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Pfeiffer Vacuum Profit Down, Cuts Dividend; Withdraws FY20 View Due To Covid-19

Pfeiffer Vacuum Technology (PFFVF.PK,PVTCY.PK), a manufacturer of vacuum solutions, reported Thursday that its fiscal 2019 net income declined 29.8 percent to 48.4 million euros from previous year's 68.9 million euros. Earnings per share fell to 4.90 euros from last year's 6.98 euros.

Operating results or EBIT fell 31.5 percent from last year to 65.2 million euros, and EBIT margin declined to 10.3% from previous year's 14.4%.

Sales were 632.9 million euros, down 4.1 percent from last year's 659.7 million euros. The results reflected challenging market conditions in the coating market and a weaker demand from semiconductor customers.

Order intake dropped 11.6 percent to 598.7 million euros from last year's 677.2 million euros. Order backlog was 110.7 million euros, down 23.6%.

Further, the company said its Board will propose to pay out a dividend of 1.25 euros per share, down 45.7 percent from last year's 2.30 euros.

Regarding fiscal 2020, the company noted that sales and order intake in the semiconductor market were strong entering the year.

However, the company expects an impact on the business related to the coronavirus, which cannot be predicted at this point-in-time. Expectations for 2020 of revenue growth, EBIT margins flat to 2019 and expected capital investments are therefore invalid.

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