Viasystems Announces Second Quarter 2014 Results

ST. LOUIS — (BUSINESS WIRE) — August 5, 2014 — Viasystems Group, Inc. (NASDAQ: VIAS), a leading provider of complex multi-layer printed circuit boards and electro-mechanical solutions, today announced results for the second quarter ended June 30, 2014.

Highlights

  • Net sales were $300.9 million in the quarter ended June 30, 2014, a year-over-year increase of 5.4%, and a sequential increase over the immediately preceding quarter of 1.7%, resulting from increased PCB sales of 9.0% year-over-year and 3.6% sequentially.
  • Operating income in the quarter ended June 30, 2014, was $9.6 million, or 3.2% of net sales.
  • Adjusted EBITDA in the quarter ended June 30, 2014, was $35.2 million, or 11.7% of net sales, compared with $30.7 million, or 10.8% of net sales, in the quarter ended June 30, 2013, and compared with $31.0 million, or 10.5% of net sales, in the immediately preceding quarter.
  • U.S. GAAP loss per basic and diluted share was $(0.19) for the quarter ended June 30, 2014, on approximately 20 million average shares outstanding.
  • Adjusted EPS was $0.00 for the quarter ended June 30, 2014, excluding certain non-cash and special income and expense items. Adjusted EPS for the quarters ended June 30, 2013, and March 31, 2014, were losses of $(0.28) and $(0.26), respectively.

â�ŸSecond quarter results in our Printed Circuit Boards segment reflect improvement in most of our end markets, both sequentially and year-over-year,” noted Viasystems’ CEO David M. Sindelar. â�ŸHowever, we are still facing inconsistent customer project demand for our electro-mechanical solutions product offerings, which is included in our Assembly segment.”

â�ŸThe automotive end market demand continues to drive our growth,” continued Mr. Sindelar, â�Ÿbut sequential and year-over-year our improvements also received notable contributions from both our telecommunications and our military and aerospace end markets.”

â�ŸLooking forward,” continued Mr. Sindelar, â�ŸI expect continued modest sequential growth, with an overall sales level similar to what we achieved in our third quarter last year.”

Financial Results

The company reported net sales of $300.9 million for the three months ended June 30, 2014. The year-over-year increase of 5.4% and sequential increase of 1.7% were primarily the result of solid demand from customers in the automotive, telecommunications and military and aerospace end markets, partially offset by weaker demand from customers in the industrial & instrumentation, and computer and datacommunications end markets. The company attributes the sequential improvement in part to increases in the company’s printed circuit board capacity as well as seasonal and customer-specific demand drivers.

Cost of goods sold (excluding items shown separately in the statement of operations) as a percent of net sales was 80.5% for the quarter ended June 30, 2014, compared to 81.4% in the corresponding quarter a year ago, and compared to 81.0% in the immediately preceding quarter ended March 31, 2014. The primary contributors to the sequential improvement were increased production volume, improved product mix and reduced incentive compensation expense.

Operating income was $9.6 million, or 3.2% of net sales, in the three months ended June 30, 2014, compared with $4.5 million, or 1.6% of net sales, for the second quarter of 2013, and compared with $5.5 million, or 1.9% of net sales, for the three months ended March 31, 2014.

Adjusted EBITDA, on a non-GAAP basis, was $35.2 million, or 11.7% of net sales, for the three months ended June 30, 2014, compared with $30.7 million, or 10.8% of net sales, for the second quarter of 2013, and compared with $31.0 million, or 10.5% of net sales, for the three months ended March 31, 2014. A reconciliation of operating income to Adjusted EBITDA is provided at the end of this news release.

For the three months ended June 30, 2014, net loss was $(3.6) million, of which $(3.9) million was attributable to common stockholders, and resulted in $(0.19) of loss per basic and diluted share. Adjusted EPS, on a non-GAAP basis, for the three months ended June 30, 2014, was $0.00. A reconciliation of GAAP diluted earnings per share to Adjusted EPS is provided at the end of this news release.

Segment Information

Net sales and operating income in the company’s Printed Circuit Boards segment for the second quarter of 2014 were $262.3 million and $12.8 million, respectively, compared with Printed Circuit Boards segment net sales and operating income of $240.7 million and $4.7 million, respectively, for the second quarter of 2013, and compared with Printed Circuit Boards segment net sales and operating income of $253.3 million and $9.4 million, respectively, for the quarter ended March 31, 2014. Sequentially, demand improved in each of the automotive, telecommunications, and military and aerospace end market, partially offset by demand decline in the computer and datacommunications end market.

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