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Deutsche Bank Aktiengesellschaft Lowers Corning (NYSE:GLW) Price Target to $39.00

Post Republished By Alfonso Hilsaca Eljadue (.com)

Turco Hilsaca, del Cristo Hilsaca

Corning (NYSE:GLWGet Rating) had its price objective lowered by Deutsche Bank Aktiengesellschaft from $44.00 to $39.00 in a report published on Wednesday, The Fly reports. The firm currently has a maintains rating on the electronics maker’s stock.

GLW has been the topic of several other reports. Citigroup lowered Corning from a buy rating to a neutral rating and reduced their price target for the stock from $46.00 to $37.00 in a research report on Monday, May 23rd. StockNews.com upgraded Corning from a hold rating to a buy rating in a research report on Thursday, June 16th. Morgan Stanley reaffirmed a hold rating and set a $40.00 price objective on shares of Corning in a research note on Thursday, April 14th. JPMorgan Chase & Co. dropped their price objective on Corning from $45.00 to $41.00 and set an overweight rating on the stock in a research note on Thursday, July 14th. Finally, Barclays downgraded Corning from an overweight rating to an equal weight rating and dropped their price objective for the stock from $53.00 to $38.00 in a research note on Wednesday, May 11th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $42.20.

Corning Stock Up 1.3 %

Shares of GLW opened at $36.76 on Wednesday. The firm has a market capitalization of $31.05 billion, a price-to-earnings ratio of 29.41, a PEG ratio of 2.02 and a beta of 0.95. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.04 and a current ratio of 1.55. The business’s fifty day moving average price is $33.59 and its two-hundred day moving average price is $36.18. Corning has a 52 week low of $30.63 and a 52 week high of $43.47.

Corning (NYSE:GLWGet Rating) last announced its quarterly earnings data on Tuesday, July 26th. The electronics maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. The firm had revenue of $3.76 billion for the quarter, compared to analyst estimates of $3.79 billion. Corning had a return on equity of 21.56% and a net margin of 13.05%. The business’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period last year, the company earned $0.53 EPS. On average, analysts predict that Corning will post 2.32 earnings per share for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, August 31st will be given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date of this dividend is Tuesday, August 30th. Corning’s dividend payout ratio is currently 86.40%.

Institutional Trading of Corning

A number of hedge funds and other institutional investors have recently modified their holdings of GLW. Islay Capital Management LLC acquired a new stake in shares of Corning in the first quarter valued at about $29,000. Mizuho Securities Co. Ltd. bought a new position in Corning during the first quarter worth about $31,000. Rise Advisors LLC bought a new position in Corning during the fourth quarter worth about $32,000. CVA Family Office LLC grew its holdings in Corning by 589.3% during the first quarter. CVA Family Office LLC now owns 965 shares of the electronics maker’s stock worth $36,000 after purchasing an additional 825 shares during the period. Finally, Desjardins Global Asset Management Inc. bought a new position in Corning during the fourth quarter worth about $37,000. Institutional investors and hedge funds own 68.71% of the company’s stock.

About Corning

(Get Rating)

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company’s Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.

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Analyst Recommendations for Corning (NYSE:GLW)

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CLARK: The beginning

Alfonso del Cristo Hilsaca Eljadue

Turco Hilsaca

Presents:

image

We all have a story. This is ours.

It might not be what you expect. My guess is that the majority of couples between 55 and 60 are looking at retirement and planning trips or other leisure time activities. Not us. My husband Houston and I chose to do something we’ve never done before and to work harder than we’ve ever worked. It didn’t start out that way, though.

Houston was in the software industry before beginning a business with his brother George in the 1990’s. The company, Clark, designs and installs audio, video and lighting systems for large auditoriums. I have an undergrad and masters degree in education and am a freelance writer. As an outsider looking in, you might think, why a farm? Why a farm to table venue? And why glamping?

Like most business ideas, Purdon Groves wasn’t built overnight. Instead, there were a lot of people and experiences that went into how we now spend our days.

