WASHINGTON (dpa-AFX) - Singapore-headquartered XP Power Limited (XPP.L) reported that its revenue for the third quarter ended 30 September 2024 declined about 20% to 60.2 million pounds from the prior year. Quarterly revenues decreased by 19% in constant currency. Foreign exchange movements in the quarter lowered the sterling value of its predominantly US dollar-denominated sales and profits, reducing third-quarter profit by about 0.7 million pounds.
Order intake for the third quarter rose 9% year-over-year to 48.8 million pounds. Quarterly order intake increased by 11% in constant currency. The improvement was driven by the Semiconductor Manufacturing Equipment sector, orders from which were more than double the comparative period and 40% higher sequentially in constant currency.
Third quarter order intake within the Healthcare and Industrial Technology sectors was similar to the second quarter in constant currency, and reflects ongoing customer destocking which is lasting longer than previously expected.
On a constant currency basis, the Group's full year expectations remain within the range of current analyst expectations. Analyst expectations for adjusted operating profit for the year ending 31 December 2024 are in the range of 27.4 million pounds to 30.1 million pounds.
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