German press maker Koenig & Bauer Group (KBA) announced its Q1 financial results ended with 46% more revenue and EBT was up €18 million, reaching €0.6 million, relative to the same quarter last year.
The company also explains its order intake of €266.3 million was higher than its quarterly revenue of €258.8 million, while “an order backlog of €582.4 million secures utilization well into autumn.”
At €258.8 million, group revenue in the first quarter was up 46% on the prior-year figure of €177.3 million. All three KBA segments posted gains in sales, with new presses for packaging printing climbing to over 70% of the total. The press maker's order backlog at the end of March stood at €582.4 million, an increase on the figure from the start of the year of €574.9 million.
“Numerous optimisation measures are taking effect as planned. This quarter we thus improved earnings by over €18 million to +€2.1 million EBIT or +€0.6 million EBT year-on-year,” said KBA President and CEO Claus Bolza-Schünemann.
The group’s gross profit margin rose from 20.6% to 29.8%. EBIT this quarter came to +€2.1 million. In the first quarter of 2015, there was still a loss of €16.2 million. A slightly negative interest result of –€1.5 million led to a group pre-tax profit this quarter of €0.6 million compared to –€17.7 million the previous year. After deducting income tax expenses, group net profit at March 31 was €1.6 million (2015: –€16.9 million). This corresponds to earnings per share of €0.11 (2015: –€1.01).
KBA states its largest segment, Sheetfed, is still on the right track with a 41% rise in revenue, a quarterly profit of €5.7 million (2015: –€2.7 million) and a high order backlog of €264 million. In the run-up to the industry’s leading trade show, drupa, beginning at the end of May and given longer lead times, KBA explains incoming orders of €135.7 million in this segment were below the unusually high order intake of €174.7 million in the first quarter of 2015 as expected.
The volume of new orders in KBA's Digital & Web segment rose by 23% year-on-year and revenue more than doubled to €27.9 million. KBA explains the segment loss of –€1.8 million improved compared to 12 months ago (2015: –€8.7 million). The KBA management board expects positive earnings for the entire year given the growth in order backlog to €77 million.
At €115.1 million (2015: €117.4 million) the volume of incoming orders in KBA's Special segment was roughly the same as the previous year’s figure (2015: €117.4 million). Revenue grew by some 40% to €88.6 million. At €0.2 million, the quarterly profit was below the prior year (€1.2 million), whereby KBA explains the project execution of a security press order led to delays impacting on profit. KBA states earnings are expected to improve further over the coming quarters as planned given the strong order backlog.
KBA Reports Q1 Revenue up 46%
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