Viasystems' EMS Sales Down in Q3
ST. LOUIS -- Viasystems announced third-quarter net sales of $121.1 million, up marginally sequentially but down 38% from 2008.
The sequential increase was broad-based, with strong demand in all end-markets except telecommunications.
The company's Assembly segment had net sales of $35.9 million, down $3.4 million (9%) from the second quarter. The Printed Circuit Boards segment had net sales of $85.2 million, up 10% over the second quarter on better demand from automotive (up 19%) customers.
For the period ended Sept. 30, operating income exceeded $1 million, versus losses in all three preceding quarters. Adjusted EBITDA was $15.5 million
or 13% of net sales, up 17% over the second quarter. At quarter's end, the company had cash on hand of $110 million.
"We believe the increase we experienced in third quarter bookings might be the beginning of a recovery for most of the markets Viasystems serves," said CEO David Sindelar, in a press release. "With our cost rationalization activities completed, we believe we are well positioned to take advantage of
improvement in orders and shipments in most of our end markets. Our focus during the next few months will be on achieving solid fourth quarter results and working toward the completion of the recently announced merger with Merix."
