Third quarter
Our third quarter results show the ongoing success of our high performance sensor and analog
solutions as we benefit from our broad product portfolio across markets.
Third quarter group revenues were EUR 153.0 million, increasing 15% year-on-year from
EUR 132.8 million in the same quarter 2014 and decreasing 10% quarter-on-quarter. On a constant currency basis, third quarter revenues were 2% higher compared to the third quarter last year.
In the third quarter, gross margin remained unchanged from the previous quarter at 56% excluding acquisition-related costs and 54% including acquisition-related costs, compared to 57% and 55% respectively, in the same quarter 2014.
The result from operations (EBIT) excluding acquisition-related costs for the third quarter was EUR 38.0 million or 25% of revenues, increasing slightly from EUR 37.4 million in the same period 2014. The result from operations (EBIT) including acquisition-related costs for the third quarter was EUR 35.1 million or 23% of revenues, up 2% from EUR 34.5 million in the same period 2014. This development reflects the addition of R&D resources including the recent acquisition of the CMOS environmental sensor business. The net result for the third quarter was EUR 34.0 million compared to EUR 31.9 million in the same period last year.
Operating cash flow for the third quarter was EUR 34.5 million, up from EUR 33.7 million in the third quarter last year. Total backlog on September 30, 2015 (excluding consignment stock agreements) was EUR 101.4 million given customer order behavior in the current environment with current backlog on a comparable level, compared to EUR 133.3 million at the end of the second quarter and EUR 119.8 million on September 30, 2014.
EUR 132.8 million in the same quarter 2014 and decreasing 10% quarter-on-quarter. On a constant currency basis, third quarter revenues were 2% higher compared to the third quarter last year.
In the third quarter, gross margin remained unchanged from the previous quarter at 56% excluding acquisition-related costs and 54% including acquisition-related costs, compared to 57% and 55% respectively, in the same quarter 2014.
The result from operations (EBIT) excluding acquisition-related costs for the third quarter was EUR 38.0 million or 25% of revenues, increasing slightly from EUR 37.4 million in the same period 2014. The result from operations (EBIT) including acquisition-related costs for the third quarter was EUR 35.1 million or 23% of revenues, up 2% from EUR 34.5 million in the same period 2014. This development reflects the addition of R&D resources including the recent acquisition of the CMOS environmental sensor business. The net result for the third quarter was EUR 34.0 million compared to EUR 31.9 million in the same period last year.
Operating cash flow for the third quarter was EUR 34.5 million, up from EUR 33.7 million in the third quarter last year. Total backlog on September 30, 2015 (excluding consignment stock agreements) was EUR 101.4 million given customer order behavior in the current environment with current backlog on a comparable level, compared to EUR 133.3 million at the end of the second quarter and EUR 119.8 million on September 30, 2014.
ams’ business performed well in the third quarter of 2015 taking into account a more cautious demand environment and customer behavior, particularly in the consumer market.
Outlook
For the fourth quarter 2015, we see softer demand patterns in consumer and non-consumer markets as well as customer-specific effects influencing our business and therefore expect revenues of EUR 137-142 million, based on current exchange rates and available information. At the same time, we anticipate gross margin profitability in the fourth quarter to remain stable compared to the third quarter while operating profitability is expected to be sequentially lower reflecting the revenue development and comparable R&D investments supporting critical sensor solution strategies.
We are confident about the strong revenue and earnings potential of our business driven by new sensor and analog technologies for innovative applications in the consumer, smartphone and non- consumer markets, based on available information. We are continuing to evaluate further additions to our sensor technologies portfolio to broaden the scope of our high value solutions.
Our leading position in sensor solutions aligns with our full project pipeline and identified opportunities for revenue and earnings growth over the coming years towards our 2019 revenue goal of EUR 1bn.
source : Press Release ams AG, October 26, 2015
