Company News • 15.11.2011
Interim report January - September 2011
The third quarter
- Net sales increased during the third quarter by 32 percent to SEK 971 M (737).
- Net sales increased by 45 percent in local currencies.
- Operating profit increased to SEK 225 M (121), which corresponds to an operating margin of 23.2 percent (16.4).
- Profit after tax amounted to SEK 164 M (88).
- Earnings per share amounted to SEK 2.37 (1.27).
- Net sales during the period amounted to SEK 2,527 M (2,058), corresponding to growth of 23 percent.
- Net sales increased by 37 percent in local currencies.
- Operating profit increased to SEK 441 M (290), which corresponds to an operating margin of 17.5 percent (14.1).
- Profit after tax amounted to SEK 322 M (210).
- Earnings per share amounted to SEK 4.63 (3.03).
- Strong development during the quarter
Sales growth during the third quarter was above the long-term expectations in the market and the irregularity between individual quarters continued. Apart from an increased proportion of larger projects, the different inventory strategies of the distributors were contributory factors to this trend. During the third quarter, sales growth in the Americas region was affected to some extent by stock building among our US distributors. Meanwhile, demand from public buyers was high as the budgetary year ended.
It is difficult to judge how the present economic uncertainty will impact the demand for Axis’ products. At present, we do not see any negative signals as regards to the number of project requests. In the longer term, we foresee a continued positive development within network video with an expected annual growth potential of 25–30 percent. Our expansion plans to promote growth are thus unchanged.
Ray Mauritsson, President
The report and slide presentation is available on: http://www.axis.com/corporate/investor/interim_report.htm