Sony Pixel Power calrec Sony

Interim report 2024, January - March

16/04/2024

First quarter

Net sales for the first quarter reached SEK 616 m (773), corresponding to a decrease of 20%. Currency translations had a negative effect of SEK 3 m on net sales

Order intake was SEK 473 m (682), corresponding to a decrease of 31%

Operating profit reached SEK 130 m (211), equal to a 21.1% (27.4) operating margin. Adjusted operating profit reached SEK 133 m, equal to a 21.6 % adjusted operating margin

Profit after tax totaled SEK 107 m (172) and basic earnings per share was SEK 2.28 (3.70). Adjusted profit after tax totaled SEK 110 m and adjusted basic earnings per share was SEK 2.35

Cash flow from operating activities amounted to SEK 58 m (155)

Last twelve months

Net sales for the last twelve months reached SEK 2,868 m (2,762), corresponding to a 4% increase. Currency translations had a positive effect of SEK 91 m on net sales

Order intake was SEK 2,094 m (2,889), corresponding to a decrease of 28%

Operating profit reached SEK 672 m (725), equal to a 23.4% (26.2) operating margin. Adjusted operating profit reached SEK 698 m, equal to a 24.3% adjusted operating margin

Profit after tax totaled SEK 505 m (568) and basic earnings per share was SEK 10.82 (12.17). Adjusted profit after tax totaled SEK 531 m and adjusted basic earnings per share was SEK 11.38

Cash flow from operating activities amounted to SEK 422 m (506)

Subsequent events

Completed acquisition of 100% of the shares in Red Lion Controls Inc. and Red Lion Europe GmbH as well as certain assets in other jurisdictions ( Red Lion Controls )

Launch of cost saving program to reduce cost and streamline organization

CEO commentsA CHALLENGING QUARTER BRIGHTER FUTURE AHEAD

As expected, the first quarter of the year was weak for HMS. With an order book now back to normal levels, the low order intake also affects invoicing. As we have reported in recent quarters, our customers continue to adjust inventories to normal levels and shorter lead times, which means that our reported order intake does not reflect the underlying demand. We can see some improvements in order intake during the start of April, which is also in line with our expectations.

The quarter's order intake amounts to SEK 473 million (682), corresponding to an organic decrease of 36%. We can see that the quarter's order intake was negatively affected by our customers' inventory adjustments by approximately SEK 180 million. The underlying order intake is estimated at SEK 635 million, which indicates a continued wait-and-see market.

The quarter's net sales amounted to SEK 616 million (773), which corresponds to an organic decrease of 20% compared to the corresponding period last year.

The order book decreased by SEK 137 million and amounts to SEK 641 million at the end of the quarter, which we consider to be a normal level going forward.

Although we see a slight improvement in demand, we are now taking measures to be able to handle a short-term decline in turnover, to protect our operating profit and enable growth investments going forward. We also take advantage of early cost synergies from the acquisition of Red Lion Controls. We are therefore now starting a restructuring program that aims to lower our cost level by SEK 30 million in 2024, with an expected full-year effect of SEK 55 million. The program is expected to affect 45 positions in total, of which 25 are in Sweden. The second quarter is expected to be burdened by restructuring costs of SEK 35 million related to the program.

Our gross margin, burdened mainly by lower volumes and product mix, lands at 62.6% (64.8). During the quarter, we have also cut back on staff in our production to handle the lower demand.

We have already taken certain measures during the quarter to keep our operating costs down primarily by postponing a number of activities. Operating costs amount to SEK 256 million (290) and includes integration and transaction costs of SEK 3 million, related to the acquisition of Red Lion Controls. Organically, operating costs excluding integration and transaction costs decreased by 13%. During the latter part of the year, we will carry out previously postponed activities and will therefore see a slightly higher cost level, despite the above-mentioned cost savings.

