Asetek - Update to Full Year 2021 Guidance

Rhea-AI Summary

Asetek, based in Oslo, updates its 2021 revenue and operating income forecasts, projecting a 20-30% revenue increase compared to 2020 due to robust demand in Gaming and Enthusiast products. The Company estimates an operating income of $11-16 million, which reflects a rise in overhead costs tied to growth. Previously, Asetek anticipated a 10-20% revenue growth and an operating income of $9-15 million. The first quarter 2021 report will be issued on April 22.

Positive

• Projected revenue increase of 20-30% for 2021.
• Operating income expected to be between $11-16 million, showcasing improved performance.

Negative

• Gross margins are expected to be lower than in 2020.
• Increased overhead costs may indicate potential operational inefficiencies.

OSLO, Norway, April 7, 2021 /PRNewswire/ -- Asetek today updated its full-year 2021 revenue and operating income expectations due to strong demand for Gaming and Enthusiast products. Asetek expects to report an increase in Group revenue of 20-30% for 2021 compared with 2020, with gross margins lower than 2020. The Company expects an operating income of about $11-16 million, partially reflecting increased overhead costs to facilitate growth.

The previous revenue and operating income expectations, announced on February 24, were for revenue growth of 10-20% in 2021 compared with 2020, with gross margins lower than 2020, and an expected operating income of about $9-15 million.

The Company will release its first quarter 2021 report on April 22.

About Asetek

Asetek, the creator of the all-in-one liquid cooler, is the global leader for liquid cooling solutions for high performance gaming and enthusiast PCs, and environmentally aware data centers. Founded in 2000, Asetek is headquartered in Denmark and has operations in China, Taiwan and the United States. Asetek is listed on the Oslo Stock Exchange (ASTK.OL).

For further information, please contact:

CEO and Founder André S. Eriksen
+45 2125 7076, email: ceo@asetek.com

This information is considered inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange release was published by Peter Dam Madsen, CFO at Asetek A/S, on April 7, 2021 at 10:10 CEST.

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https://news.cision.com/asetek/r/asetek---update-to-full-year-2021-guidance,c3320798

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SOURCE Asetek

FAQ

What is Asetek's revenue projection for 2021?

Asetek expects a revenue increase of 20-30% for 2021 compared to 2020.

What is Asetek's estimated operating income for 2021?

The estimated operating income for Asetek in 2021 is between $11 million to $16 million.

When will Asetek release its first quarter 2021 report?

Asetek will release its first quarter 2021 report on April 22, 2021.

How have Asetek's revenue expectations changed recently?

Asetek raised its revenue expectations from a previous estimate of 10-20% growth to 20-30%.

What factors are impacting Asetek's revenue and operating income outlook?

Strong demand for Gaming and Enthusiast products, alongside increased overhead costs, are impacting Asetek's outlook.