Swedish medical instruments maker Elekta AB (EKTAF.PK) reported Tuesday a decline in third-quarter net income on lower net sales, while order bookings increased. Further, the company adjusted its fiscal 2013 outlook, citing effects of recent exchange rate volatility, uncertainty in the US and postponed business in the Middle East.
In Stockholm, Elekta shares are currently trading at 94.20 kronor, down 1.45 kronor or 1.52 percent.
In the third quarter, net income declined to 231 million Swedish kronor or 0.60 krona per share from last year's 392 million kronor or 1.04 kronor per share. Net sales declined to 2.43 billion kronor from 2.57 billion kronor a year ago. In the prior year, the newly acquired Nucletron contributed strongly to net sales, partly due to their fiscal year ended in December.
Order bookings, however, increased 6 percent on constant currencies to 2.86 billion kronor with growth in all regions.
In the first nine months, net income fell 27 percent to 504 million kronor or 1.30 kronor per share. Net sales increased 11 percent on constant exchange rates to 6.61 billion kronor and order bookings increased 13 percent on constant exchange rates.
The company noted that the North American market has lately been more cautious, mainly due to uncertainty about the budget agreement in the US.
The order trend in the Asia Pacific region was excellent, while orders in Europe were overall in line with expectations.
Looking ahead, Elekta anticipates to see strong growth in net sales in the fourth quarter.
The company has adjusted its fiscal year 2013 outlook, and now expects net sales to increase by approximately 15 percent in local currency. Operating profit is expected to increase by more than 15 percent excluding currency effects.
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