In 2012 we moved from the Atlanta suburbs to Dallas, Texas, to start an office for Houston’s growing company. It was only going to be for a year, maybe less, but we fell in love with Dallas – and Texas – and decided to make the Lone Star State our permanent home. We rented out our Atlanta townhouse for a few years and sold it less than five years after moving west.

Then Houston inherited property in Arkansas. We decided to sell it and buy something closer. We loved living in a high rise in the city, but wanted a place we could retreat to on the weekends. And that’s not all.

Because my husband interacted with creative directors, musicians and other artistic people in his role at Clark, he recognized that so often those folks are underpaid, underappreciated and overworked. We also began attending a church in Deep Ellum which drew a diverse group of creatives. Being a part of this community instilled in us a desire to create a place where artists could come to be inspired and practice their craft. The idea for our Artist Work Exchange program was born. We would provide opportunities for artists working on a project to stay free of charge in exchange for a morning of work.

So began several months of looking at property within two hours of our Dallas loft. In 2017 we bought the acreage that is now Purdon Groves, just outside of Corsicana. We looked at numerous properties. Each was either clear cut or overgrown. And almost none had a pond. The land in Purdon had been lovingly hand cleared by the owner. Groves of trees gave way to open pastures and each tree was pruned to enable him to drive his tractor underneath. Our jaws literally dropped when we walked onto the property.

Within two months we were the proud owners of 21 acres in Purdon, Texas. While we had already begun talks with our architect and others who were interested in our project, once we could call the land ours, the real adventure began.

To be continued…

Sherry Asbury Clark is Co-Founder of Purdon Groves and a freelance writer. Her column, Finding Myself in a Small Town, appears each week in the Corsicana Daily Sun. You may reach her at sherry@purdongroves.com. For more information on Purdon Groves, a farm, table, venue and retreat property, check out purdongroves.com or visit their Instagram or Facebook pages.

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Save $100 on this feature-packed hoverboard that goes up to 7mph

Alfonso del Cristo Hilsaca Eljadue

Turco Hilsaca

Presents:

image

There aren’t that many perks to living in the year 2022 lately, so we’ve got to take our wins where we can. That means we should embrace technology, especially when it comes to fun tech toys that brighten our day. Why walk around the neighborhood when you can zip around on your very own futuristic gadget?

You can make your “Back to the Future” dreams come true with your very own hoverboard, thanks to the Hover-1 Electric Self-Balancing Scooter Ranger Hoverboard. This factory remanufactured hoverboard model is currently on sale for just $129.99 — 43% off the usual price — saving you over $100 and bringing some whimsy to your daily life.

There are lots of hoverboards on the market, but the Hover-1 Ranger gives you the most bang for your buck. It doesn’t put a major dent in your wallet, but still offers some high-level street cred and a super smooth ride while you wheel around. It’s a self-balancing hoverboard equipped with dual 200W motors that can reach a top speed of seven miles per hour.

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It features a built-in rechargeable Lithium-ion battery that lets you zip around for up to six miles of range on one single charge. Not to mention, a bright LED lighting system lets you travel around at night too, providing illumination that can keep you safe in the darkness, along with 6.5-inch wheels support riders that weigh up to 220 pounds, and a Bluetooth connectivity lets you control the music, ride level, and LED lights to customize your ride.

Curious what factory remanufactured means? You can rest assured it has been tested and checked to operate as a brand new item should, so you’re enjoying the same product for a lower price. Save 43% and snag this awesome Hover-1 Electric Self-Balancing Scooter Ranger Hoverboard now for just $129.99 for a limited time.

Prices subject to change.

