30.04.2019,
16227 Zeichen
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.
Selected financial information for the first quarter 2019
Annual Reports/Quarterly Report
30.04.2019
Premstaetten - (PR title cont'd) ... ongoing customer success in optical and 3D
sensing; positive second quarter development expected with revenues of
USD 390-430 million and higher adjusted operating margin of around 10%; Annual
Report 2018 published
Premstaetten, Austria (30 April 2019) -- ams (SIX: AMS), a leading worldwide
supplier of high performance sensor solutions, reports first quarter results
with revenues at the upper end of the guidance range and operating profitability
above guidance. Driven by ams' consumer business, these results reflect ongoing
customer success in optical and 3D sensing despite a generally more subdued end
market environment and typical seasonality in the consumer market. ams expects a
positive sequential and year-on-year development for the second quarter with
expected revenues of USD 390-430 million and a strongly higher adjusted
operating margin of around 10%.
First quarter group revenues were USD 390.2 million, at the upper end of
expectations, down 20% sequentially compared to the fourth quarter 2018 and down
7% from USD 418.2 million in the same quarter 2018. Adjusted gross margin for
the first quarter was 32% (excluding acquisition-related and share-based
compensation costs) with IFRS reported gross margin at 29% (including
acquisition-related and share-based compensation costs), compared to 36% and 33%
respectively in the same quarter 2018.
The adjusted result from operations (EBIT) for the first quarter was USD 23.5
million or 6% of revenues (excluding acquisition-related and share-based
compensation costs), above previous guidance, while decreasing from USD 71.4
million in the same period 2018 (USD -4.5 million or -1% of revenues including
acquisition-related and share-based compensation costs, down from USD 43.0
million in the same period 2018).
Adjusted net income for the first quarter was USD -9.5 million (excluding
valuation effect of option element of foreign currency convertible bond),
compared to USD 92.3 million for the same period 2018 (first quarter 2019
including valuation effect: USD -9.5 million). Adjusted basic/diluted earnings
per share for the first quarter were CHF -0.12/-0.12 or USD -0.12/-0.12 based on
80,235,377/ 81,864,338 shares (weighted average; first quarter 2019 including
valuation effect: CHF -0.12/-0.12 or USD -0.12/-0.12; first quarter 2018: CHF
1.20/1.12 or USD 1.15/1.08 based on 80,064,021/83,082,083 shares, weighted
average).
Operating cash flow for the first quarter was USD 96.1 million, significantly up
from USD 52.0 million in the same quarter last year. Total backlog on 31 March
2019 (excluding consignment stock agreements) was USD 288.4 million compared to
USD 331.4 million at the end of the year 2018 and USD 319.6 million on 31 March
2018.
ams' business performed very well in the first quarter of 2019 with results at
the top end or above ams' expectations. Driven largely by its consumer business
ams recorded this positive development despite generally more subdued end market
environments in addition to typical strong seasonality in the consumer market.
ams' consumer business once more provided the largest contribution to its
overall results. As the leader in optical sensing ams' unmatched portfolio spans
high performance solutions for 3D sensing including VCSEL (Vertical Cavity
Surface-Emitting Laser)-based illumination, high quality display management
including behind-OLED and TrueColor technologies, micro-scale proximity sensing,
bio- and spectral sensing, and other optical applications.
ams is a leading provider of 3D sensing technology supplying significant volumes
of 3D sensing solutions to consumer OEMs. ams leverages its extensive 3D sensing
portfolio and system know-how including 3D hard- and software for all three
approaches structured light (SL), time-of-flight (iToF), and active stereo
vision (ASV). With a current focus on 3D illumination, ams supports both front-
facing and world-facing 3D systems. As previously indicated, the market is
moving along a multi-year adoption timeline for front-facing as well as world-
facing 3D sensing where the adoption of front-facing 3D is expanding at a good
pace, and world-facing 3D sensing, as anticipated, is seeing instances of early
adoption.
ams is experiencing the anticipated positive momentum for wider adoption of 3D
sensing this year. In line with previous comments ams saw the start of expected
Android smartphone launches that include ams 3D technology in the first quarter.
