revenue of approx. 855 million euros in 2019.
Datum: 10.11.2020 - 01:50 Uhr
Sprache: Deutsch
News-ID 1562076
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