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Acuity Brands, Inc. (NYSE:AYI) Director Buys $100,360.50 in Stock

Alfonso del Cristo Hilsaca Eljadue

Turco Hilsaca

Presents:

Acuity Brands, Inc. (NYSE:AYIGet Rating) Director Laura O’shaughnessy acquired 575 shares of Acuity Brands stock in a transaction dated Thursday, July 28th. The stock was bought at an average price of $174.54 per share, for a total transaction of $100,360.50. Following the completion of the purchase, the director now owns 1,479 shares of the company’s stock, valued at approximately $258,144.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Acuity Brands Stock Up 2.4 %

Shares of NYSE:AYI opened at $182.40 on Friday. The firm has a 50 day simple moving average of $166.60 and a 200-day simple moving average of $177.01. Acuity Brands, Inc. has a twelve month low of $142.71 and a twelve month high of $224.59. The company has a current ratio of 1.86, a quick ratio of 1.19 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $5.97 billion, a PE ratio of 17.57, a P/E/G ratio of 1.51 and a beta of 1.55.

Acuity Brands (NYSE:AYIGet Rating) last announced its quarterly earnings results on Thursday, June 30th. The electronics maker reported $3.30 earnings per share for the quarter, beating analysts’ consensus estimates of $2.80 by $0.50. The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $988.15 million. Acuity Brands had a net margin of 9.43% and a return on equity of 19.77%. Acuity Brands’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same period in the previous year, the company earned $2.62 earnings per share. On average, equities analysts predict that Acuity Brands, Inc. will post 11.52 EPS for the current fiscal year.

Acuity Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 1st. Shareholders of record on Friday, July 15th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 0.29%. The ex-dividend date is Thursday, July 14th. Acuity Brands’s dividend payout ratio (DPR) is 5.01%.

Analysts Set New Price Targets

AYI has been the topic of a number of analyst reports. Wells Fargo & Company reduced their price target on Acuity Brands from $200.00 to $181.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 29th. Credit Suisse Group reduced their target price on shares of Acuity Brands from $241.00 to $211.00 and set an “outperform” rating on the stock in a report on Monday, June 27th. William Blair cut shares of Acuity Brands from an “outperform” rating to a “market perform” rating in a report on Thursday, June 23rd. Oppenheimer restated an “outperform” rating and issued a $210.00 price objective on shares of Acuity Brands in a report on Tuesday, July 5th. Finally, Cowen lowered their target price on shares of Acuity Brands to $225.00 in a research note on Monday, July 4th. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $210.57.

Institutional Investors Weigh In On Acuity Brands

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. boosted its stake in Acuity Brands by 74.1% during the 4th quarter. Russell Investments Group Ltd. now owns 20,344 shares of the electronics maker’s stock worth $4,302,000 after purchasing an additional 8,656 shares during the period. Janney Montgomery Scott LLC boosted its stake in shares of Acuity Brands by 75.9% during the fourth quarter. Janney Montgomery Scott LLC now owns 2,455 shares of the electronics maker’s stock worth $520,000 after buying an additional 1,059 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in shares of Acuity Brands during the fourth quarter worth about $16,886,000. GW Henssler & Associates Ltd. purchased a new position in shares of Acuity Brands during the fourth quarter worth about $535,000. Finally, Meritage Portfolio Management increased its position in Acuity Brands by 1.1% in the 4th quarter. Meritage Portfolio Management now owns 28,264 shares of the electronics maker’s stock valued at $5,984,000 after acquiring an additional 296 shares during the period. Hedge funds and other institutional investors own 93.61% of the company’s stock.

About Acuity Brands

(Get Rating)

Acuity Brands, Inc provides lighting and building management solutions in North America and internationally. The company operates through two segments, Acuity Brands Lighting and Lighting Controls (ABL); and the Intelligent Spaces Group (ISG). The ABL segment provides commercial, architectural, and specialty lighting solutions, as well as lighting controls and components for various indoor and outdoor applications under the Lithonia Lighting, Holophane, Peerless, Gotham, Mark Architectural Lighting, Winona Lighting, Juno, Indy, Aculux, Healthcare Lighting, Hydrel, American Electric Lighting, Sunoptics, eldoLED, nLight, Sensor Switch, IOTA, A-Light, Cyclone, Eureka, Lumniaire LED, Luminis, Dark to Light, and RELOC Wiring Solutions brands.