The previously mentioned illumination solution for a world-facing 3D sensing
system at a major Android OEM has started volume shipments as expected. As
anticipated, ams expects additional 3D sensing-enabled Android devices with ams
3D illumination to be launched over the course of 2019. The range of ams' 3D
solutions across Android devices either already launched or expected to be
launched in 2019 comprises several front-facing 3D illumination systems
including iToF solutions, the first world-facing illumination solution mentioned
above and a first use of ASV. These successes are creating an expanded customer
base for ams' 3D sensing portfolio that includes the world's leading smartphone
OEMs. At the same time, they underscore ams' position as a leading provider of
3D sensing across technologies.
ams' advanced high power VCSEL portfolio is a core driver of its market success
in 3D sensing. ams' VCSEL technology offers advantages for 3D sensing
illumination in all technologies SL, iToF and ASV. Moreover and in contrast to
VCSEL-focused vendors, ams is able to provide full 3D illumination solutions to
OEMs which incorporate VCSELs, VCSEL drivers, optics, module design and/or
manufacturing. As these solutions offer high differentiation and fully optimized
design for performance ams' capabilities create an additional meaningful
competitive advantage. ams therefore sees ongoing customer traction in 3D
sensing where ams' solution portfolio supports dot projection, pattern
projection, different types of flood illumination and ToF proximity sensing.
Based on this portfolio covering SL, iToF and ASV, ams is establishing a strong
market position in 3D sensing illumination.
ams recently launched an industry-leading long-distance 1D ToF solution which
provides accurate distance measurement up to around 2.5 meters. Interest from
consumer OEMs is already significant looking at applications such as laser
detect autofocus (LDAF) for smartphone backside cameras. In addition, ams is
seeing increasing interest from other markets such as IoT.
In display management, ams' innovative technology for high performance behind-
OLED-display proximity and light sensing is a resounding success shortly after
launch. ams allows OEMs to place light and proximity sensing invisibly behind
the OLED display and thus enables maximized screen-to-body ratio and bezel-less
phone designs. Several major smartphone platforms launched by different Asian
OEMs in the first quarter already use ams' behind-OLED sensing and shipment
volumes are expanding. Removing bezel-placed elements from the front side has
become a trend in smartphones. Customer traction therefore continues to be
strong and ams expects adoption to broaden further from this into next year. At
the same time, ams is shipping significant volumes of customized TrueColor
sensing solutions for advanced display management. Another new area showing good
momentum in customer adoption is flicker detection light sensing for smartphone
cameras. ams has started high volume shipments of these solutions to major Asian
OEMs this year. Positioned next to world-facing picture cameras, the detection
of artificial light flicker for later elimination enables even higher picture
quality in all lighting conditions.
ams continues focused development efforts for new optical sensing technologies
and applications and sees increasing customer traction for ams' highly
differentiated biosensing solution. Here ams offers fast high quality
measurement of blood pressure, a very valuable health indicator, complemented by
heart rate and a range of additional personal health parameters. ams' solution
provides a comprehensive set of personal health data and is able to support next
generation wearables and other mobile devices. ams is pursuing several OEM
engagements in this area for the next years and expects to complete the
certification for medical grade blood pressure measurement in the United States
this year. Audio sensing showed a good performance in the first quarter and ams'
other consumer product lines offered positive contributions. ams is recording
strong OEM interest in its latest active noise cancellation (ANC) innovation
which enables high quality noise cancelling for smallest size wireless earbuds.
ams' automotive, industrial and medical businesses performed in line with
expectations in the first quarter. In automotive, ams is seeing a less favorable
market environment as demand trends continue to be mixed across world regions.
However, focused on safety, driver assistance/ autonomous driving, position
sensing, and chassis control ams' sensing solutions cover a range of
applications, Tier 1 suppliers, OEMs, and market segments. Significant R&D
investments for the reported major 3D LIDAR program for a high power VCSEL
illumination system continue this year, supporting advanced true solid-state
LIDAR architectures. ams' VCSEL illumination capabilities for LIDAR applications
are attracting strong interest from a number of major automotive players and ams
is actively pursuing several engagements in different geographies. ams also
notes increased traction for its VCSEL technology for alternative LIDAR
architectures like macro-mechanical spinning solutions and MEMS micro-mirrors as
ams can help solve systemic challenges. New optical and 2D/3D sensing
applications inside the vehicle are gaining momentum and ams is engaged in
multiple design activities in this field which appears to offer leverage
opportunities for ams' technology portfolio. ams also sees potential to include
global shutter image sensors in upcoming automotive optical sensing. In the
growth area of automotive projected lighting, ams is expanding its market
position in safety and comfort applications such as light carpets outside the
vehicle. Here ams offers advanced illumination systems leveraging its optics and
manufacturing expertise.
ams' industrial business showed an attractive performance in the first quarter,
reflecting a limited impact from a less favorable demand situation in industrial
end markets. As a leader in high performance industrial sensing ams serves a
wide range of applications in industrial and factory automation, HABA, other
industrial sensing and industrial imaging. This extensive portfolio and
application base is proving supportive to ams' business in the current
environment. Industrial imaging where ams hold a leading position in high
performance global shutter solutions offers attractive growth opportunities for
ams going forward. ams' medical business recorded another solid quarter focused
on medical imaging for computed tomography (CT), digital X-ray, and mammography
as well as miniature camera endoscopy. ams' market penetration in Asia is
expanding further as ams added another program win at an Asian medical imaging
OEM. ams is the leader in micro cameras for next generation medical endoscopy
and sees continued growth in the market for high quality disposable endoscopes.
