STRATEC SE / Key word(s): Preliminary Results/Change in Forecast
STRATEC REPORTS PRELIMINARY FIGURES FOR FIRST NINE MONTHS OF 2022 AND ADJUSTS SALES GUIDANCE
Birkenfeld, October 18, 2022
Based on preliminary figures, STRATEC expects to report consolidated sales of € 207.7 million for the first nine months of 2022 (9M/2021: € 225.4 million). This corresponds to a year-on-year reduction in sales by 7.9% (constant currency: -11.7%). This reduction was chiefly due to the previous year’s high pandemic-related basis of comparison, as well to the ongoing highly tense situation in supply chains. Contrary to original expectations, delivery backlogs rose further throughout the third quarter of 2022 given the continuing difficulties in procuring upstream products (particularly semiconductor chips).
Preliminary calculations indicate an adjusted EBIT margin of 18.3% for the first nine months of 2022 (9M/2021: 21.6%). The margin is thus within the target corridor communicated for the full financial year (16.5% to 18.5%). Alongside negative economies of scale relating to lower sales volumes, the margin was as expected also negatively influenced by a weaker product mix within the Systems business. The third quarter of 2022 nevertheless brought a clear increase in profitability compared with the first half of 2022. This was driven in particular by high earnings contributions from development services, some of which had been budgeted for recognition in the second quarter of 2022 already.
Given the ongoing highly tense supply chain situation, STRATEC no longer expects to make up for existing delivery backlogs by the end of the year to the extent originally planned. The Board of Management of STRATEC has therefore decided to adjust its guidance for the sales performance. On a constant-currency basis, sales in the 2022 financial year are now expected to decrease by around 5.0% to 8.0% (nominal sales reduction of around 1.0% to 4.0%). Previously, the company had forecast constant-currency sales at the previous year’s level. The guidance for the adjusted EBIT margin, which is forecast at around 16.5% to 18.5% in the 2022 financial year (2021: 18.9%), has been confirmed.
STRATEC will publish its Quarterly Statement with the complete figures for the first nine months of 2022 on November 3, 2022. Moreover, a conference call/audio webcast will be held in English on November 3, 2022.
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18-Oct-2022 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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