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Viasystems Group's CEO Discusses Q3 2011 Results - Earnings Call Transcript

Stocks in this article: VIAS

Our adjusted EBITDA was $40.3 million for the quarter or 14.5% of net sales. Our adjusted EPS was $0.50 per share for the quarter. Gerry will provide more color or commentary on adjusted EBITDA and adjusted EPS in a few minutes.

From an operational standpoint, our third quarter was comparatively uneventful. You may recall that most of our efforts to battle cost inflation and to pass on related selling prices -- price increases were undertaken in the first half of the year. The good news is that the inflationary effect on costs have abated for the time being, and virtually all of our selling prices took effect in the second and third quarters.

Our one significant project currently in process is relocation of our factory in Juarez, Mexico. During the quarter, we began modifications of newly leased, larger facility in Juarez. Approximately $1.7 million of our third quarter CapEx related to the leasehold improvements were spent on this new site.

Turning to Slide 5. I want to review our revenue performance by end market. And in particular, I want to highlight the significant double-digit growth rates we achieved in both automotive and the computer/datacom markets, both year-over-year and sequentially.

In the automotive market, as we discussed on previous calls, demand has exceeded our capacity for several quarters as we built backlog leading up to our third quarter. Some of the new capacity that we launched last year was brought online in China early in July and allowed us to catch up on the backlog and to achieve a record $113.5 million of sales to the automotive customers in the quarter. This was 13% more than our previous record quarter, which was the second quarter of 2011 and was 25% of our third quarter of last year. Automotive sales made up 41% of our third quarter total sales volume.

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