Implementing last year's strategic decision to de-emphasize its environmental
sensing activities in order to focus on mid- and long-term growth opportunities
particularly in optical sensing, ams recently announced the creation of a joint
venture for its environmental, flow and pressure sensor solutions with Wise Road
Capital. ams will transfer IP, sensor products and solutions, relevant customers
and employees to the joint venture and expects the transaction to conclude in
early fall 2019.
In operations, ams has implemented a range of cost improvement measures in its
Singapore operations since the beginning of the year and has started to
recognize positive effects from these efforts. ams sees ongoing benefits from
better cost efficiencies in its Singapore manufacturing including lower staffing
levels together with overall improvements in the utilization of these sites. As
expected, the attractive VCSEL volumes ams anticipates for this year will be
fully supported by ams' outsourced supply chain. ams' internal VCSEL production
line for new highly differentiated designs is on track for completion and the
planned front-end ramp from around the end of this year. Through the combination
of scalable outsourced and internal VCSEL capacity ams is very well positioned
to support expected volume growth in the future. Capital expenditures are
developing fully in line with expectations and ams is on course for
significantly lower capital expenditures that the company expects for full year
2019 compared to 2018.
For the second quarter 2019, ams expects a positive development of its business
as the consumer market environment appears to have stabilized and smartphone
demand is expected to show lower seasonal impacts. In addition, ams has started
to ramp design wins of the recent quarters which drive broadening engagements
across ams' Android customer base. ams' other end markets generally reflect a
less favorable macro-economic environment and a higher level of cautiousness but
are expected to continue their positive contributions.
Based on available information, ams expects second quarter revenues of USD 390-
430 million, showing attractive sequential growth at the midpoint and a very
strong year-on-year increase of 62% at the midpoint. The adjusted operating
(EBIT) margin for the second quarter is anticipated to increase strongly on a
sequential and year-on-year basis to around 10%, benefitting from further
improvements ams expects in its manufacturing operations.
The quarterly report for the first quarter 2019 including additional financial
information is available on the company website at
https://ams.com/financial-
reports
https://ams.com/financial-reports. Concurrently, ams has published the
Annual Report 2018 which is also available on the company website at https://
ams.com/financial-reports
https://ams.com/financial-reports.
###
About ams
ams is a global leader in the design and manufacture of advanced sensor
solutions. Our mission is to shape the world with sensor solutions by providing
a seamless interface between humans and technology.
ams' high-performance sensor solutions drive applications requiring small form
factor, low power, highest sensitivity and multi-sensor integration. Products
include sensor solutions, sensor ICs, interfaces and related software for
consumer, communications, industrial, medical, and automotive markets.
With headquarters in Austria, ams employs about 9,000 people globally and serves
more than 8,000 customers worldwide. ams is listed on the SIX Swiss stock
exchange (ticker symbol: AMS). More information about ams can be found at
www.ams.com
Join ams social media channels:
>Twitter
https://twitter.com/amsAnalog >LinkedIn [
https://www.linkedin.com/
company/ams-ag] >Facebook
https://www.facebook.com/amsAnalog >YouTube [
...
/www.youtube.com/user/amsAnalog]
ams is a registered trademark of ams AG. In addition many of our products and
services are registered or filed trademarks of ams Group. All other company or
product names mentioned herein may be trademarks or registered trademarks of
their respective owners. Information provided in this press release is accurate
at time of publication and is subject to change without advance notice.
end of announcement euro adhoc
issuer: ams AG
Tobelbader Strasse 30
A-8141 Premstaetten
phone: +43 3136 500-0
FAX: +43 3136 500-931211
mail: investor@ams.com
WWW: www.ams.com
ISIN: AT0000A18XM4
indexes:
stockmarkets: SIX Swiss Exchange
language: English
Digital press kit:
http://www.ots.at/pressemappe/2901/aom
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AMS
Akt. Indikation: 1.39 / 1.40
Uhrzeit: 08:06:50
Veränderung zu letztem SK: -0.89%
Letzter SK: 1.41 ( -1.26%)
Bildnachweis
1.
ams, Michael Wachsler-Markowitsch, Chief Financial Officer; Quelle: ams.com
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