German integrated optoelectronics group Jenoptik (JNPKF.PK) said Tuesday that it expects profit for the year to increase year-over-year, aided by higher revenues, despite challenging economic conditions.
Pre-tax profit is expected to be over 45 million euros, higher than 34.9 million euros earned last tear. The expectations are based on provisional calculations.
Operating result rose to more than 54 million euros from 49.2 million euros. Net income for the year is estimated to report a stronger rise than the operating result due to the improvement in the net interest result and low tax quota.
Jenoptik Chairman Michael Mertin said,”We’ve clearly achieved our objectives despite the general economic uncertainties. Our strategy of continued internationalization and improved cost structures showed positive effects and led to an increase in profitability.”
The company sees sales of around 585 million euros, up around 8 percent from 543.3 million euros generated last year, with strong growth especially in America and Asia.
In Lasers & Optical Systems, sales were about 210 million euros, a slight drop from last year, amid difficult market conditions and the dip in the semiconductor industry.
Metrology sales climbed to 180 million euros from 140.1 million euros, benefiting from continuing demand from the automotive industry, as well as deliveries for major orders in the area of traffic safety solutions.
Defense & Civil Systems sales were slightly lower at over 180 million euros. The main contributions to sales came from the Energy Systems business unit.
Order intake is seen at 585 million euros, down from 647.9 million euros in the prior year that included two large partial orders for the PUMA armored fighting vehicle. Order backlog is less than 445 million euros while it totaled 448.5 million euros last year.
The firm’s main activities are spread across three segments – the Laser & Optical Systems segment, the Metrology segment, the Defense & Civil Systems segment.
In 2013, the company expects a stable operative result. The firm sees a small rise in sales of up to 5 percent, with the growth mainly expected to come from America and Asia / Pacific.
The firm expects to achieve profitable growth over the coming years. It sees an average EBIT margin of 9 to 10 percent, as well as sales growth of 10 percent over the course of the market cycles.
In the context of its mid-term planning up to 2017, Jenoptik will strive to increase sales to around 800 million euros. It plans to grow the share of sales in America and Asia / Pacific together to over 40 percent of group sales.
The stock is currently falling 2.4 percent at 8.28 euros.
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by RTT Staff Writer
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