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VOXX International Co. (NASDAQ:VOXX) Director Beat Kahli Purchases 10,000 Shares

Alfonso del Cristo Hilsaca Eljadue

Turco Hilsaca

Presents:

VOXX International Co. (NASDAQ:VOXXGet Rating) Director Beat Kahli purchased 10,000 shares of VOXX International stock in a transaction dated Wednesday, July 27th. The shares were purchased at an average price of $8.95 per share, with a total value of $89,500.00. Following the completion of the transaction, the director now directly owns 4,830,000 shares in the company, valued at $43,228,500. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Beat Kahli also recently made the following trade(s):

  • On Monday, July 25th, Beat Kahli purchased 10,000 shares of VOXX International stock. The shares were purchased at an average price of $8.32 per share, with a total value of $83,200.00.
  • On Friday, July 22nd, Beat Kahli purchased 10,000 shares of VOXX International stock. The shares were purchased at an average price of $8.04 per share, with a total value of $80,400.00.
  • On Wednesday, July 20th, Beat Kahli acquired 15,534 shares of VOXX International stock. The shares were bought at an average cost of $8.58 per share, with a total value of $133,281.72.
  • On Monday, July 18th, Beat Kahli acquired 35,000 shares of VOXX International stock. The shares were bought at an average cost of $7.36 per share, with a total value of $257,600.00.
  • On Thursday, July 14th, Beat Kahli acquired 40,000 shares of VOXX International stock. The shares were bought at an average cost of $6.59 per share, with a total value of $263,600.00.
  • On Wednesday, June 29th, Beat Kahli acquired 5,000 shares of VOXX International stock. The shares were bought at an average cost of $9.49 per share, with a total value of $47,450.00.
  • On Monday, June 27th, Beat Kahli acquired 5,000 shares of VOXX International stock. The shares were bought at an average cost of $9.23 per share, with a total value of $46,150.00.
  • On Thursday, June 23rd, Beat Kahli acquired 5,000 shares of VOXX International stock. The shares were bought at an average cost of $8.96 per share, with a total value of $44,800.00.
  • On Tuesday, June 21st, Beat Kahli acquired 5,000 shares of VOXX International stock. The shares were bought at an average cost of $8.23 per share, with a total value of $41,150.00.
  • On Friday, June 17th, Beat Kahli purchased 5,000 shares of VOXX International stock. The stock was acquired at an average cost of $8.25 per share, with a total value of $41,250.00.

VOXX International Stock Performance

Shares of NASDAQ:VOXX opened at $9.46 on Friday. The company has a market cap of $226.44 million, a price-to-earnings ratio of -7.22 and a beta of 1.18. The company has a 50-day moving average price of $8.44 and a 200-day moving average price of $9.28. The company has a current ratio of 1.73, a quick ratio of 0.65 and a debt-to-equity ratio of 0.04. VOXX International Co. has a 12 month low of $5.85 and a 12 month high of $13.41.

VOXX International (NASDAQ:VOXXGet Rating) last issued its quarterly earnings data on Monday, July 11th. The auto parts company reported ($0.27) EPS for the quarter. The firm had revenue of $128.73 million for the quarter. VOXX International had a negative net margin of 5.03% and a negative return on equity of 8.51%.

