Comet Holding AG (COTN.SW) Friday said that its third-quarter net sales fell 9.4 percent from last year, impacted by lower business in the Plasma Control Technologies segment. Looking ahead, the company also cut its net sales and EBITDA margin for the year ahead.
The Swiss company specialising in radio frequency and x-ray technology reported net sales of 102.54 million Swiss francs in the third quarter, down from the 113.2 million francs in the same period last year. On a constant FX basis, the decline was 4 percent. The third quarter net sales fell 11.6 percent, 6.3 percent at constant FX, from the 115.9 million francs recorded in the second quarter.
The company said that the decline in third-quarter net sales was mainly due to the Plasma Control Technologies or PCT division having less business due to market uncertainty. Additionally, a weak dollar and tariffs also negatively impacted the results, Comet Holding added.
During the first nine-months of the year, Comet Holding's net sales came in at 329.6 million francs, up 9 percent from 302.5 million francs in the year-ago period.
Looking ahead, the company said that while the demand for the microchips used in AI and high-performance computing remains strong, it predicts overall sales volumes, impacted by weakness in automotive and consumer electronics markets, to bounce back by the year-end.
The company also lowered its fiscal 2025 outlook of net sales and EBITDA margin to the lesser end of the earlier provided 460 million francs to 500 million francs range and 10.0 percent to 14.0 percent respectively.
On the Swiss Exchange, the stock ended Thursday's trading at 194.50 francs, down 6 percent.
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