Jenoptik Group Reports Jump in Q1 Profit

Optoelectronics group Jenoptik has reported pretax earnings of €11.8 million ($16.8 million) for the first quarter of 2011, up significantly from last quarter's €3.4 million ($4.8 million). Sales increased by 16.5 percent year over year, to €124.5 million ($177 million).

The growth in sales and the significantly stronger rise in earnings are attributable primarily to the high level of sales generated by the lasers and optical systems segment with the semiconductor industry as well as to the strong growth in sales by the metrology segment, thanks to the continuing high level of demand from the automotive industry, the company said.

"High order intakes and major individual orders, more efficient structures, improved production processes and a continuation of the positive development of the economy are all having a positive impact. In particular, our focus on Asian core regions, the expansion of the global distribution as well as the investments we made in the structure and expansion of the US business are supporting this," said Dr. Michael Mertin, Jenoptik chairman.

Order intake saw an increase of 36.4 percent over the previous year and is significantly higher than sales in the first quarter.

The order intake in the first quarter of 2011 was €172.6 million ($245 million), up 36.4 percent year over year. This led to a book-to-bill ratio of 1.39. The order backlog increased accordingly by 12 percent to €398.1 million ($565 million). The order intake includes the major partial order for the PUMA armored fighting vehicle, worth just under €40 million ($56.8 million) in the defense and civil systems segment. Another major partial order is expected in the next months. All figures are pretax and pre-interest.

The major order of the traffic solutions division of more than €20 million ($28.4 million) from Saudi Arabia also will affect the order intake in the current second quarter of 2011. Several hundred stationary systems for recording traffic light and speed violations will be delivered and installed through this year and the next. As a result, the order will in part contribute to sales and earnings already in 2011.

The profit reported in first-quarter 2011 increased the shareholders' equity to €290.1 million ($411.9 million). This led to a small rise in the shareholders' equity quota to 45.1 percent, despite the slight increase in the balance sheet total.

Net debt fell further in first-quarter 2011: Following the significant reduction in the fourth quarter of 2010 to €79.3 million ($112.6 million) at the end of 2010, it fell by a further 7.3 percent at the end of first-quarter 2011 to €73.5 million ($104.3 million).

The number of employees in the Jenoptik Group remained virtually constant at 2956, compared with 2951 employees at the end of 2010. The increase in sales was therefore achieved with the same head count; sales per employee rose significantly.

For more information, visit: www.jenoptik.com