AIXTRON AG / Half Year Results/Change in Forecast
29.07.2010 07:23
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AIXTRON increases 2010 guidance
- Strong market dynamics and positive USD/EUR exchange rate -
- Continued revenue growth -
- Strong order demand continues -
- Increasing volumes and operating leverage driving profitability -
Aachen, Germany, July 29, 2010 - AIXTRON AG (FSE: AIXA; NASDAQ: AIXG),
worldwide leading provider of deposition equipment to the semiconductor
industry, today announced the consolidated financial results for the first
half of 2010.
Key Financials
|[![CDATA[|[pre|]]]|]
2010 2009 +/- 2010 2009 +/-
(in EUR million) H1 H1 % Q2 Q2 %
Revenues 346.3 102.9 237 191.8 56.7 238
Gross profit 183.9 44.5 313 105.9 23.5 351
Gross margin 53% 43% 10 pp 55% 41% 14 pp
Operating result (EBIT) 106.9 12.3 769 60.6 4.7 1189
EBIT margin 31% 12% 19 pp 32% 8% 24 pp
Net result 74.1 8.8 742 42.3 3.3 1182
Net result margin 21% 9% 12 pp 22% 6% 16 pp
Net result per share - basic
(EUR) 0.74 0.10 640 0.42 0.04 950
Net result per share - diluted
(EUR) 0.73 0.10 630 0.42 0.04 950
Equipment order intake 343.9 89.1 286 175.4 57.8 203
Equipment order backlog (end of
period) 250.0 109.4 129 250.0 109.4 129
|[![CDATA[|[/pre|]]]|]
Financial Highlights
Continuing healthy demand, beneficial volume effects, and a stronger US
Dollar have all contributed to the positive business performance in
H1/2010. The gross margin in H1/2010 was 10 percentage points higher at 53%
compared to H1/2009. The H1/2010 operating result increased year on year by
769% to EUR 106.9m with a 19 percentage points higher EBIT margin of 31%,
leading to a net result of EUR 74.1m or 21% return on sales. The H1/2010
net income was 742% up year on year.
Q2/2010 saw a continuation of the positive growth trend in revenues and
profitability seen in prior quarters. Supported by ongoing high system
demand, mainly fuelled by High Brightness LED backlighting and lighting
applications and positively influenced by the stronger US Dollar, Q2/2010
revenues increased by 24% over the first quarter from EUR 154.5m to EUR
191.8m. The quarterly gross margin significantly improved sequentially by 5
percentage points from 50% in Q1/2010 to 55% in Q2/2010. Despite some
offsetting effects on operating margin from currency hedging and
translation expenses, the operating result sequentially increased by 31% to
EUR 60.6m in Q2/2010 to result in an EBIT margin of 32%. The net income
improved by 33% over Q1/2010 from EUR 31.8m to EUR 42.3m or 22% of sales.
In line with Management expectations; equipment orders continued to be
recorded on a very high level (Q1/2010 EUR 168.5m; Q2/2010 EUR 175.4m)
continuing the strong demand trend previously predicted. Approximately 8%
of the LED system orders recorded in H1/2010 were for our new generation
systems, launched in Q1/2010.
Management Review
Paul Hyland, President & Chief Executive Officer at AIXTRON, comments:
'We are unquestionably enjoying a very healthy period of growth, mainly
driven by the current and anticipated demand coming from higher LED
penetration and emerging LED applications.
It seems clear to me that a combination of the positive volume and
performance effect the backlighting applications have had on LED industry
yields and efficiencies and the sustained government subsidies we are now
seeing, are creating tangible momentum in the development of Solid State
Lighting applications. This is an early and very encouraging development.
The macro perspective is that the industry is clearly moving from a
technical niche market to a more sustainable and larger commodity market,
and this development is already having a corresponding effect on the
expectations of customers who are demanding, better performing products
with better cost of ownership, which in turn is driving shorter product
cycles and for us; increased R&D investments.
We are, I believe, fully prepared and ready at AIXTRON for the type of
exciting opportunities we will see emerging over the next 3 to 5 years.'
