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Meldungen 09.02.2017

ATS Automation Tooling Systems: Q3 Results

ATS Automation Tooling Systems verzeichnete im dritten Quartal einen einbruch bei Umsatz und Gewinn. Wir veröffentlichen die Mitteilung der Gesellschaft aus dem kanadischen Bundesstaat Ontario dazu im Wortlaut.

Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.

CAMBRIDGE - ATS Automation Tooling Systems Inc. (TSX: ATA) ("ATS" or the "Company") reported financial results for the three and nine months ended January 1, 2017 .

Third Quarter Summary

    Revenues were $237.4 million , 14% lower than a year ago, primarily reflecting the timing of project activities, the previously announced suspension and cancellation of a large enterprise program and revised estimates and adjustments related to certain programs that are in process or have been completed;
    Earnings from operations were $15.3 million (6% operating margin), compared to $26.8 million (10% operating margin) in the third quarter of fiscal 2016. Adjusted earnings from operations1 were $22.5 million (9% margin), compared to $32.1 million (12% margin) in the third quarter a year ago, primarily reflecting lower revenues and increased stock compensation expenses;
    EBITDA1 was $24.3 million (10% margin), compared to $36.0 million (13% margin) in the third quarter of fiscal 2016;
    Earnings per share were 7 cents basic compared to 16 cents basic a year ago. Adjusted basic earnings per share1 were 12 cents for the third quarter of fiscal 2017 compared to 21 cents a year ago;
    Order Bookings were $284 million , a 25% increase from the third quarter of fiscal 2016;
    Period end Order Backlog was $632 million , 16% higher than at December 27, 2015 ;
    The Company's balance sheet and financial capacity to support growth remained strong, with unutilized credit facilities of $658.2 million ; and
    Subsequent to the third quarter, on February 8, 2017 , the Company announced the appointment of Andrew Hider as Chief Executive Officer of ATS. See "CEO Appointment".

1 Non-IFRS measure: see "Notice to Reader: Non-IFRS Measures and Additional IFRS Measures".

"Third quarter operating performance was solid, notwithstanding lower revenues," said Anthony Caputo , Chief Executive Officer "Order Backlog is significant, and includes a number of enterprise programs that are strategic to our customers.  Our well-rooted strategy of pursuing these types of programs is yielding clear results. ATS' global customer base, talented employees and strong balance sheet with significant cash and funding available position the Company well for future value creation."

Third Quarter Summary
Fiscal 2017 third quarter revenues were 14% lower than in the corresponding period a year ago, primarily reflecting the timing of project activities.  On average, projects currently in process are in an earlier stage of completion where relatively lower revenues are recognized. Additionally, fiscal 2017 third quarter revenues were negatively impacted by the suspension and subsequent cancellation of the large enterprise program won in the fourth quarter of fiscal 2016 and by revised estimates and adjustments related to certain programs that are in process or have been completed. Foreign exchange rate changes did not materially impact the translation of revenues earned by foreign-based subsidiaries compared to the corresponding period a year ago.

By market, fiscal 2017 third quarter revenues from consumer products & electronics decreased 31%, due to lower Order Backlog entering the third quarter of 2017 compared to a year ago. Revenues generated in the energy market increased 178% compared to the corresponding period a year ago, primarily due to higher Order Backlog entering the third quarter of 2017 compared to a year ago. Revenues generated in the life sciences market decreased 17% compared to the corresponding period a year ago, primarily reflecting the timing of project activities. Transportation revenues decreased 34% compared to a year ago primarily due to lower activity compared to a year ago.

Fiscal 2017 third quarter earnings from operations were $15.3 million (6% operating margin) compared to $26.8 million (10% operating margin) in the third quarter of fiscal 2016. Third quarter fiscal 2017 earnings from operations included $2.3 million of restructuring costs related to the closure of a U.S. operation, which was substantially completed during the quarter.  In addition, $1.0 million of incremental depreciation expense was incurred in relation to the closure.

Excluding the $2.3 million of restructuring costs and $4.9 million related to amortization of identifiable intangible assets recorded on the acquisitions of PA, IWK, and sortimat, third quarter fiscal 2017 adjusted earnings from operations were $22.5 million (9% margin). Third quarter fiscal 2016 earnings from operations included a gain of $3.7 million from the sale of a redundant U.S. facility, $3.4 million of restructuring and severance costs and $5.6 million related to the amortization of identifiable intangible assets recorded on the acquisitions of PA, IWK and sortimat. Excluding these items, last year's third quarter adjusted earnings from operations were $32.1 million (12% margin). Lower adjusted earnings from operations in the third quarter of fiscal 2017 primarily reflected lower revenues and increased stock compensation expenses.    

Depreciation and amortization expense was $9.0 million in the third quarter of fiscal 2017, compared to $9.2 million a year ago.  Included in third quarter fiscal 2017 depreciation expense was the aforementioned $1.0 million of incremental depreciation related to the closure of a U.S. operation. Excluding the $1.0 million of incremental depreciation, depreciation and amortization expenses were $8.0 million in the third quarter of fiscal 2017, which primarily reflected lower amortization of identifiable intangible assets recorded on the acquisitions of PA, IWK and sortimat compared to the third quarter of fiscal 2016.  

EBITDA was $24.3 million (10% EBITDA margin) in the third quarter of fiscal 2017 compared to $36.0 million (13% EBITDA margin) in the third quarter of fiscal 2016.

Order Bookings
Third quarter fiscal 2017 Order Bookings were $284 million , a 25% increase over the third quarter of fiscal 2016. By customer market, higher Order Bookings in the consumer products & electronics, energy and life sciences markets more than offset lower Order Bookings in the transportation market.

Order Backlog
At January 1, 2017 , Order Backlog was $632 million , 16% higher than at December 27, 2015 . Higher Order Backlog in the energy and life sciences markets more than offset lower Order Backlog in the consumer products & electronics and transportation markets.

CEO Appointment
On February 8, 2017 , the Company announced that Andrew Hider had been appointed Chief Executive Officer of ATS.  Mr. Hider is uniquely qualified to lead ATS and its global team of 3,500 employees. He is an experienced executive with a track record of success founded on his ability to drive business growth and operational performance in complex business environments and across multiple industries including transportation, advanced technology, instrumentation and industrial products.

Most recently, Mr. Hider served as President and CEO of the Taylor Made Group, LLC.  Prior to that, Mr. Hider served for 10 years at Danaher Corporation (DHR) including as President of Veeder Root . Mr. Hider began his career with General Electric (GE), serving in a number of areas over a six-year period culminating in his appointment as General Manager of GE Tri-Remanufacturing. Mr. Hider holds a Bachelor of Science in Interdisciplinary Engineering and Management and a Masters of Business Administration, both from Clarkson University .

As planned and announced in March 2016 , current CEO Anthony Caputo will be stepping down and resigning from the Board of Directors on February 15th , 2017.  Mr. Hider will assume leadership of ATS on March 6, 2017 .

About ATS
ATS is an industry-leading automation solutions provider to many of the world's most successful companies. ATS uses its extensive knowledge base and global capabilities in custom automation, repeat automation, automation products and value-added services including pre-automation and after-sales services to address the sophisticated manufacturing automation systems and service needs of multinational customers in markets such as life sciences, chemicals, consumer products, electronics, food, beverage, transportation, energy, and oil and gas. Founded in 1978, ATS employs approximately 3,500 people at 23 manufacturing facilities and over 50 offices in North America , Europe , Southeast Asia and China . The Company's shares are traded on the Toronto Stock Exchange under the symbol ATA.  Visit the Company's website at www.atsautomation.com

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