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, 2011.
- Net sales were $278.8 million in the quarter ended September 30, 2011, a year-over-year increase of 7.5%, and a sequential increase over the immediately preceding quarter of 3.0%.
- Operating income in the quarter was $21.4 million or 7.7% of net sales.
- Adjusted EBITDA was $40.3 million or 14.5% of net sales, compared with $41.9 million or 16.2% of net sales in the quarter ended September 30, 2010, and compared with $34.3 million or 12.7% of net sales in the immediately preceding quarter ended June 30, 2011.
- GAAP earnings per basic and diluted share were $0.34 for the quarter ended September 30, 2011, on approximately 20 million average shares outstanding.
- Adjusted EPS were $0.50 for the quarter, excluding certain non-cash and special income and expense items. Adjusted EPS for the quarters ended September 30, 2010 and June 30, 2011, were $0.64 and $0.31, respectively.
“I am very pleased with our overall results for the third quarter,” commented David M. Sindelar, Chief Executive Officer. “Not only did we achieve the year-over-year and sequential top line growth that we expected, but more importantly, we were able to offset the significant labor and materials cost inflation we experienced in the first half through our price-increase efforts and, as a result, we realized sequential margin improvement.”
“Our third quarter sales benefitted from the new capacity brought on-line during the prior quarter in our largest automotive products factory in China,” added Sindelar. “Our continuing capacity expansion efforts in that factory remain on pace to allow us to seamlessly transfer production out of one of our smaller automotive products factories before December 31, 2012, the end of the lease period. In addition, in November we began relocating our Juarez, Mexico operations to our newly renovated, larger facility nearby.”