Ehner's 2023 Q1 revenue grew 12.2%, with strong performance in the advanced photonics segment

On May 11, German photonics giant Jenoptik reported earnings for the first quarter of 2023.

Jenoptik reported a 12.2% increase in revenue to EUR234.1 million (year-ago: EUR208.5 million) in the first quarter of fiscal 2023, driven by continued strong demand in the Advanced Photonics Solutions segment, and a significant improvement in profitability.

EBITDA reached EUR 36.6 million, up 74.2% from EUR 21 million in the previous year, thanks to a strong performance in the advanced Photonics Solutions division and improved earnings from non-photonics portfolio companies, and growth again outpaced revenue. EBITDA margin was 15.6% (last year: 10.1%). Its capital expenditure for the quarter was €22.5 million, up from €20.5 million in the same period last year.

High-level evaluation

Commenting on the results of the latest quarter, Stefan Traeger, President and CEO of Jenoptik, said, "Jenoptik made a good start to fiscal 2023 with double-digit revenue and earnings growth. In particular, our Advanced Photonics Solutions segment continued to show strong momentum as expected."

He added: "The company's order backlog is in good shape and we are therefore optimistic about our performance for the rest of the financial year. We will continue to expand our capacity targets while pursuing optimal utilization of existing capacity."

Order volume remains at a high level and capacity needs to be improved

As expected, the group's order book came in at €283m in the last quarter, well below the €310.3m recorded in the same period last year.

The order-to-shipment ratio stood at a high of 1.21, and backlog increased further to €776.1 million (previous quarter ended 31 December 2022: €733.7 million).

During the quarter, Jenoptik continued to expand its production capacity in response to strong demand, primarily through the construction of a new plant for the semiconductor equipment industry in Dresden, Germany, a new plant for its medical technology business in Berlin, Germany, and a new plant for mechanical equipment.

Business unit analysis

Currently, Jenoptik is reorganized and divided into three business units, namely "Advanced Photonics Solutions" (made up of the former "Light and Optics" and "Light and Production" divisions), "Intelligent Mobility Solutions" (" Light and Security "division), and" Non-Photonics Portfolio Company."

The results showed that its "Advanced Photonics Solutions" division maintained strong growth in the first quarter of FY2023, with revenue up 15.1% to EUR181.8 million (year-ago quarter: EUR158 million). It reported revenue growth in its semiconductor equipment industry business, as well as in industrial solutions and bio-photonics. The division's EBITDA margin improved to 20.0 per cent from 17.2 per cent last year. Orders were 212.1 million euros, down from 238.1 million euros the year before.

Revenue in the Smart Mobility Solutions segment increased 8.4% to EUR22.9 million in the first quarter of 2023 (year-ago: EUR21.2 million). The division's order book was flat at €38.9m.

Revenue from non-photonic portfolio companies was €28.3 million, close to the previous year's €28.8 million.

About Jenoptik

Headquartered in Jena, Germany, the Jenoptik Group is a globally renowned company with optics as its core business, active in three optoelectronics-based divisions: Light and Optics, Light and Production, and Light and Safety. Under the TRIOPTICS brand, Jenoptik also provides optical testing and manufacturing systems for quality control of lenses, objectives and camera modules. Its key target markets include the semiconductor industry, medical technology, automotive and mechanical engineering, and transportation. Currently, Jenoptik employs approximately 4,900 people worldwide.

Note: The charts in this article are from Jenoptik Financial

Source: OFweek