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Pfeiffer Vacuum Q1 Profit Down, Sales Flat, Orders Climb - Quick Facts

Pfeiffer Vacuum Technology (PFFVF.PK,PVTCY.PK), a manufacturer of vacuum solutions, reported Tuesday that its first-quarter net income fell 31.3 percent to 8.9 million euros from last year's 12.9 million euros. Earnings per share were 0.90 euro, down from 1.31 euros a year ago.

The operating result or EBIT decreased 29.4 percent from last year to 12.8 million euros. The EBIT margin was 8.4 percent, down from 11.8 percent a year ago.

The company said the year-over-year decline in earnings was primary a result of productivity loss through COVID-19 and due to changes in the product and market mix.

The company added that increased expenses to drive market share growth and to improve the EBIT margin to 20 percent by 2025 as per its growth strategy had a negative effect on the operating performance.

The company reported sales of 153.3 million euros, nearly flat with last year's 153.7 million euros.

A strong performance in the semiconductor market and growth in the R&D market segment was almost offset by sales declines in the coating, industry and
analytics markets.

Further, order intake climbed 16.2 percent to 172.9 million euros.

At the end of the first quarter, Pfeiffer Vacuum had an order backlog of 130.3 million euros, down 6.9 percent compared to the previous year, but an increase of 17.7 percent compared to year-end 2019.

Looking ahead, Nathalie Benedikt, CFO, said, "Pfeiffer Vacuum is affected by COVID-19, but less so than many other industries, and is in a strong financial
position. In the current environment we are acting with caution and remain agile to make adjustments where needed. We are firmly on the path to execute our strategy to gain market share and improve the EBIT margin."

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