The adjusted operating profit in the quarter amounted to SEK 133 million (211), which corresponds to an operating margin of 21.6% (27.4). The quarter's cash flow from current operations amounts to SEK 58 million (155), which is affected by continued increased working capital, mainly related to our relatively large inventory.

STILL WEAK DEVELOPMENT IN EUROPE, BUT TENDENCIES FOR IMPROVEMENT

Although still week, In Europe we see some improvement in order intake compared to the second half of 2024 and we have indications from our customers that the trend should continue in the right direction in the second quarter, and that during the second half of the year expect to see a more clear improvement.

In Asia, primarily driven by Japan, where we have had the biggest impact from pre-purchase orders, we still see weak demand and continued high inventory levels at our largest customers. Here, we expect to receive new order only towards the end of the year.

What is somewhat surprising is the development in North America, which is taking a small step back after a good development at the end of 2023. The slightly weaker order intake in the US is related to the Anybus embedded products, where we still have a couple of our biggest customers holding inventory. Overall, we still see that North America has the prerequisites for a good development over the year.

THE ACQUISITION OF RED LION CONTROLS HAS BEEN COMPLETED

On April 2nd, we gained access to our largest acquisition to date, Red Lion Controls. The acquisition is consolidated from the first of April. Several activities are now underway to realize the sa
LINK: http://www.hms-networks.com/news-and-insights/news-from-hms/2024/04/16...
See more stories from hms

Most recent headlines

05/01/2027

Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be demoed at CES 2026

Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...

04/08/2026

Dalet Announces Commercial Availability of Dalia, Bringing Media-Aware Agentic AI to Enterprise Productions

Dalet, a leading technology and service provider for media-rich organizations, t...

04/07/2026

Detective Conan: Fallen Angel of the Highway Opens in Dolby Cinemas Across Japan, Presented in Dolby Atmos and Dolby ...

April 7 2026, 19:00 (PDT) Detective Conan: Fallen Angel of the Highway Opens in...

01/06/2026

Dolby Sets the New Standard for Premium Entertainment at CES 2026

January 6 2026, 05:30 (PST) Dolby Sets the New Standard for Premium Entertainment at CES 2026 Throughout the week, Dolby brings to life the latest innovatio...

02/05/2026

Dalet Flex LTS Delivers Smarter Search, Faster Editing, and an AI-Ready Foundation for Modern Media

Dalet, a leading technology and service provider for media-rich organizations, t...

01/05/2026

NBCUniversal's Peacock to Be First Streamer to Integrate Dolby's Full Suite of Premium Picture and Sound Innovations

January 5 2026, 18:30 (PST) NBCUniversal's Peacock to Be First Streamer to ...

30/04/2026

PWHL Reports Record Growth in Third Regular Season as Playoffs Begin April 30

The Professional Women's Hockey League (PWHL) concluded its third regular season on Saturday, reporting growth across attendance, viewership, digital engage...

30/04/2026

NBC Sports Launches National Sunday MLB Coverage Beginning May 3

NBC Sports will air national MLB coverage on Sundays beginning May 3, with MLB Sunday Leadoff on Peacock and NBCSN at 12:30 p.m. ET, followed by the debut of th...

30/04/2026

Clear-Com Appoints Brian Grahn and Ben Turnwell to New Roles

Clear-Com has appointed Brian Grahn as Market Outreach Manager of the Americas and Ben Turnwell as Business Development Manager for EMEA live. Grahn joined Cle...

30/04/2026

ARRI Introduces cforce MAX Lens Motor for Hi-5 Lens Control System

ARRI has introduced the cforce MAX, a new lens motor for the Hi-5 lens control system. The cforce MAX is twice as fast as the cforce plus motor it replaces whil...

30/04/2026

Knuerr, Voxtronic, and IHSE to Present Integrated Control Room Solution at Airspace World

Knuerr, Voxtronic, and IHSE will jointly present an integrated control room solu...