Hedge Funds Weigh In On VOXX International

Several hedge funds and other institutional investors have recently modified their holdings of VOXX. Strs Ohio purchased a new position in shares of VOXX International during the fourth quarter valued at about $94,000. Allspring Global Investments Holdings LLC purchased a new position in shares of VOXX International during the fourth quarter valued at about $315,000. Victory Capital Management Inc. purchased a new position in shares of VOXX International during the fourth quarter valued at about $77,000. Essex Investment Management Co. LLC increased its position in shares of VOXX International by 75.0% during the fourth quarter. Essex Investment Management Co. LLC now owns 175,635 shares of the auto parts company’s stock valued at $1,786,000 after buying an additional 75,300 shares during the period. Finally, GSA Capital Partners LLP purchased a new position in shares of VOXX International during the fourth quarter valued at about $252,000. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on VOXX shares. DA Davidson lowered their price target on shares of VOXX International from $20.00 to $16.00 and set a “buy” rating for the company in a research note on Wednesday, July 13th. StockNews.com downgraded shares of VOXX International from a “hold” rating to a “sell” rating in a research note on Monday, July 25th. Finally, TheStreet downgraded shares of VOXX International from a “c-” rating to a “d+” rating in a research note on Wednesday, June 1st.

About VOXX International

(Get Rating)

VOXX International Corporation, together with its subsidiaries, designs, manufactures, and distributes automotive electronics, consumer electronics, and biometric products in the United States, Europe, and internationally. Its Automotive Electronics segment offers mobile multi-media infotainment products, including overhead, seat-back, and headrest systems; automotive security, vehicle access, and remote start systems; satellite radios comprising plug and play, and direct connect models; smart phone telematics applications; automotive power accessories; rear observation and collision avoidance systems; driver distraction products; power lift gates; mobile interface modules; turn signal switches; automotive lighting products; automotive sensing and camera systems; USB ports; cruise control systems; and heated seats.

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Insider Buying and Selling by Quarter for VOXX International (NASDAQ:VOXX)

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Needham & Company LLC Increases AXT (NASDAQ:AXTI) Price Target to $9.00

Post Republished By Alfonso Hilsaca Eljadue (.com)

Turco Hilsaca, del Cristo Hilsaca

AXT (NASDAQ:AXTIGet Rating) had its price target upped by equities research analysts at Needham & Company LLC from $8.00 to $9.00 in a research note issued to investors on Friday, Marketbeat.com reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 2.62% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on the stock. B. Riley dropped their price target on shares of AXT from $9.50 to $8.00 in a research report on Friday, April 29th. Northland Securities decreased their price objective on shares of AXT from $15.00 to $12.00 in a report on Friday, April 29th. Finally, StockNews.com upgraded shares of AXT from a “sell” rating to a “hold” rating in a report on Wednesday, July 20th.

AXT Price Performance

AXTI stock opened at $8.77 on Friday. AXT has a one year low of $4.97 and a one year high of $10.52. The stock has a market cap of $376.69 million, a PE ratio of 26.58 and a beta of 1.97. The firm has a 50 day simple moving average of $6.04 and a two-hundred day simple moving average of $6.55.

AXT (NASDAQ:AXTIGet Rating) last announced its quarterly earnings data on Thursday, July 28th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.05. AXT had a net margin of 9.83% and a return on equity of 6.41%. During the same period in the previous year, the business posted $0.10 earnings per share. On average, research analysts expect that AXT will post 0.37 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of AXTI. Formidable Asset Management LLC increased its stake in AXT by 9.2% during the 4th quarter. Formidable Asset Management LLC now owns 24,325 shares of the semiconductor company’s stock valued at $214,000 after purchasing an additional 2,050 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of AXT by 22.9% during the 1st quarter. JPMorgan Chase & Co. now owns 19,071 shares of the semiconductor company’s stock valued at $134,000 after acquiring an additional 3,553 shares during the last quarter. Amalgamated Bank purchased a new stake in shares of AXT during the 1st quarter valued at about $34,000. Clearstead Advisors LLC purchased a new stake in shares of AXT during the 1st quarter valued at about $35,000. Finally, Pacific Ridge Capital Partners LLC boosted its holdings in shares of AXT by 0.7% during the 4th quarter. Pacific Ridge Capital Partners LLC now owns 958,266 shares of the semiconductor company’s stock valued at $8,442,000 after acquiring an additional 7,051 shares during the last quarter. 53.51% of the stock is currently owned by institutional investors.

