Pfeiffer Vacuum (PFV) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 declined by 9.1% to €451.7 million compared to H1 2023, mainly due to weaker demand in the semiconductor and future technologies segment.

• Operating income dropped 33.1% to €37.7 million, with the margin falling to 8.4% from 11.3% year-over-year.

• Net income decreased 36.9% to €24.7 million, and EPS fell to €2.50 from €4.04.

• Order intake was €400.0 million, down 11.6% year-over-year, with a book-to-bill ratio of 0.89.

• Management now expects a delayed recovery in the semiconductor market, shifting the outlook for improvement to H1 2025.

Financial highlights

• Gross profit fell to €167.9 million (H1 2023: €184.7 million), with the gross margin stable at 37.2%.

• Operating cash flow was €20.0 million, slightly below the prior year.

• Investments totaled €28.8 million, down from €42.0 million in H1 2023.

• Equity increased to €592.6 million, with an equity ratio of 60.2%.

• Cash and equivalents rose to €117.3 million as of June 30, 2024.

Outlook and guidance

• Full-year 2024 revenue is now expected at around €900 million, below the previous guidance of stable sales near €956 million.

• EBIT margin guidance for 2024 is revised to about 9%, down from the prior expectation of slightly below 11.4%.

• Planned investments for 2024 are reduced to €70 million from €80 million.