Meyer Burger remains optimistic that customer capacity expansion plans will remain on track, despite the difficult market conditions to reach expected 2011 sales of CHF 1,200 million. Meyer Burger also raised its margin guidance for the year to between 23 to 25%, while noting its current order backlog stood at CHF 1,240.8 million with new order intake in the first half of 2011 up from CHF 590.1 million in the prior year period to CHF 787.6 million.
The company reported first half sales of CHF 575.0 million, up 61% compared with CHF 356.9 million in the same period last year.
On a regional basis, Asia continued to be its most important sales region. Sales to Asia accounted for 77% of net sales, while Europe accounted for 21% of net sales. The US accounted for only 2% of net sales in the first half of 2011.
Meyer Burger noted that the upward revision in expected margins were due to continued high production volumes at its manufacturing sites in Thun and Zülpich. Analysts had reported margins had been in the low-20% range before the upgrade.
EBITDA reached CHF 154.9 million in the first half of 2011, corresponding to a margin of 26.9% compared to CHF 64.6 million and a margin of 18.1% in the same period last year.
Meyer Burger generated a profit of CHF 125.1 million compared with CHF 34.4 million in the first half of 2010. The EBIT margin reached 21.8% compared with 9.6% in the corresponding period of last year.