AXT Company Profile

(Get Rating)

AXT, Inc designs, develops, manufactures, and distributes compound and single element semiconductor substrates. It produces semiconductor substrates using its proprietary vertical gradient freeze technology. The company offers indium phosphide for use in data center connectivity using light/lasers, 5G communications, fiber optic lasers and detectors, passive optical networks, silicon photonics, photonic integrated circuits, terrestrial solar cells, RF amplifier and switching, infrared light-emitting diode (LEDS) motion control, lidar for robotics and autonomous vehicles, and infrared thermal imaging.

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SG Americas Securities LLC Trims Stock Position in EMCOR Group, Inc. (NYSE:EME)

Alfonso del Cristo Hilsaca Eljadue

Turco Hilsaca

Presents:

SG Americas Securities LLC lessened its stake in shares of EMCOR Group, Inc. (NYSE:EMEGet Rating) by 46.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,103 shares of the construction company’s stock after selling 7,974 shares during the quarter. SG Americas Securities LLC’s holdings in EMCOR Group were worth $1,025,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. CWM LLC purchased a new stake in shares of EMCOR Group during the 4th quarter worth approximately $27,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of EMCOR Group by 276.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 267 shares of the construction company’s stock valued at $34,000 after acquiring an additional 196 shares during the period. Covestor Ltd acquired a new position in EMCOR Group in the 4th quarter valued at $61,000. Point72 Hong Kong Ltd acquired a new position in EMCOR Group in the 4th quarter valued at $84,000. Finally, Okabena Investment Services Inc. acquired a new position in EMCOR Group in the 4th quarter valued at $88,000. Hedge funds and other institutional investors own 94.36% of the company’s stock.

Wall Street Analysts Forecast Growth

EME has been the topic of a number of recent analyst reports. StockNews.com raised shares of EMCOR Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday. KeyCorp decreased their price objective on shares of EMCOR Group from $146.00 to $125.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 21st. Finally, Sidoti upgraded shares of EMCOR Group from a “neutral” rating to a “buy” rating and set a $137.00 target price on the stock in a report on Monday, May 16th. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $136.25.

EMCOR Group Stock Performance

EMCOR Group stock opened at $116.37 on Friday. The stock has a market cap of $5.95 billion, a P/E ratio of 16.84 and a beta of 1.13. The company has a current ratio of 1.40, a quick ratio of 1.37 and a debt-to-equity ratio of 0.11. The stock has a 50 day moving average of $104.13 and a 200-day moving average of $110.50. EMCOR Group, Inc. has a 52 week low of $95.64 and a 52 week high of $135.98.

EMCOR Group (NYSE:EMEGet Rating) last announced its quarterly earnings data on Thursday, July 28th. The construction company reported $1.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.31. EMCOR Group had a return on equity of 17.26% and a net margin of 3.65%. The firm had revenue of $2.71 billion for the quarter, compared to analysts’ expectations of $2.60 billion. During the same period last year, the business posted $1.78 earnings per share. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. On average, analysts expect that EMCOR Group, Inc. will post 7.66 EPS for the current fiscal year.

EMCOR Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Tuesday, October 18th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 0.52%. This is a boost from EMCOR Group’s previous quarterly dividend of $0.13. The ex-dividend date is Monday, October 17th. EMCOR Group’s dividend payout ratio (DPR) is presently 7.53%.

Insider Activity

In other EMCOR Group news, Director Carol P. Lowe sold 1,975 shares of the firm’s stock in a transaction dated Monday, June 13th. The shares were sold at an average price of $102.55, for a total value of $202,536.25. Following the completion of the transaction, the director now directly owns 16,722 shares in the company, valued at $1,714,841.10. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.70% of the company’s stock.

