Viasystems Group, Inc. (NASDAQ:VIAS), a leading provider of complex multi-layer printed circuit boards and electro-mechanical solutions, today announced results for the first quarter ended March 31, 2014.
- Net sales were $295.9 million in the quarter ended March 31, 2014, a year-over-year increase of 8.4%, and a seasonal sequential decrease from the immediately preceding quarter of (2.5)%.
- Operating income in the quarter ended March 31, 2014, was $5.5 million, or 1.9% of net sales.
- Adjusted EBITDA in the quarter ended March 31, 2014, was $31.0 million, or 10.5% of net sales, compared with $29.5 million, or 10.8% of net sales, in the quarter ended March 31, 2013, and compared with $37.9 million, or 12.5% of net sales, in the immediately preceding quarter.
- U.S. GAAP loss per basic and diluted share was $(0.47) for the quarter ended March 31, 2014, on approximately 20 million average shares outstanding.
- Adjusted EPS was a loss of $(0.26) for the quarter ended March 31, 2014, excluding certain non-cash and special income and expense items. Adjusted EPS for the quarters ended March 31, 2013, and December 31, 2013, were $(0.39) and $0.00, respectively.
‟While the markets we serve did not demonstrate any significant strength, and in some instances declined both year-over-year and sequentially, we were able to generate net sales and earnings in line with our first quarter expectations,” noted Viasystems’ CEO David M. Sindelar. ‟It is difficult to draw many trend conclusions from our consolidated first quarter results as they were impacted by very weak demand leading up to the Chinese New Year holiday period, which was compounded by the effects of production shutdowns during the holiday period. Nonetheless, one conclusion that is clear is that our Assembly segment continues to struggle to find an optimum cost base in this period of inconsistent demand. Finding greater demand consistency and greater cost flexibility in that segment remains one of the most pressing matters for our management team to address in the near term.”
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