May 09, 2012

Viasystems' sales grow in Q1

Viasystems Group today announced results for the first quarter ended March 31, 2012.

Net sales were 262.1 million USD in the quarter ended March 31, 2012, a year-over-year increase of 9.8%, and a seasonal sequential decrease from the immediately preceding quarter of 2.6%.

Operating income in the quarter was 5.2 million USD, which is net of special adjustments of i) 7.0 million USD restructuring costs in connection with the previously announced closures of two factories in China, and ii) 1.0 million USD costs incurred in connection with the previously announced acquisition of DDi Corp.

Adjusted EBITDA in the quarter ended March 31, 2012 was 33.1 million USD or 12.6% of net sales, compared with 29.3 million USD or 12.3% of net sales in the quarter ended March 31, 2011, and compared with 44.1 million USD or 16.4% of net sales in the immediately preceding quarter ended December 31, 2011.

"As I noted in my preliminary comments last month, I am encouraged by our solid start to the new year," stated David M. Sindelar, Chief Executive Officer. "Excluding the first-quarter expense effects of special items including acquisitions and factory consolidations, we generated year-over-year growth both in net sales and in earnings. Strong overall bookings in our first quarter have us positioned for sequential and year-over-year net sales growth in the coming quarter as well."
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