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Pfeiffer Vacuum Technology AG (PFV), the German maker of vacuum pumps used in the production of DVDs, dried fruit and instant coffee, fell the most in four weeks in Frankfurt after earnings and sales missed analysts’ estimates.
The pump manufacturer dropped as much as 6.3 percent to 78.77 euros, the biggest intraday slump since Jul. 11, and was trading down 5.2 percent at 11:55 a.m., the biggest decline on the German HDAX (HDAX) Index.
Equinet lowered its recommendation on Pfeiffer to hold from accumulate, Adrian Pehl, a London-based analyst at the bank, said in a note to investors today. Performance was “lower than expected in basically all metrics.”
The decline in sales and profit was a result of weakening demand from the solar, semiconductor and coating industries, Pfeiffer said in a statement today, while “internal process optimization” and exchange rate developments supported earnings.
Pfeiffer’s second-quarter earnings before interest and tax fell to 16 million euros ($19.9 million) from 19.9 million euros a year earlier and compared with the average estimate of 17.6 million euros in a Bloomberg survey of 5 analysts. Sales dropped 22 percent to 110.3 million euros, the company said, missing the average estimate of 120.2 million euros.
Second-quarter orders dropped 19 percent, to 110.7 million euros, from the first-quarter level of 136.8 million euros. The company confirmed its 2012 sales forecast of 470 million euros to 500 million euros, as well its expected Ebit margin of 15 percent.
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