This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Viasystems Group's CEO Discusses Q4 2011 Results - Earnings Call Transcript

In the fourth quarter, we achieved a 210 point basis -- excuse me, 210 basis point sequential improvement in our gross profit as a percent of our net sales, resulting in a gross margin percentage of 23.5%. The improvement resulted from a combination of PCB premium pricing, the overall higher mix of PCB versus E-M Solutions, the reduction in the PRC energy rationing limitations on our capacity and higher cost absorption from build ahead inventory to compensate for Chinese New Year factory shutdowns scheduled in January.

Our adjusted EBITDA was $44.1 million for the quarter or 16.4% of net sales. On adjusted EPS basis, we had $0.97 per share for the quarter. Jerry will provide more color commentary on the adjusted EBITDA and adjusted EPS in his comments.

Turning to Slide 5. I want to review our revenue performance by end markets. The automotive market continues to be the largest of our end markets, representing 40% of our fourth quarter net sales. Automotive sales increased 23% year-over-year compared to the fourth quarter last year. And while we saw a 5% decline in sales compared to the immediately preceding quarter, I want to note that our fourth quarter automotive bookings were up both sequentially and year-over-year. I think we have some momentum as we enter 2012 and customer forecasts seem to support a relatively optimistic outlook for the year.

Industrial and Instrumentation remains our second-largest end market at 23% of the fourth quarter net sales. And as a reminder, I&I is a catchall category for us and includes wind and solar energy, medical, locomotion and others. As I highlighted on our call 3 months ago, the seasonally -- seasonality of demand in this market was exaggerated by customer inventory corrections after a buying spike follow the Japanese -- following the Japanese issues in early 2011. We're seeing particular strength in demand for the wind energy product prior to the scheduled end to the domestic tax credits.

Read the rest of this transcript for free on seekingalpha.com

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs