EFI reports 12% annual sales rise and record Q4 revenue

By Richard Stuart-Turner, Thursday 28 January 2016

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EFI has reported record fourth-quarter sales of $257m (£180m), an increase of 22% on Q4 2014 revenue of $211.1m, leading to an annual sales rise of 12%.

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Gecht: "In every category EFI is in a better position starting 2016 compared to where we were starting last year"

In its results for the quarter and year ended 31 December 2015, the firm announced that its revenue for the full year came in at $882.5m, up 12% year-on-year compared with $790.4m for the same period in 2014.

The manufacturer’s non-GAAP net income for the quarter was $29.4m, compared with non-GAAP net income of $25.1m for the same period in 2014.

GAAP net income was $10.3m, compared with $11.9m for the same period in 2014.

For the year, non-GAAP net income was $97.9m, compared with non-GAAP net income of $87.1m in 2014.

GAAP net income was $33.5m for the year, compared to $33.7m in 2014.

Operating profit grew by 16% to $39m in Q4 compared to the same period a year earlier while for the year it grew by 11% to $128m.

“Our team capped another strong year for EFI by delivering an outstanding quarter despite the continued macro headwinds we have had to overcome all year,” said EFI chief executive Guy Gecht.

The sales rise follows EFI’s $140m investment in Italian textile ink and kit manufacturer Reggiani Macchine and Israeli wide-format manufacturer Matan, which completed on 1 July.

The firm also acquired UK-based MIS developer Shuttleworth Business Systems in November.

Geographically EFI saw its biggest sales rise, 37% in EMEA countries, followed by APAC (20%) and the Americas (14%).

By segment, Productivity Software saw year-on-year growth of 12% in Q4 2015, Industrial Inkjet grew by 39% and Fiery rose by 2%.

“The rebound in Productivity Software reflects that the team really took to heart the disappointing results for the segment in Q3 and worked hard to effectively implement the changes in people, pay and processes we outlined,” said Gecht.

The firm used its annual Connect user conference last week to unveil three additions to its Productivity Suite portfolio.

“The Industrial Inkjet segment was very strong, led by Reggiani where we are integrating the business, promoting a new message to the industry, expanding distribution to new markets and adding resources," said Gecht.

“The retail industry’s embrace of fast fashion is driving the excitement of manufacturing on demand around the globe, which is only possible with digital printing.”

He added: “Fiery had a good quarter of 2% growth when you consider we were up against 16% growth in Q4 last year.”

For the full year, Productivity Software grew by 4%, Industrial Inkjet rose by 18% and Fiery grew by 7%.

“While we are well aware of the market concerns, it is safe to say that in every category EFI is in a better position starting 2016 compared to where we were starting last year,” said Gecht.

“We will have the benefit of a full year of both Reggiani and Matan, and it’s a Drupa year and we will present to tens of thousands of customers a very different EFI than four years ago. We will also introduce innovative new products at Drupa.”

Gecht added that in addition to focusing on solid execution and organic growth, the company would also continue to seek out strategic acquisitions in 2016.

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