INFICON Holding AG / Key word(s): Annual Results Corporate Contact 'Ad hoc announcement pursuant to Art. 53 LR' Announcement of INFICON Holding AG
INFICON (SIX Swiss Exchange: IFCN), a globally leading provider of vacuum technology and smart manufacturing sensors and software, repeated and even surpassed in some areas last year's strong results in an ongoing demanding business environment. INFICON achieved record high sales in its fourth quarter of 2024 and improved its margins for the full year at organically flat sales. Looking forward, INFICON expects its business to continue to grow, supported by its benchmark products and services. The strong technology pipeline and increasing momentum resulting from the combination of its leadership in vacuum technology with intelligent manufacturing expertise for a growing number of target industries, as well as the continuously increased customer proximity, support this. With a view to the current year, INFICON is ready to benefit from the next upswing in the semiconductor industry, expected most probably for the second half of 2025, and is well positioned to seize all opportunities in the other target markets. The Company expects to achieve sales of USD 660 to 710 million at a strong operating profit margin of around 20%. Record-high fourth quarter 2024 sales Sales reached a new high in the fourth quarter of 2024 with USD 177.5 million. This is an increase of 1.7% year-on-year. Excluding negative currency effects of 0.6 percentage points and a contribution from acquisitions of 0.3 percentage points, the organic plus was 2.0%. Compared with the preceding third quarter, sales grew 3.1%. Its largest target market, Semi & Vacuum Coating, accounted for 56.6% of Group sales with record-high sales of USD 100.5 million. This represents a plus of 22.4% over the same prior-year period or an 11.3% increase over the preceding third quarter. With 21.0% of Group sales and a sales volume of USD 37.3 million, the General Vacuum market performed solidly in a challenging global market, reports however a drop against the very strong respective prior-year quarter of 30.1% and a minute decline of 1.0% compared with the preceding third quarter of 2024. In the Refrigeration, Air Conditioning, and Automotive market, INFICON generated 18.0% of its sales. The fourth quarter sales of USD 32.0 million correspond to an increase of 4.6% year-on-year and a decline of 2.8% compared with the prior quarter. The smallest target market, Security & Energy, accounted for 4.4% of the overall quarterly sales. This market depends largely on the large public sector orders and their timing. The quarterly sales of USD 7.8 million represent a decline of 8.2% year-on-year or of 31.2% against the preceding quarter. Last year's record sales level reached again Looking at the full-year 2024 results, INFICON achieved sales of USD 671.0 million and thus practically equaled the record-high results of 2023 (673.7 million; minus 0.4%). Excluding negative currency effects of 0.6 percentage points and positive effects from acquisition of 0.3 percentage points, the organic sales were flat. Year-on-year, INFICON grew in 2024 in all target markets, except General Vacuum. Reflecting the current global macro-economic condition and compared with an extraordinarily strong prior year that had benefitted from the overall recovery from COVID-19 related issues, sales to General Vacuum customers fell by 20.4% to USD 156.3 million or 23.3% of Group sales. In the Semi and Vacuum Coating market, INFICON generated sales of USD 339.9 million, a plus of 9.0% and 50.7% of Group sales. This strong result reflects INFICON's excellent position in the various semiconductor sub-markets. Refrigeration, Air Conditioning, and Automotive reports 1.7% higher sales of USD 133.8 million. This corresponds to 19.9% of overall sales. While the transition to E-mobility witnessed some headwind, the traditional air conditioning business developed steadily. For its Security & Energy market, INFICON reports year-on-year an increase of 20.5% to USD 40.9 million, equaling 6.1% of Group sales. The regional sales development mostly mirrors the strength of the semiconductor industry in Asia, and China in particular. Sales to this region increased year-on-year by 3.5% in the fourth quarter and by 5.3% compared with the preceding third quarter of 2024. For the full year, the sales volume generated in Asia grew by 1.2% to USD 329 million or 49.2% of Group sales. Europe accounted for 23.5% of Group sales with USD 158 million, a drop of 5.3%. Sales to North American customers totaled USD 178.5 million, up 1%, and representing 26.6% of total sales. Improved margins, strong cash flow, positive net cash development The fourth quarter 2024 was the strongest quarter of the reporting year. INFICON achieved a quarterly gross profit of USD 82.3 million, yielding a margin of 46.4%, after 46.7% a year ago. After investments of USD 12.4 million into R&D and selling, general, and administrative costs of USD 33.8 million, INFICON achieved an operating income of USD 36.1 million. This represents a margin of 20.3%. The margin was thus sustainably held over 20% during all quarters, continuously increasing in absolute gross profit value in every quarter of the reporting year. With USD 34.3 million net result, earnings per share rose from USD 13.29 last year to USD 14.03 for the reporting quarter. Looking at the full fiscal year 2024, the gross profit amounted to USD 316.3 million, yielding an improved margin of 47.1% after 46.0% a year ago. After R&D and tightly managed expenses, the operating profit for the full year increased by 0.6% USD 136.0 million, or 20.3% of sales. The net result for 2024 increased by 6.7% to USD 112.8 million or 16.8% of