Trading Update @BARCO 3Q18
Russ Curry, Ministry of New Media
Today Barco (Euronext: BAR; Reuters: BARBt.BR; Bloomberg: BAR BB) announced the results for the third quarter ended 30 September 2018.
Sales for the quarter were 248.7 million euro, an increase of 2.6% compared to 242.5 million euro for the third quarter of 2017.
Incoming orders booked during the third quarter of 2018 were 243.3 million euro, a decrease of 6.1% compared to the third quarter of 2017.
Order book as of 30 September 2018 stood at 319.5 million euro, a 0.8% decrease compared to the third quarter of last year and a 12% increase compared to year-end 2017.
CEO, Jan De Witte said “We delivered growth in cinema in orders and sales for both the American and European market, and are well positioned in this market with the official launch of Cinionic as of 1st of October 2018. I’m also pleased by the progress we’re making on the LCD-based videowall ‘Barco UniSee’ and the good uptake of projects in our surgical healthcare segment,”.
“In the third quarter we reversed the trend of the first half and produced sales growth for the group, driven by solid gains for both the Enterprise and the Healthcare division. As a result we are on track to bring the year sales to the level of last year. Furthermore we also continue to improve our EBITDA and EBITDA margin by executing our ‘focus to perform’ program and identifying further business- and cost efficiencies”.
Entertainment registered single digit declines in orders and sales mainly as a result of a softening demand for cinema in China, while growth picked up in cinema for both the American and European regions.
Orders and sales for the Enterprise division showed solid growth results year-over-year driven by continued momentum for ClickShare and ramping-up for the Barco UniSee control room product.
The Healthcare division produced high single digit growth in sales primarily driven by continued strong demand in its surgical segment, while order intakes were lower, as anticipated, following strong order intakes in 1H18 and bulk order bookings in 3Q17.
Based on a good order book, strong sales funnels and measurable progress in different domains, management expects 2018 sales to be comparable to 2017 on a pro forma base, with improved EBITDA.
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