30/04/2026

The CW Network and ESPN to Stream CW Sports Live Events on ESPN App

The CW Network and ESPN have announced an agreement to make the ESPN App the exclusive streaming home for all CW Sports live events. CW Sports will continue to ...

30/04/2026

Sennheiser Spectera Deployed on Ed Sheerans The Loop Global Stadium Tour

Ed Sheeran's The Loop' tour launched in Auckland in January 2026 before moving on to Australia, with South America and the United States to follow late...

30/04/2026

Audinate Launches Dante Preset Creator for Offline Network Configuration

Audinate has announced Dante Preset Creator, a free online tool for configuring Dante network settings before hardware is available on site. Presets created in ...

30/04/2026

Yahoo Sports Appoints Jarrod Schwarz as General Manager

Yahoo Sports has announced the appointment of Jarrod Schwarz as General Manager of Yahoo Sports. Schwarz will oversee product, design, and technology; revenue a...

30/04/2026

Nielsen: U.S. Viewers Spent 79.8 Billion Minutes Watching Soccer in 2025

Nielsen has released a new report, Get Ready with Media Intelligence: 2026 FIFA World Cup Edition, examining U.S. soccer viewership trends, fan engagement, and ...

30/04/2026

USA Lacrosse Names SportsEngine Preferred Youth Sports Management Platform Partner

USA Lacrosse and SportsEngine have announced an expanded partnership, naming Spo...

30/04/2026

Telos Alliance To Appear at MPTS 2026 Across Multiple Partner Booths

Telos Alliance will participate in the 2026 Media Production and Technology Show (MPTS), taking place May 13-14 at Olympia London. Rather than exhibiting from a...

30/04/2026

DAZN Bolsters U.S. Ambitions With ViewLift Acquisition, Targets Evolving Regional Sports Landscape

The global streamer buys the U.S. DTC platform solutions provider for a reported...

30/04/2026

Tigo Sports Upgrades Video Infrastructure with Ateme Technology

Tigo Sports, Paraguay's leading sports broadcaster, has upgraded its video infrastructure with Ateme solutions for live encoding, multiplexing, and signal c...

30/04/2026

World Rugby and IMG Announce Long-Term Media Rights Partnership

World Rugby and IMG have announced a long-term media rights partnership focused on growing rugby in the United States ahead of the Men's and Women's Rug...

30/04/2026

NWSL & Overtime Re-Up Gen-Z Focused Content Partnership

For the second year in a row, Overtime and the National Women's Soccer League (NWSL) are teaming up through a renewed content partnership to bring fans even...

30/04/2026

ESPN Executive Vice President David Roberts Set To Retire

The 22-year ESPN vet's responsibilities will reportedly be taken over by SVP Mike Foss...

30/04/2026

SVG GameDay, Ep. 13: Anaheim Ducks' Scott Fausneaucht - Skating with the Ducks of Orange County

In-venue and creative video staffers at the professional and collegiate level ha...

30/04/2026

Prime Video Announces Multiyear Agreement with Duke Mens Basketball

Amazon and Duke University have announced a multiyear agreement for Prime Video to present exclusive coverage of three Duke Blue Devils men's basketball neu...

30/04/2026

Ratings Roundup: NBA Playoffs Return to NBC Sports up 38%; UFL Viewership up Midway Through Regular Season

Ratings Roundup is a rundown of recent rating news and is derived from press rel...

30/04/2026

Introducing Verified by Spotify, a Signal of Authenticity and Trust for the Artists Behind the Music

Music is evolving, and so are the ways you discover and connect with artists. In...

30/04/2026

First-Ever Stockholm Music Week Celebrates the Industry's Present and Future

Between April 22-29, the first inaugural Stockholm Music Week brought together thought leaders and partners across industries including music, tech, government,...

30/04/2026

API launch the Vision+ console

Iconic large-format console upgraded API's iconic Vision console has just been treated to an overhaul that aims to meet the demands of today's profe...

