Sales of 192.2 million euro were up 16.7% from 164.7 million euro in 2Q09 and
Gross profits grew 37.4% to 63.7 million euro up from 46.3 million euro the previous year. Gross profit margin was 33.1%. In 2Q09 it was 28.1%. In 1Q10 it was 33.7%.
Barco's second quarter was marked by truly unprecedented growth in order intake across all businesses except for digital signage. "This must have been our best quarter ever", Mr Van Zele, President and CEO, said, "with orders coming in just shy of 300 million euro. This bodes well for Barco's performance in the quarters ahead. We are experiencing explosive growth in demand for our digital cinema projectors and are working very hard to deal with the supply chain issues this creates." Mr van Zele also added that shipments for the quarter materialized slightly better than plan despite the ongoing global shortages in supplies of electronic components and subsystems. He said that margins continued to improve and that costs remained well under control.
Mr Van Zele stated that the success of the company is no longer just supported by two star performers, digital cinema and medical, as all the other divisions, with the exception of VLS/DS, experienced strong growth in incoming orders. "We were very pleased to see our control rooms and the defense/avionics divisions return to acceptable levels of profitability, while our VLS/DS business was still struggling to catch up. We are confident that the strategic acquisition of dZine will broaden Barco's capabilities with software enabled content solutions in order to increase the value proposition of what is currently a 'display centric' business model."
He concluded: "In the final analysis we remain confident that all of our divisions can deliver on their corporate 10/10/20 targets. It is just a matter of time. We will do whatever it takes to get there."
Order intake in the Media & Entertainment and Simulation business group (MES) increased by 173.6% from 68.8 million euro in 2Q09 to 188.1 million euro in 2Q10. The digital cinema and simulation divisions were the main contributors to this growth. Order intake for MES increased strongly in all three regions. In digital cinema the order intake of 113.7 million euro was almost 8 times that of the same period of the previous year, with strong demand from all three regions. Frame agreements are not included in the order intake. Order intake in VLS/DS declined slightly compared to 2Q09, the EMEALA region performing the stMedia & Entertainment and Simulation business group (MES) rongest of the three regions in that division. The decline in global order intake for this division is due to the digital signage business. Turnaround is expected in 2H10 as the acquisition of dZine will broaden Barco's digital signage offering with the addition of advanced software tools for content creation and management. The simulation business tripled the order intake of 2Q09 thanks to the success of its new full mission simulator technology.
The order book at the end of June 2010 was 252.6 million euro, compared to 108.2 million euro the year before.
Sales in MES increased by 10.7% to 91.3 million euro in 2Q10 from 82.5 million euro in 2Q09. Growth came from North America and the APAC region. The EMEALA region showed a slight decline in sales. In the digital cinema market sales more than doubled to 46.5 million versus 2Q09. In 1Q10 sales in digital cinema were 30.5 million euro. The growth in shipments was realized despite the ongoing global shortages in supplies of electronic components and subsystems. These shortages are also the cause of lagging shipments in the VLS business, but they are expected to become less of an issue in 2H10. In 2Q10 sales were lower in simulation than the year before. Turnaround for this business is expected in 2H10.
At 24.9 million euro gross profit for the MES business group was up 46.5% compared to the same period the year before. Gross profit margin was 27.3% compared to 20.6% in 2Q09.
Web Link: www.barco.com |
