VIA Optronics AG (NYSE:VIAO) Q2 2022 Earnings Conference Call September 29, 2022 8:30 AM ET
Company Participants
Lisa Fortuna - Investor Relations
Jürgen Eichner - CEO and Founder
Markus Peters - CFO
Conference Call Participants
Andrew Buscaglia - Berenberg
Anthony Stoss - Craig-Hallum
Operator
Welcome to the VIA Optronics Preliminary Second Quarter 2022 Earnings Conference Call and Webcast. [Technical Difficulty]
Lisa Fortuna
I'd like to remind everyone that statements made during this conference call relating to the company’s expected future performance, future business prospects, or future events or plans may include forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. Participants are directed to VIA Optronics' Form 20-F for a description of certain business risks, some of which maybe outside of the control of the company that may cause actual results to materially differ from those expressed in the forward-looking statements. We expressly disclaim any duty to provide updates to our forward-looking statements whether as a result of new information, future events, or otherwise.
Our earnings release for the preliminary second quarter 2022 results is posted on the company’s website at via-optronics.com.
With that, let me now turn the call over to Jürgen for his opening remarks.
Jürgen Eichner
Yes, thank you Lisa. Good morning and good afternoon, and thank you all for joining us today. So once more we are proud of how our team has performed during the quarter amidst ongoing component shortages and shipping challenges. We grew the top line revenue by 10% with 15.5% growth in our Display Solutions segment, driven by stronger demand across all end markets and the ongoing production ramp up at the facility in Nuremberg.
Further, we continue to see a greater need for connectivity in cars, more autonomous systems and shared mobility. The accelerated transition to a carbon neutral economy is creating a strong tailwind for EV and hydrogen markets and [Technical Difficulty] to implement our previously announced actions to improve profitability and cash flow with various cost savings and performance improvement projects expected to take effect during the second half of the year.
These actions include both internal activities such as improving production efficiencies and streamlining resources, as well as measures related to customer pricing and supply agreements to improve the company's profitability and cash flow. Most of our sales prices have already been adjusted and freight costs continue to be offloaded. We remain on track to become net profit neutral at the end of the year on a run rate basis. Furthermore, as indicated before, based on our very low use of energy in our production, we are not as impacted by energy costs compared to most others in the industry.