sales. Earnings per share rose to USD 46.13 after USD 43.24 a year ago. INFICON achieved a strong operating cash flow of USD 29.1 million in the fourth quarter and of USD116.5 million for the full year. Inventories were reduced by 6% to USD143.9 million, the lowest level in two years. In addition, days sales outstanding were considerably shortened during the course of the year to 47.2 days. These effects resulted in a lower working capital of USD 214.8 million. INFICON's balance sheet shows a record-high net cash position of USD 74.9 million after USD 44.4 million a year ago and a solid equity ratio of 72.4% after 65.4% a year ago. Outlook 2025 INFICON assesses the outlook for the upcoming year moderately optimistic. While the order backlog has reached a normal level and the current order intake is somewhat hesitant, INFICON is confident to benefit especially from the upswing in the Semiconductor market expected for the second half of the year. In addition, with further facilities opened in Asia, the Company has again invested in its customer proximity and is well positioned to capitalize on opportunities across all its target markets. INFICON expect sales in the range of USD 660 million to USD 710 million and an operating profit margin of around 20%. Important items at the AGM: Dividend proposal and intended share split 1:10 Following INFICON's strong performance in the 2024 reporting year, the Board of Directors proposes to the Annual General Meeting of Shareholders scheduled for April 8, 2025, the distribution of an increased ordinary dividend of CHF 21.00. To align the INFICON stock price better with the price levels of other companies listed on SIX Swiss Exchange, as well as to enhance its liquidity and tradability, the Board of Directors proposes to split one current INFICON share with a nominal value of CHF 5.00 into ten new INFICON shares with a face value of CHF 0.50. The Annual General Meeting will take place at the University of Applied Sciences OST in Buchs/SG. The invitation including the items on the agenda and all the Board of Directors' proposals is available online at https://ir.inficon.com/annual-general-meetings/ The invitation is published today in the Swiss Gazette of Commerce and will be sent to all registered shareholders. Media and Analyst conference INFICON discusses today, March 13, 2025, its fourth quarter and full-year 2024 results in more detail at an English-language online media and analyst conference scheduled for 09:30 a.m. CET. Participants are requested to log in via https://ir.inficon.com/conference-calls-or-webcasts/. The presentation visuals are available for download in the investor relations section of the INFICON website www.inficon.com. Annual Report and Sustainability Report 2024 INFICON's Annual Report 2024 and its enhanced Sustainability Report are available for download at www.inficon.com in the investors' section or directly following this link https://ir.inficon.com/financial-results-and-presentations/ . Communication calendar 2025 The results for the first quarter 2025 will be published on April 24, 2025, at 07:00 a.m. CEST in a press release and at 09:30 a.m. at an English-language online conference which will be recorded and archived. The communication calendar of INFICON is continuously updated and available at https://ir.inficon.com/financial-calendar E-Mail Alerts
INFICON is a leading provider of innovative instrumentation, critical sensor technologies, and Smart Manufacturing /Industry 4.0 software solutions that enhance productivity and quality of tools, processes and complete factories. These analysis, measurement, and control products are essential for gas leak detection in air conditioning/refrigeration, and automotive manufacturing. They are vital to equipment manufacturers and end-users in the complex fabrication of semiconductors and thin film coatings for optics, flat panel displays, solar cells and industrial vacuum coating applications. Other users of vacuum-based processes include the life sciences, research, aerospace, packaging, heat treatment, laser cutting and many other industrial processes. We also leverage our expertise in vacuum technology to provide unique, toxic chemical analysis products for emergency response, security, and environmental monitoring. INFICON is headquartered in Switzerland and has world-class manufacturing facilities in Europe, the United States and China, as well as subsidiaries in China, Denmark, Finland, France, Germany, Italy, Japan, Korea, Liechtenstein, Malaysia, Mexico, Singapore, Sweden, Switzerland, Taiwan, the United Kingdom and the United States. INFICON registered shares (IFCN) are listed on SIX Swiss Exchange. For more information about INFICON and its products, please visit www.inficon.com. This press release and oral statements or other written statements made, or to be made by us contain forward-looking statements that do not relate solely to historical or current facts. These forward-looking statements are based on the current plans and expectations of our management and are subject to a number of uncertainties and risks that could significantly affect our current plans and expectations, as well as future results of operations and financial condition. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. End of Inside Information |
| Language: | English |
| Company: | INFICON Holding AG |
| Hintergasse 15 B | |
| 7310 Bad Ragaz | |
| Switzerland | |
| Phone: | +41 81 300 49 80 |
| Fax: | +41 81 300 49 88 |
| E-mail: | matthias.troendle@inficon.com |
| Internet: | www.inficon.com |
| ISIN: | CH0011029946 |
| Valor: | 1102994 |
| Listed: | SIX Swiss Exchange |
| EQS News ID: | 2099802 |
| End of Announcement | EQS News Service |
2099802 13-March-2025 CET/CEST
