Pfeiffer Vacuum Technology AG Reports Continued Strong Sales for the First Nine Months of 2023

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Pfeiffer Vacuum Technology AG Reports Continued Strong Sales for the First Nine Months of 2023

First nine months 2023:

• Record sales of EUR 737.8 million, up 10.3% from the previous year
• Operating result (EBIT) of EUR 86.6 million and EBIT margin of 11.7%
• Order intake of EUR 668.8 million, down 22.8% compared to previous year
• Order backlog with EUR 433.5 million, 15.7% down compared to previous year

Asslar, November 2, 2023. Pfeiffer Vacuum Technology AG, a leading global manufacturer of vacuum solutions, today announced results for the first nine months of 2023. With sales of EUR 737.8 million, representing an increase of 10.3% compared to the previous year, the Company reached the strongest nine-months performance in its history (9M 2022: EUR 668.7 million). The operating result (EBIT) decreased by 7.8% to EUR 86.6 million (9M 2022: EUR 94.0 million) mainly due to costs related to a comprehensive investment program. This represents an EBIT margin of 11.7% (9M 2022: 14.1%) and is in line with our full-year guidance. In addition, the order intake during the reporting period was EUR 668.8 million (9M 2022: EUR 866.5 million), reflecting the expected demand slow-down primarily in the semiconductor market. The order backlog stood at 433.5 million at the end of the first nine months of 2023 (9M 2022: EUR 514.0 million). 

The Pfeiffer Vacuum sales increase was driven by a strong performance in the Analytics, Industry and R&D market segment. Sales in this market segment improved by 17.5% to EUR 381.9 million (9M 2022: EUR 325.1 million). The Semiconductor and Emerging Technologies market segment sales increased by 3.6% to EUR 355.9 million (9M 2022: EUR 343.6 million). The semiconductor market is currently experiencing a market adjustment after a multi-year high-demand cycle.

The operating result (EBIT) decreased by 7.8% to EUR 86.6 million (9M 2022: EUR 94.0 million) and the EBIT margin was 11.7% (9M 2022: 14.1%). The year-over-year decrease in EBIT was primarily due to higher costs for investments to drive long-term sustainable growth, including increasing the production capacities to meet future demand and creating an integrated global IT environment.

The book-to-bill ratio, the ratio of order intake to sales, was at 0.91 for the first nine months of 2023, reflecting particularly the expected demand declines related to the semiconductor market. The order backlog of EUR 433.5 million was down 15.7% compared to the previous year (Sep. 30, 2022: EUR 514.0 million).

“Our sales remained strong year-to-date, even as the demand conditions are becoming increasingly challenging”, says Dr. Britta Giesen, CEO of Pfeiffer Vacuum Technology AG. “Our commitment remains to invest in our manufacturing capacity and capabilities as well as IT infrastructure to position us for the next growth cycle, and to pursue our sustainability goals.”

Overview of key figures:

The gross profit for the first nine months of 2023 was EUR 269.6 million (9M 2022: EUR 243.6 million). The year-over-year increase of 10.7% is primarily due to the strong sales performance. 

Net income decreased by 8.9% to EUR 60.7 million (9M 2022: EUR 66.6 million), representing earnings per share of EUR 6.15 (9M 2022: EUR 6.75).

In sales by region, which describes sales according to the location of the customers in their corresponding region, showed strong sales growth particularly in Europe: European sales increased by 23.2% to EUR 260.1 million (9M 2022: EUR 211.0 million). Sales in Asia increased by 5.5% to EUR 272.8 million (9M 2022: EUR 258.5 million), while sales in the Americas grew by 3.0% to EUR 204.9 million (9M 2022: EUR 199.0 million).

Solid balance sheet and cash-flow

Total assets at the end of the third quarter 2023 were EUR 961.9 million, up 11.4% from year-end 2022 (December 31, 2022: EUR 863.7 million). Cash and cash equivalents were EUR 103.8 million (December 31, 2022: EUR 67.8 million). The equity ratio remained at a solid level of 61.1%, slightly below year-end 2022 (December 31, 2022: 61.5%). Capital expenditure in the first nine months increased significantly to EUR 69.3 million, up 32.3% from the same period in 2022 (9M 2022: EUR 52.4 million). Investments were primarily made in production buildings, facilities, and equipment, as well as in the global information technology infrastructure.

Outlook for the 2023: Sales guidance raised

Based on the sales results for the first nine months of 2023 Pfeiffer Vacuum expects new record-high sales for the full year 2023 of around EUR 950 million. This exceeds previous expectations of sales to reach the 2022 level of around EUR 917 million. The EBIT margin expectations for the full year 2023 remain at around 12%, unchanged from the previous outlook. In addition, capital expenditures of about EUR 100 million are planned for the fiscal year 2023. 

Contact
Pfeiffer Vacuum Technology AG
Investor Relations
Heide Erickson
T +49 6441 802 1360
Heide.Erickson@pfeiffer-vacuum.com

About Pfeiffer Vacuum
Pfeiffer Vacuum (stock exchange symbol PFV, ISIN DE0006916604) is one of the world’s leading providers of vacuum solutions. In addition to a full range of hybrid and magnetically levitated turbopumps, the product portfolio comprises backing pumps, leak detectors, measurement and analysis devices, components as well as vacuum chambers and systems. Ever since the invention of the turbopump by Pfeiffer Vacuum, the company has stood for innovative solutions and high-tech products in the analytical, industrial, research & development, semiconductor and future technologies markets. Founded in 1890, Pfeiffer Vacuum is active throughout the world today. The company employs a workforce of some 4,000 people and has more than 20 sales and service companies as well as 10 manufacturing sites worldwide.

For more information, please go to: group.pfeiffer-vacuum.com