EPCOS Announces Third Quarter Financial Results; Sequential Sales Increase
EPCOS AG announced its third quarter financial results for fiscal 2009 (April 1 through June 30, 2009). EPCOS states that its business development improved sequentially but was still down year on year. Sequentially, sales rose 6% to €279 million. Compared to the previous quarter, the EBIT loss (earnings before interest and tax) was reduced by €18 million to minus €24 million.
Sequentially, sales to automotive electronics customers increased by nearly 20% in Q3 2009 – the strongest gain in any of the industries served, albeit from a very low level. According to the company, one reason for this increase is that customers have now refilled the inventories of components that they had reduced in some cases excessively in the preceding quarters. Furthermore, government subsidy programs revived demand for new cars. As a result, automobile manufacturers raised their production volumes and thus also increased demand for electronic components.
Sales of products both for consumer electronics and for information and communication technology increased by about 10%. Business with distributors remained more or less stable. Only sales with products for industrial electronics applications weakened further. A drop in demand for components from manufacturers of industrial machinery and systems was responsible for this decline. By contrast, sales of products for energy technology and lighting systems remained stable.
Regionally, sales grew strongest by about 20% in Asia. This gain reflects positive business development with products for consumer electronics and information and communication technology. Sales in Germany posted single-digit growth, primarily due to revived business with automotive electronics customers. Other European countries posted a single-digit decline in sales. Sales in the NAFTA region fell by about 15%.
