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EANS-Adhoc ams AG / ams reports first quarter results in guidance range reflecting customer volume effects, revenues up 147% year-on-year; expected second quarter revenues strongly impacted by

Nachrichtenagentur: news aktuell
23.04.2018, 20:13  |  1100   |   |   
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 responsible for the content of this announcement.

Key financial data for first quarter 2018

Quarterly Report

Premstaetten - (PR title cont'd) ... accelerated customer product transition;
significant second quarter capacity under-utilization as product changes in
major consumer program prevent pre-production; on track for expected major
second half ramp-ups; Annual Report 2017 published

Premstaetten, Austria (23 April 2018) -- ams AG (SIX: AMS), a leading worldwide
supplier of high performance sensor solutions, reports first quarter results
with revenues and operating profitability in guidance range reflecting customer
volume effects, and revenues up 147% year-on-year. ams expects a significant
short-term impact from strongly accelerated customer-driven product transitions
related to large smartphone programs in the second quarter resulting in expected
revenues of USD 220-250 million. Due to these product transitions and product
changes in a major consumer program preventing a pre-production of parts, ams
also expects a significant under-utilization of capacity in the second quarter
leading to a negative adjusted operating margin. At the same time, preparations
for expected major ramp-ups in the second half 2018 are on track.

First quarter group revenues were USD 452.7 million, in the lower half of our
previous guidance, up 147% from USD 183.5 million in the same quarter 2017 and
22% lower sequentially compared to the previous quarter. Adjusted gross margin
for the first quarter 2018 was 36% (excluding acquisition-related and share-
based compensation costs), compared to 44% in the same quarter 2017 (33%
including acquisition-related and share-based compensation costs, compared to
40% in the same period 2017).

The adjusted result from operations (EBIT) for the first quarter was USD 77.3
million or 17% of revenues in line with previous guidance (excluding
acquisition-related and share-based compensation costs), up strongly from USD
5.0 million or 3% of revenues in the first quarter 2017 (USD 46.5 million or 10%
of revenues including acquisition-related and share-based compensation costs,
compared to USD -16.9 million or -9% of revenues in the first quarter 2017).

Adjusted net income for the first quarter was USD 99.9 million (excluding
valuation effect of option element of foreign currency convertible bond),
compared to USD -19.9 million for the same period 2017 (first quarter 2018: USD
77.1 million including valuation effect). Adjusted basic/diluted earnings per
share for the first quarter were CHF 1.20/1.12 or USD 1.25/1.17 based on
80,064,021/ 83,082,083 shares (weighted average; CHF 0.92/0.86 or USD 0.96/0.89
including valuation effect; first quarter 2017: CHF -0.23/-0.23 or USD -0.27/-
0.26 based on 74,496,209/76,213,409 shares, weighted average).

Cash flow from operations for the first quarter was USD 56.3 million compared to
USD 32.0 million in the same quarter last year. Total backlog on 31 March 2018,
excluding consignment stock agreements and including certain forecasted
commitments, was USD 345.9 million (USD 666.1 million on 31 December 2017 and
USD 240.4 million on 31 March 2017).

ams' business showed a solid performance in the first quarter with strong year-
on-year growth despite customer volume effects in its consumer business. ams'
first quarter results thus confirm the company's strong market position in high
performance sensor solutions across consumer and non-consumer businesses.

The consumer and communications business started into the year on a positive but
more balanced note as the market success of ams' solutions was moderated by
noticeable customer volume effects in the smartphone market. Leading in optical
sensing, ams provides high performance optical sensing solutions including 3D
sensing optical systems, TrueColor display management, proximity sensing and
other optical applications to many of the world's largest smartphone and
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