Q2 2024 Aixtron SE Earnings Call Transcript
Key Points
- Aixtron SE (AIXXF) maintained a strong competitive position despite a softer market environment, with significant orders in Q2 2024 totaling EUR176 million, primarily driven by power electronics.
- The company expanded its market position in silicon carbide, with SiC-based systems accounting for 57% of incoming equipment orders.
- Aixtron SE (AIXXF) secured substantial volume orders from China and new customers for its G10-SiC tool, including several from Japan.
- The company's equipment order backlog increased to EUR401 million, up almost EUR50 million from the end of fiscal 2023.
- Aixtron SE (AIXXF) announced the acquisition of a production site in Turin, Italy, to address expected demand increases and enhance manufacturing capabilities.
- The gross margin decreased to 37% from 42% the previous year, primarily due to a product mix with a larger share of lower-margin LED tools.
- Revenues in Q2 2024 were EUR132 million, down from EUR174 million the previous year, due to shipment and revenue timing differences.
- The softer end market for power devices impacted delivery schedules, leading to an adjusted fiscal year 2024 revenue guidance of EUR620 million to EUR660 million.
- High inventory levels persisted, with inventories slightly increasing to EUR448 million, reflecting a strategy to secure on-time delivery despite supply chain challenges.
- The cash balance decreased to EUR79 million from EUR182 million at the end of 2023, primarily due to CapEx projects and a EUR45 million dividend payment.
Good afternoon, ladies and gentlemen, and a warm welcome to the H1 2024 results call of AIXTRON SE. (Operator Instructions) Let me now turn the floor over to your host, Christian Ludwig.
Thank you, Anna. Welcome to AIXTRON's H1 2024 results call. Let me quickly introduce myself. My name is Christian Ludwig, Iâm new Head of IR at AIXTRON since May 1. So this is my first earnings call for AIXTRON. I have met or at least talked to many of you already in my first month and looking forward to meet the rest of you as well soon.
Now, I'd like to welcome our CEO, Dr. Felix Grawert; and our CFO, Christian Danninger, who will guide you through today's presentation and then take your questions. This call is being recorded by AIXTRON and is considered copyright material. As such, it cannot be recorded or rebroadcast without permission. Your participation in this call implies your consent to this recording.
Please take note of the disclaimer that you find on page 2 of the presentation document as it applies throughout
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