Outlook
Reflecting the current healthy climate, and the recently positive USD/EUR
exchange rate development, the Executive Board has raised the 2010 full
year guidance to ca. EUR 750m revenues and 33% EBIT.
Financial Tables
The H1/2010 results presentation as well as all consolidated financial
statements (income statement, statement of other comprehensive income,
statement of financial position, statement of cash-flows, statement of
changes in equity) relating to this press release are available at
http://www.aixtron.com, section 'Investors/Reports/Presentations', as part
of AIXTRON's Half-Year Financial Report for the first half of 2010.
Investor Conference Call
AIXTRON will host a financial analyst and investor conference call on
Thursday, July 29, 2010, 3:00 p.m. CEST (6:00 a.m. PDT, 09:00 a.m. EDT) to
review the H1/2010 results.
From 2:45 p.m. CEST (5:45 a.m. PDT, 8:45 a.m. EDT) you may dial in to the
call at +49 (69) 247 501-891 or +1 (212) 444-0297. A conference call audio
replay or a transcript of the conference call will be available at
http://www.aixtron.com, section 'Investors/Reports/Presentations',
following the conference call.
Contact:
Guido Pickert
Investor Relations and Corporate Communications:
T: +49-241-8909-444
F: +49-241-8909-445
invest@aixtron.com
For further information on AIXTRON AG (FSE: AIXA, ISIN DE000A0WMPJ6;
NASDAQ: AIXG, ISIN: US0096061041), please consult our website at:
www.aixtron.com.
Forward-Looking Statements
This news release may contain forward-looking statements about the
business, financial condition, results of operations and earnings outlook
of AIXTRON within the meaning of the 'safe harbor' provisions of the United
States Private Securities Litigation Reform Act of 1995. Words such as
'may', 'will', 'expect', 'anticipate', 'contemplate', 'intend', 'plan',
'believe', 'continue' and 'estimate', and variations of these words and
similar expressions, identify these forward-looking statements. The
forward-looking statements reflect our current views and assumptions and
are subject to risks and uncertainties. You should not place undue reliance
on the forward-looking statements. The following factors, and others which
are discussed in AIXTRON's public filings and submissions with the U.S.
Securities and Exchange Commission, are among those that may cause actual
and future results and trends to differ materially from our forward-looking
statements: actual customer orders received by AIXTRON; the extent to which
chemical vapor deposition, or CVD, technology is demanded by the market
place; the timing of final acceptance of products by customers; the
financial climate and accessibility of financing; general conditions in the
thin film equipment market and in the macro-economy; cancellations,
rescheduling or delays in product shipments; manufacturing capacity
constraints; lengthy sales and qualification cycles; difficulties in the
production process; changes in semiconductor industry growth; increased
competition; exchange rate fluctuations; availability of government
funding; variability and availability of interest rates; delays in
developing and commercializing new products; general economic conditions
being less favorable than expected; and other factors. The forward-looking
statements contained in this news release are made as of the date hereof
and AIXTRON does not assume any obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, unless required by law.
Contact:
Investor Relations and Corporate Communications
AIXTRON AG, Kaiserstr. 98, 52134 Herzogenrath, Germany
Phone: +49 241 8909 444, Fax: +49 241 8909 445, invest@aixtron.com
www.aixtron.com
29.07.2010 07:23 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: AIXTRON AG
Kaiserstr. 98
52134 Herzogenrath
Deutschland
Phone: +49 (241) 8909-444
Fax: +49 (241) 8909-445
E-mail: invest@aixtron.com
Internet: www.aixtron.com
ISIN: DE000A0WMPJ6, US0096061041
WKN: A0WMPJ
Indices: TecDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Düsseldorf, Stuttgart; Terminbörse EUREX
End of News DGAP News-Service
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DGAP-News: AIXTRON increases 2010 guidance / Strong market dynamics and positive USD/EUR exchange / Continued revenue growth / Strong order demand continues / Increasing volumes and operating leverage driving profitability
| Source: EQS Group AG