Operating income was $21.4 million or 7.7% of net sales for the three months ended September 30, 2011, compared with $25.8 million or 9.9% of net sales for the third quarter of 2010, and compared with $15.1 million or 5.6% of net sales for the three months ended June 30, 2011. The year-over-year decrease is primarily the result of higher cost of goods sold relative to net sales and increased depreciation costs. Sequentially, in addition to the improved costs of goods sold as a percentage of net sales, depreciation expenses also declined as a percentage of net sales. These sequential improvements were partially offset by increased costs of selling, general and administrative resources, reflecting general cost inflation as well as increased incentive compensation expenses.Adjusted EBITDA was $40.3 million or 14.5% of net sales for the three months ended September 30, 2011, compared with $41.9 million or 16.2% of net sales for the third quarter of 2010, and compared with $34.3 million or 12.7% of net sales for the three months ended June 30, 2011. The year-over-year decrease is primarily the result of higher cost of goods sold relative to net sales. A reconciliation of operating income to Adjusted EBITDA is provided at the end of this news release.
Viasystems Announces Third Quarter 2011 Earnings
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