EANS-Adhoc
ams AG / ams reports first quarter 2017 results above previous guidance; sequential revenue growth expected for second quarter; fully on track for expected second half 2017 ramp-ups; significantly increased customer forecasts and revenue pipe
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Disclosed inside information pursuant to article 17 Market Abuse Regulation
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Disclosed inside information pursuant to article 17 Market Abuse Regulation
(MAR) transmitted by euro adhoc with the aim of a Europe-wide distribution.
The issuer is solely responsible for the content of this announcement.
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Annual Reports/quarterly report
24.04.2017
Key financial data for first quarter 2017
Premstaetten, Austria (24 April 2017) - ams (SIX: AMS), a leading
worldwide supplier of high performance sensor solutions, reports
first quarter 2017 results with revenues and operating profitability
above previous guidance. ams expects sequential revenue growth for
the second quarter 2017 with revenues of EUR 174-181 million and
adjusted operating margin around break-even. Preparations for
ramp-ups in the second half 2017 are fully on track while increased
customer forecasts and a higher revenue pipeline drive a strong
increase in capital expenditures. ams' mid-term revenue growth target
is under upward revision.
First quarter group revenues were EUR 149.3 million, above the upper
end of ams' previous guidance, up 12% sequentially compared to the
fourth quarter and increasing 9% from EUR 137.2 million in the same
quarter 2016. On a constant currency basis, first quarter revenues
were up 6% compared to the first quarter last year. Excluding the
Heptagon business, revenues were slightly up sequentially compared to
the fourth quarter 2016, which was also above previous guidance.
In the first quarter, adjusted gross margin (excluding
acquisition-related and share-based compensation costs) stood at 46%
with IFRS reported gross margin at 40%, compared to 57% and 54%
respectively, in the same quarter 2016. The lower gross margin was
due to the underutilization of ams' production facilities in
Singapore which reflects the ongoing capacity expansion to support
high volume product ramp-ups expected to start in the third quarter
2017.
The adjusted result from operations (EBIT) (excluding
acquisition-related and share-based compensation costs) for the first
quarter was EUR 4.1 million or 3% of revenues which was above
previous guidance, decreasing from EUR 28.2 million in the same
period 2016. Excluding the Heptagon business, the adjusted EBIT
margin stood at 14%, which was well above previous guidance. The IFRS
reported result from operations (EBIT) for the first quarter was EUR
-13.8 million or -9% of revenues, down from EUR 19.7 million in the
same period 2016.
The net result for the first quarter was EUR -16.2 million compared
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