Eltek ASA: Report third quarter 2014
(Thomson Reuters ONE) -
(Drammen, 23 October 2014): Eltek reported revenue of NOK 951 million in the
third quarter 2014, compared to NOK 999 million in the third quarter last year,
which was unusually strong.
The gross margin was 28.2 percent, compared to 28.1 percent in 2013 and 29.4
percent in the third quarter last year.
Adjusted EBIT was NOK 80 million and adjusted EBITDA was NOK 104 million. There
were several one off items in the third quarter related to: (a) accounting
issues in Brazil, (b) ONE Eltek costs and (c) R&D impairment in the US. Reported
EBIT was NOK 56 million, compared to 93 million in the third quarter last year.
Reported profit before tax for the continuing operations was NOK 37 million,
compared to 72 million last year. Reported net profit was NOK 30 million,
compared to 53 million last year.
"We secured key strategic orders and frame agreements in this quarter, and this
will support our growth going forward after a quarter partly characterized by
one-off effects," said Eltek's CEO Colin Howe.
Order intake decreased 10 percent, but order backlog was stable. Short backlog
turnaround time combined with orders booked in the early part of the fourth
quarter provide good visibility for the current quarter.
Eltek's market focus is now on the business areas Telecom Power, Industrial
Applications and Data Center Power.
Revenue in Telecom Power, including Data Center Power, was NOK 849 million in
the third quarter, a decrease of 6 percent from the third quarter last year.
During the quarter Eltek signed a global purchasing agreement with Ericsson, a
key strategic customer. Recently, Eltek has also signed an important frame
agreement with a leading regional operator in the Middle East and Africa
covering supply of power systems to 19 subsidiaries. There were also important
contract wins in Thailand, Singapore, Australia and Vietnam.
Within data centers, Eltek has contributed to the successful implementation of a
mega data center in the Asia Pacific region. This project will be presented at
the Datacenter Dynamics conference in London in November.
Revenue in the Industrial Applications business area was NOK 102 million in the
third quarter, an increase of 23 percent, thus continuing the positive
development from previous quarters. In September Eltek signed a key global frame
contract with Siemens, following up on the strategy of pursuing agreements with
the leading infrastructure providers.
Also, Eltek today announced that it is acquiring Singapore-based EV Industrial
to form the base for further growth within the Industrial segment in Asia.
"We see strong growth in the Industrial segment, and the acquisition of EV
Industrial will help realize this potential in the important Asian markets,"
said Colin Howe.
Revenue and gross margin in the fourth quarter are expected to be at about the
same level as in the third quarter.
Please find enclosed the interim report for the third quarter 2014 on
http://www.newsweb.no
The company hosts a presentation and subsequent Q&A session on a combined
webcast and conference call at 8:30 CEST today.
Webcast: http://www.eltek.com/webcasts or follow the webcast link on the
investor relations section on the company web site.
Conference call: Please dial in 5 minutes prior to start time using the below
number and confirmation code.
Norway +47 2316 2771
International call +44(0)20 3140 8286
US +1212 444 0481
Participants will be asked for their name, company and conference ID. The Eltek
conference ID is: 1909972.
About Eltek:
Eltek is a strategic technology partner for power solutions. The company
reported revenue of NOK 3.7 billion in 2013, and has approximately 2,400
employees and operations in almost 40 countries. The company focuses on power
electronics markets, where it is one of the leaders in telecom power and a
growing force within industrial applications. Eltek is also pursuing growth
opportunities within the data center market. Eltek is listed on Oslo Stock
Exchange (ELT:Oslo) and headquartered in Drammen, Norway.
This information is subject of the disclosure requirements pursuant to Section
5-12 of the Norwegian Securities Trading Act.
3Q 2014 Financial Information Eltek:
http://hugin.info/86881/R/1865034/654741.pdf
3Q 2014 Report Eltek:
http://hugin.info/86881/R/1865034/654740.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Eltek ASA via GlobeNewswire
[HUG#1865034]
Unternehmensinformation / Kurzprofil:
Datum: 23.10.2014 - 07:04 Uhr
Sprache: Deutsch
News-ID 346311
Anzahl Zeichen: 5402
contact information:
Town:
Drammen
Kategorie:
Business News
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