Comet Holding AG Reports Decline in Q1 Sales but Maintains 2024 Outlook

Comet Holding AG announced a significant decrease in sales for the first quarter of 2024 but remains optimistic about the full year. The company reported net sales of CHF 80.9 million for Q1 2024, a 24.8% decrease from Q1 2023's CHF 107.5 million. The decline was attributed to the continued weak demand for wafer fabrication equipment, a trend stemming from previous quarters.

Despite the downturn, Comet confirmed its guidance for the 2024 fiscal year, highlighting positive indicators such as a book-to-bill ratio of 1.09 and improvements in production capacity utilization and inventory reductions. These improvements suggest a recovery in the semiconductor equipment industry, with Comet expecting increased demand for wafer fabrication equipment in subsequent quarters.

However, declines were also seen across Comet’s X-ray Systems (IXS) and X-ray Modules (IXM) divisions, impacted by slowed economic momentum and reduced investments in non-destructive testing systems. Comet anticipates a recovery led by the semiconductor industry and foresees stability in other traditional sectors like automotive and aerospace throughout 2024.