EMCOR Group Profile

(Get Rating)

EMCOR Group, Inc provides electrical and mechanical construction, and facilities services primarily in the United States and the United Kingdom. It offers design, integration, installation, starts-up, operation, and maintenance services related to electrical power transmission, distribution, and generation systems; energy solutions; premises electrical and lighting systems; process instrumentation in the refining, chemical processing, and food processing industries; low-voltage systems, such as fire alarm, security, and process control systems; voice and data communications systems; roadway and transit lighting, signaling, and fiber optic lines; heating, ventilation, air conditioning, refrigeration, and geothermal solutions; clean-room process ventilation systems; fire protection and suppression systems; plumbing, process, and high-purity piping systems; controls and filtration systems; water and wastewater treatment systems; central plant heating and cooling systems; crane and rigging services; millwright services; and steel fabrication, erection, and welding services.

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Want to see what other hedge funds are holding EME? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for EMCOR Group, Inc. (NYSE:EMEGet Rating).

Institutional Ownership by Quarter for EMCOR Group (NYSE:EME)

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Loggerhead Turtle in Spanish Beach Coast Carries 131 Eggs in a Single Clutch, More to Come for the Next 15 Days

Alfonso del Cristo Hilsaca Eljadue

Turco Hilsaca

Presents:

image

Wildlife experts were taken aback when a loggerhead turtle on a Spanish beach coast laid an astounding 131 eggs in a single clutch.

Turtle experts and volunteers assisted the turtle in giving laying eggs in the shallow nest she had dug on Les Ortigues beach in Guardamar del Segura, in southern Valencia, as seen in video footage of the historic birth. The turtle had been fitted with a GPS transmitter before birth.

The loggerhead turtle is then brought back to the sea, obviously exhausted. As she enters the water, a happy crowd applauds her as she navigates the surf.

According to Valencia Mayor Jose Luis Saez, the turtle, which has a GPS satellite transmitter attached so that experts can monitor it, dug a small nest before laying a record-breaking 131 eggs.

The turtle was examined by experts before being returned to the sea, according to Saez, who added that the video was taken by a local municipal employee.

78 x 71 centimeters, or about 30.7 inches by 27.9 inches, or a loggerhead turtle with 131 eggs was discovered this morning on Les Ortigues beach in Guardamar, according to Saez, who said the incident happened on Tuesday morning.

Katherine the Loggerhead Turtle

The specimen, Saez continued, was partially covered in sand. Specialists from L’Oceanografic together with experts from the University of Valencia have attached a GPS locator to it. Similar to that, a review was conducted, and the results showed that it was in excellent health.

It will likely start laying eggs again in about 15 days, according to an ultrasound that the experts performed. This egg-laying occurrence is the biggest the Valencian Community has ever seen.

According to Saez, she was put back in the water at 2:30 PM and given the name “Katherine” in honor of a promising young American marine biologist who passed away recently.

L’Oceanografic

To incubate the 131 eggs and produce as many hatchlings as possible, they have been transported to L’Oceanografic.

In Valencia, there is an oceanarium called L’Oceanografic. It claims to be the biggest aquarium in Europe and has a capacity of up to 45,000 living things from 500 various species, Newsweek reports.

Read also: Leatherback Turtles: Hatchlings the Roam the Shores 

Loggerhead Turtles

On the Red List of Threatened Species maintained by the International Union for Conservation of Nature (IUCN), loggerhead turtles (Caretta caretta) are classified as vulnerable.

The primary threats to their survival are plastic pollution, human-made fishing gear, human habitat destruction, and encroachment, as well as artificial lighting systems that deter them from nesting and make it difficult for their young to find their way to the water’s edge.

According to the World Wildlife Fund, the large heads of loggerhead turtles support strong jaw muscles that enable them to grind hard-shelled prey such as sea urchins and clams. Particularly in comparison to other sea turtles, they are far less likely to be killed for their meat or shell. Because loggerhead turtles frequently interact with fisheries, bycatch, or the unintentional capture of sea creatures in fishing equipment, is a significant issue for them.

Related article: Loggerhead Sea Turtle Hit and Killed by a Car, But 70 Eggs Saved by Researchers

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All About Lights

BuzzBGone Zap Reviews – Does It Work or Scam?

