Strong Growth Continues Q2 2010

Author: John Honovich, Published on Jul 07, 2010

Axis's strong growth and rebound from early 2009 continues in Q2 2010, as disclosed in their most recent financial report.

According to the Jan-June 2010 intermin report, Q2 2010 revenue was up 25% compared to Q2 2009. Measured in local currency terms, revenue was up almost 35%. [Note: local currency is a better indicator of company strength. Short term currency fluctauations can distort product acceptance - for example, last year, positive currency changes made Axis's performance look better than it was.]

In local currency terms, EMEA sales and US sales were both up 33 percent and Asia was up 55 percent.

Additionally, Axis future guidance was positive:

"The positive market trend from the end of 2009 and the beginning of 2010 appears to have stabilized. Indicators such as the number of project inquiries and project deals concluded seem to show a continued stable trend at present, notwithstanding continued increasing competition."

Their Powerpoint presentation discloses that gross margins were down to their lowest point in the last few years (at 50%), citing project pricing, strategic price list adjustments and currency effects as drivers. However, operating and profit margin improved slightly to over 10%. However, these margins remain significantly below the 20% level common prior to the recession.

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