Viasystems Announces Third Quarter 2013 Results

Viasystems Group, Inc. (NASDAQ:VIAS), a leading provider of complex multi-layer printed circuit boards and electro-mechanical solutions, today announced results for the third quarter ended September 30, 2013.

Highlights
  • Net sales were $309.2 million in the quarter ended September 30, 2013, a sequential increase over the immediately preceding quarter of 8.3%, and a year-over-year decrease of 5.6%.
  • Operating income in the quarter ended September 30, 2013, was $6.4 million, or 2.1% of net sales.
  • Adjusted EBITDA in the quarter ended September 30, 2013, was $32.9 million, or 10.6% of net sales, compared with $41.2 million, or 12.6% of net sales, in the quarter ended September 30, 2012, and compared with $30.7 million, or 10.8% of net sales, in the immediately preceding quarter.
  • U.S. GAAP loss per basic and diluted share was $(0.45) for the quarter ended September 30, 2013, on approximately 20 million average shares outstanding.
  • Adjusted EPS was a loss of $(0.19) for the quarter, excluding certain non-cash and special income and expense items. Adjusted EPS for the quarters ended September 30, 2012, and June 30, 2013, were $0.27 and $(0.28), respectively.

“I am encouraged by our achievement of the sequential sales growth we targeted for the quarter,” commented David M. Sindelar, Chief Executive Officer of Viasystems. “Each of our end markets showed signs of improvement, with the exception of our military and aerospace end market, which has been affected by the U.S. government budget issues.”

“Order intake in the first nine months of 2013 exceeded sales by almost 5%,” continued Sindelar. “Further, orders received in the third quarter were consistent with orders received during the prior quarter, exceeding our third quarter sales by about 2%. Subject to normal yearend holiday slowdowns, I expect our fourth quarter sales level to be consistent with our most recent result.”

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