Viasystems Group, Inc. (NASDAQ:VIAS), a leading provider of complex multi-layer printed circuit boards and electro-mechanical solutions, today announced estimates of the company’s first quarter sales and operating income. The company also announced plans for an upcoming presentation to investors.
- Estimated net sales were $262 million in the quarter ended March 31, 2012, a year-over-year increase from the corresponding quarter of approximately 10%, and a seasonal sequential decrease from the prior quarter of approximately 3%.
- Total orders in the first quarter of 2012 improved both year-over-year and sequentially, and were approximately 8% greater than estimated net sales for the period.
- Estimated operating income was $5 million for the quarter ended March 31, 2012, which is net of i) approximately $7 million restructuring costs in connection with the previously announced closures of two factories in China, and ii) approximately $1 million costs incurred in connection with the previously announced acquisition of DDi Corp.
- Estimated Adjusted EBITDA was $33 million in the first quarter, a year-over-year increase of approximately 13% from the corresponding quarter, and a sequential decrease from the prior quarter of approximately 25%. A reconciliation of estimated Adjusted EBITDA to estimated operating income for the first quarter of 2012 is set forth below.
“We are off to a good start in 2012,” stated Chief Executive Officer David M. Sindelar. “Compared to the first quarter of 2011, we achieved double-digit sales growth in our automotive and our computer and datacommunications end markets, while we saw more modest single-digit increases in our industrial & instrumentation and our military and aerospace end markets. Net sales to our telecommunications customers declined, as we expected. Compared to the fourth quarter of 2011, a combination of factors led to a slight 3% decline in our net sales, including fewer opportunities for premium pricing of our printed circuit boards, together with the seasonal effects of factory shut-downs during the Chinese New Year holiday period in mid-January.”