30/04/2026

Lewitt introduce the LCT 440 Pure stereo pair

Comes complete with miking accessories The LCT 440 Pure has proven to be a popular member of Lewitt's mic line-up, offering impressive technical perform...

30/04/2026

SynthFest UK 2026 Announced

24 October 2026 at The Octagon, Sheffield Now in its eighth year, SynthFest UK is the largest event of its kind in the UK, bringing together the top keyboar...

30/04/2026

SBS & NITV LEAD NATIONAL RECONCILIATION WEEK 2026 WITH LANDMARK GULPILIL DOCUMENTARY

SBS & NITV LEAD NATIONAL RECONCILIATION WEEK 2026 WITH LANDMARK GULPILIL DOCUMEN...

30/04/2026

Rohde & Schwarz equips new Terminal 3 at Frankfurt Airport with security scanners

Rohde & Schwarz equips new Terminal 3 at Frankfurt Airport with security scanner...

30/04/2026

Jennifer Ehle and Alex Hassell join the cast of ITV's propulsive lunar thriller First Woman

Jennifer Ehle (Contagion, Zero Dark Thirty) and Alex Hassell (Rivals, Wasteman, ...

30/04/2026

L3Harris Technologies Reports Strong First Quarter 2026 Results

MELBOURNE, Fla., April 30, 2026 - L3Harris Technologies (NYSE: LHX) reports first quarter 2026 results. Highlights Orders of $7.8 billion; book-to-bill of 1....

30/04/2026

Golf Craft Interview: A1s Florian Brown and James Deason

Behind the Broadcast: The Sound of Elite Golf Golf is gaining popularity; the 2025 Ryder Cup achieved record-breaking viewing figures in the UK specifically, wi...

30/04/2026

CPI Media Leverages QuickLink StudioCall for Integrating...

STA VENERA, MALTA, APRIL 29, 2026 CPI Media, a voluntary organization within the Missionary Society of St Paul (MSSP) and a leading media house dedicated to p...

30/04/2026

Hitomi Broadcast Presents UK Debut of MatchBox Panorama a...

New software platform delivers comprehensive timing measurement across production workflows...

30/04/2026

Cutting edge British innovation leads at BroadcastAsia 20...

Once again, the UK Pavilion in Hall 5 of BroadcastAsia 2026 will feature the latest and best in technology specifically developed and tailored for modern media ...

30/04/2026

Avid powers faster workflows and next-generation immersive audio with latest Pro Tools release

Avid powers faster workflows and next-generation immersive audio with latest Pro...

30/04/2026

Ocean Blue Software Launches ATSC 3.0 Inspector for Smart TVs

Share Copy link Facebook X Linkedin Bluesky Email...

30/04/2026

Digital Azul positions Lisbon as a remote production hub...

Scalable broadcast-grade production over public internet, replacing traditional OB workflows...

30/04/2026

V Nova Brings DTV Deployment LCEVC Ecosystem Progress and...

Live demonstrations highlight LCEVC ecosystem momentum, AI-powered video pipelines, and expansion across broadcast, streaming, and social media. DTV (TV 3.0) ...

30/04/2026

Student Spotlight: Matthew Leon

Student Spotlight: Matthew Leon The dual major shares his path from community college to Berklee, and how his heritage influences his work. April 29, 2026 B...

30/04/2026

Berklee Artists to Perform at Major Global Music Festivals

Berklee Artists to Perform at Major Global Music Festivals As part of the Berklee Popular Music Institute, students will perform at Lollapalooza, Governors Ba...

30/04/2026

Study: Rokus Low-Cost, Ad-Free Howdy Streamer Hits 1 Million Subs

Share Copy link Facebook X Linkedin Bluesky Email...

30/04/2026

MLS Innovation Lab Selects AI Partners

Share Copy link Facebook X Linkedin Bluesky Email...

30/04/2026

NRB Files FCC Complaint Over Jimmy Kimmel Live!' Monologue

Share Copy link Facebook X Linkedin Bluesky Email...