Comet confirms guidance despite the expected slow start to the financial year
Comet Holding AG / Key word(s): Quarterly / Interim Statement
Comet confirms guidance despite the expected slow start to the financial year
19.04.2024 / 06:30 CET/CEST*Trading update first quarter 2024*
· *Net sales of CHF 80.9 million in Q1/24 (Q1/23: CHF 107.5 million)*
· *Book-to-bill of 1.09 at the end of Q1/24*
· *Guidance for full-year 2024 confirmed*
In Q1/24, Comet Group's net sales amounted to CHF 80.9 million, marking a decline of 24.8% compared to the same period last year (Q1/23: CHF 107.5 million) and 28.2% compared to the previous quarter (Q4/23: CHF 112.7 million). This drop in sales can be attributed to the still weak demand for wafer fabrication equipment, although there are signs of improvement. A book-to-bill ratio of 1.09 for the first three months (Q4/23: 0.84), better utilization of existing production capacity, declining inventories, and rising average selling prices for microchips are all positive indicators that the semiconductor equipment industry has embarked on a recovery path. As demand for semiconductor components continues to recover, the demand for wafer fabrication equipment is expected to increase in the coming quarters, which bodes well for Comet.
The two X-ray divisions X-Ray Systems (IXS) and X-Ray Modules (IXM) also experienced a decline in sales compared to the same quarter of the previous year due to restrained investment in systems and components for non-destructive testing. Both divisions felt the effects of the continued slowdown in economic momentum, which began in the final quarter of last year.
*Outlook*
Comet expects the recovery in the semiconductor industry to boost incoming orders for manufacturers of semiconductor production equipment in 2024. While the company expects to see a significant acceleration of demand in the second half-year, the timing and extent of the recovery remain difficult to predict. Comet also expects traditional sectors such as the automotive, aerospace and security industries to remain generally stable after a subdued start to the year. In this overall favorable market environment, the major challenges facing the global economy remain a source of uncertainty.
Comet is emerging stronger from the correction in the semiconductor cycle and is prepared for the upcoming upturn. The company continues to expect a significantly better result for the 2024 financial year than for the previous year, with net sales in the range of CHF 440 million to CHF 480 million and an EBITDA margin in the range of 15.0% to 17.0%.
-end-
*Contact*
Dr Ulrich Steiner
VP Investor Relations & Sustainability
T +41 31 744 99 95
ulrich.steiner@comet.ch
*Key dates*
July 31, 2024 Half-year results 2024
October 19, 2024 Trading Update Q3/24
March 6, 2025 Full-year results 2024
April 10, 2025 76th Annual Shareholder Meeting
*Comet Group*
The Comet Group is a globally leading, innovative technology company based in Switzerland with a focus on plasma control and x-ray technology. With premium high-tech components and systems, we enable our customers to both enhance the quality of their products and make their manufacturing more efficient, and eco-friendly. Our innovative solutions are in demand in the semiconductor and electronics market, the aerospace and automobile industry and in security inspection. Headquartered in Flamatt, Switzerland, the Comet Group has a presence in all world markets. We employ more than 1,500 people worldwide, including about 600 in Switzerland. Besides production facilities in China, Denmark, Germany, Malaysia, Switzerland and the USA, we maintain various other subsidiaries in Canada, China, Japan, Korea, Taiwan and the USA. Comet (COTN) is listed on the SIX Swiss Exchange.News Source: Comet Holding AG
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End of Media Release --------------------
Language: English
Company: Comet Holding AG
Herrengasse 10
3175 Flamatt
Switzerland
Phone: +41 31 744 90 00
E-mail: info@comet.tech
Internet: www.comet.tech
ISIN: CH0360826991
Valor: 36082699
Listed: SIX Swiss Exchange
EQS News ID: 1884283
End of News EQS News Service