Basler AG (BSLG), a German maker of imaging components for computer vision applications such as cameras, lenses, frame grabbers, software, and others, reported a loss for the first nine-month period of 2023, amidst a decline sales, mainly due to a continued weak demand, customers' excessive inventories as a result of over-ordering during the chip crisis.
In addition, Basler has reaffirmed its full-year guidance.
For the nine-month period to September 30, the company posted a net loss of 17.5 million euros or 0.58 euro per share, compared with a profit of 19.2 million euros or 0.64 euro per share, recorded for the same period last year.
Loss before taxes stood at 16.1 million euros as against previous year's profit of 24.3 million euros.
Loss before interest and taxes was at 15 million euros, compared with a profit of 24.7 million euros.
EBITDA plunged to 3.3 million euros from 36.8 million euros in 2022.
Incoming orders fell to 128.3 million euros from 209.7 million euros of previous year.
Sales revenues were 157.5 million euros, down from last year's 205.2 million euros.
As the restructuring measures are progressing as scheduled, the company has confirmed its full-year 2023 guidance, but narrowed it to the lower end due to the continued weak markets.
Basler continues to expect a pre-tax loss of 18 million euros to 20 million euros against its previous expectation of 12 million euros to 20 million euros. The loss is largely due to one-time charges of 11 million euros to 13 million euros.
For the full year, the company projects revenue of 200 million euros to 205 million euros against its previous outlook of 200 million euros to 215 million euros.
Further, the company noted: "It is expected that customers' excess inventories will be reduced to normal levels by the turn of the year and that the dampening effect on demand will then ease. With regard to original demand, there are currently no signs of a turnaround."
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