JENA (dpa-AFX) - The technology group Jenoptik benefited from higher demand from the semiconductor industry in the first quarter. "Jenoptik has made a good start to the 2024 fiscal year overall with significant revenue and earnings growth," said CEO Stefan Traeger in a statement on Wednesday. However, the general market environment has continued to deteriorate and demand in some business segments is currently below management's expectations. He expects demand to pick up in the second half of the year. The Jenoptik CEO confirmed the annual targets.

The shares rose by around nine percent in the morning, making them the most sought-after shares in the MDax, the index for medium-sized companies. While the company exceeded analysts' expectations in terms of sales and earnings, experts' initial reactions were not all praise for the quarterly report. Peter Rothenaicher from Baader, for example, criticized the weak order intake with higher sales. However, the operating margin exceeded expectations. Dirk Schlamp from DZ Bank also spoke of a mixed picture.

In the first quarter, earnings before interest, taxes, depreciation and amortization (EBITDA) rose by a good fifth year-on-year to 44.5 million euros, according to the MDax company in Jena. The bottom line was a profit of 15.4 million euros after 11.8 million euros in the same period last year.

The turnover of the Thuringian company climbed by 9.4 percent to 256 million euros in the first three months. While Jenoptik performed significantly better in Europe, earnings in the Americas and Asia-Pacific regions declined.

However, with a volume of 242 million euros, the technology group was able to secure significantly fewer orders than a year ago. The company attributed this to weak demand in the area of optical test and measurement solutions as well as some life sciences and medical technology applications. There were also postponements of projects outside the photonics business, it said.

In 2024, the Jenoptik Executive Board, led by CEO Stefan Traeger, expects growth again due to good business with the semiconductor industry. In view of the order backlog and order intake, revenue is expected to increase by a mid-single-digit percentage. Of this, 19.5 to 20 percent is expected to remain as an operating result (EBITDA). This includes an expected charge of around 0.5 percentage points for the relocation to the new semiconductor site in Dresden. In the previous year, the margin amounted to 19.7 percent.

It was only at the Capital Markets Day in December that Jenoptik's top management raised its margin target. In 2025, earnings before interest, taxes, depreciation and amortization (EBITDA) should amount to 21 to 22 percent of revenue. The Group had previously targeted an operating margin of around 20 percent. The turnover target remained unchanged at around 1.2 billion euros.

The Thuringian company, which emerged from the Carl Zeiss Group, has been driving forward its transformation to photonics for several years. The Group is focusing on certain growth markets, including semiconductors and electronics as well as medical technology, life sciences and smart mobility.

Jenoptik divested its military technology division Vincorion in 2022. It was sold to the private equity company Star Capital. In return, the Group strengthened itself through several acquisitions: These included Trioptics, a provider of optical measurement systems. The construction of a new factory for semiconductor equipment in Dresden is scheduled for completion in 2025.

The automation specialist Prodomax is still on the sales list. Jenoptik intends to divest it in two years at the latest. The investment is included in the non-photonic portfolio companies segment, which also includes Hommel-Etamic, a provider of industrial measurement technology. Jenoptik has so far left its options open here: The further development of Hommel-Etamic could take place either within or outside the Group, it was stated at the Capital Markets Day./mne/mis/stk