LEOBEN, AUSTRIA – AT&S reported consolidated revenue for its fiscal first quarter of €247.9 million ($285 million), up 9.1% over last year on customer mix and higher volume of IC substrates, mobile devices and industrial electronics. Automotive revenue declined due to difficult market conditions.

The net loss for the period ended Jun. 30 was €7.5 million, versus a loss of €6.2 million last year.

EBITDA rose 13.2% year-over-year to €39.5 million, primarily due to higher consolidated revenue. EBITDA margin rose 20 basis points to 15.9%.

EBIT swung to €200,000, up from a loss of €600,000 last year. EBIT margin rose to 0.1% from -0.3% a year ago.

Net debt rose 20.9% to €298.3 million.

In a statement, the printed circuit baord fabricator said global megatrends in the electronics industry remain intact overall, especially due to progressing digitalization, the new 5G mobile communication standard and massive data volume growth.

AT&S said product launches may be delayed in the Mobile Devices segment due to uncertain consumer behavior and as a result of low visibility. No quick recovery to pre-crisis levels is expected for the automotive market.

Industrial demand will be comparable to a year ago, and slight growth is expected for medical applications for the full year. Demand for IC substrates will remain strong according to current forecasts.

"AT&S will therefore report on recent events in the markets and in the company on an ongoing basis throughout the financial year and update the outlook as soon as the economic framework conditions can be better quantified. Based on the current information, AT&S expects a continued solid performance in the second quarter with revenue at the level of the previous year and an EBITDA margin in the target range of 20% to 25%.

AT&S cut its budget for basic investments such as maintenance and technology upgrades to €80 million, depending on market developments, and plans investments of up to €410 million for the fiscal year, depending on the progress of projects, plus €30 million due to period shifts between the fiscal years.

1 EUR = $1.17317

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