Viasystems Group, Inc. (NASDAQ:VIAS), a leading provider of complex multi-layer printed circuit boards and electro-mechanical solutions, today announced earnings for the first quarter ended March 31, 2011.
- Net sales were $238.7 million in the quarter, a year-over-year organic increase of 4.4% and a sequential decline of 2.1%.
- Operating income in the quarter was $11.2 million or 4.7% of net sales.
- Adjusted EBITDA was $29.3 million or 12.2% of net sales, compared with $26.7 million or 14.3% of net sales in the quarter ended March 31, 2010.
- GAAP earnings per basic and diluted share were $0.17 for the quarter ended March 31, 2011, on approximately 20 million average shares outstanding.
- Adjusted EPS were $0.07 for the quarter, excluding certain non-cash and/or special income and expense items. On a comparable basis, Adjusted EPS for the quarter ended March 31, 2010, were $0.15.
“Our first-quarter results reflect, as we expected, a challenging cost environment and some short-term production constraints,” commented David M. Sindelar, Chief Executive Officer. “We continue to experience solid growth in our automotive and industrial & instrumentation end markets, while the telecommunications customer programs we serve continued the decline we began to see during the second half of 2010. In addition, inflationary pressures on materials costs and costs of Chinese labor continued to challenge our gross margin as a percentage of net sales.”
“Orders booked in each of our end markets during our first quarter of 2011 exceeded net sales, in part because of our temporary capacity limitations,” Mr. Sindelar said. “During the second quarter, we expect to benefit from a return to normal production capacity in all of our factories, and our goal is to make progress in reducing our backlog. Late in the second quarter, we also expect to initiate production on some of our new capacity additions.”