Viasystems Announces Strong Third Quarter 2010 Earnings
Viasystems Group, Inc. (NASDAQ:VIAS), a leading provider of complex multi-layer printed circuit boards and electro-mechanical solutions, today announced earnings for the third quarter ended September 30, 2010.
- Earnings per basic and diluted share increased to $0.51 for the quarter ended September 30, 2010, on approximately 20 million average shares outstanding.
- Net sales grew to $259.3 million in the quarter, a sequential increase of $19.9 million, or 8.3%.
- Operating income in the quarter improved to $25.8 million, or 9.9% of sales.
- Adjusted EBITDA increased 13.6% sequentially to $41.9 million, or 16.2% of sales.
- The book-to-bill ratio in the quarter was 1.02:1.
“Each of our end markets and each of our factories again reported stable-to-strong sequential and year-over-year sales performance in the quarter,” said David M. Sindelar, Chief Executive Officer. “Of course, high demand leads to a difficult cost environment, but we have so far been able to counter the adverse cost effects.”
“The pace of incoming orders in most of our markets did begin to slow late in the third quarter, and we are seeing that same pattern continue in the early part of the final quarter of 2010,” continued Mr. Sindelar. “Sustained strength of demand from our automotive sector customers has inspired us to launch portions of the capacity expansion plans we announced in September, while we are continuing to analyze the appropriate timing for initiation of other portions of those expansion plans.”“While we maintain close contact with our customers, predictability of demand from most of our end markets remains limited. We also anticipate some government-mandated limitations on production in Southern China during November and December in connection with the Guangzhou 2010 Asian Games events,” said Sindelar. “Together with the usual year-end holiday period slowdown in orders, I would expect to see our final quarter end with a slight sequential decline in sales, mixed with increased price sensitivity, all while being up substantially year over year in the quarter.”
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