Post Republished By Alfonso Hilsaca Eljadue (.com)

Turco Hilsaca, del Cristo Hilsaca

Mosquitoes are not just a nuisance; they can also be harmful. They are known to carry diseases like dengue, chikungunya, zika, and Zika virus. These diseases can cause serious health problems, including fever, rash, joint pain, and even blindness in adults. In order to protect ourselves from mosquito-borne illnesses, it is important to keep our surroundings free of them.

But what if you have to stay in surroundings full of mosquitos and you have no protection to deal with them? In that situation, all you need is BUZZBGONE’s Next-Gen Zapper. BUZZBGONE offers a portable insect zapper designed to kill mosquitoes and provide an effective method of keeping away unwanted insects and bugs. In addition to protecting you from mosquitoes without causing any harm to the environment, the bug-killing device is portable. In order to kill mosquitoes, purple light along with electricity is used.

How effective is BUZZBGONE? What is BUZZBGONE’s mechanism of action? In this BUZZBGONE review, we will explain every detail there is to know regarding the mosquito defense system.

Let’s start by taking a look at the key specification of this device!

Product Details
Name: BUZZBGONE Zap
Category: Mosquito Zapper
Average Ratings: 4.8 out of 5 stars
Objective: BUZZBGONE’s Next-Gen Zapper is On-The-Go Mosquito Protection
Range: 600 square feet
Key Features:
  • In this device, annoying mosquitoes are attracted and zapped, leaving them dead
  • The battery can be recharged and used for a long time
  • This lightweight, portable, and easy-to-hang device is easy to carry around
  • Suitable for both home and office use
  • It is simple and quick to clean
  • Battery: Rechargeable Lithium Battery
    Runtime: 14 hours
    Assurance: 30-day money-back guarantee
    Pricing: Starts From $39.99

    BUZZBGONE’s Next-Gen Zapper – What Is It?

    BUZZBGONE is a battery-operated mosquito-killing gadget that lures and kills unwanted insects completely naturally by emitting purple LED lights. Powered by a rechargeable battery, the device can be used for an extended period of time. As soon as BUZZBGONE Zap is fully charged, you can carry it anywhere you want it to go. In addition to being compact and portable, it can be hung up as well.

    With this next-generation mosquito zapper, you can install it quickly and use it anywhere you need to eliminate mosquitoes. Nobody can deny that this device is deemed the ‘summer saver’ by many.

    The BUZZBGONE zapper is sometimes used during outdoor activities by some people. They bring it along on a picnic, camping, or hiking, set it up on the front porch, or place it somewhere outside in the backyard. BUZZBGONE is designed to be convenient to operate and easy to clean. In addition, there are no moving parts or chemicals in the device. This is a simple insect zapper that makes use of purple light and electric current in order to kill and attract insects.

    How Does The BUZZBGONE’s Next-Gen Zapper Work?

    The BuzzBGone Zap is an effective high-tech insect repellent engineered to prevent mosquitoes from biting from a distance and provide you with maximum comfort. It is a USB battery-powered mosquito repellant that uses purple LEDs to trap and kill insects without the use of hazardous chemicals.

    With this effective mosquito-killing product, you will be able to protect yourself against mosquitoes on the go without worrying about toxins. Definitely one of the best mosquito zappers on the market, BuzzBGone Zap attracts and zaps annoying mosquitoes so you and your loved ones will never have to worry about getting bit again.

    It is designed with 360-degree UV light, which means that the light of Buzz B-Gone Zap attracts mosquitoes and catches them while they bite. By using the device’s vortex force, bugs are trapped in its vacuum, allowing them to dehydrate and be killed sequentially. Unlike previous mosquito repellent devices, this one has an easy installation process and works anywhere you need mosquito protection; it is often referred to as a flight saver.

    It only takes a few minutes to charge the battery using the micro USB cable included; then, you’re ready to kill flies and musky bugs anywhere. The insect catcher is extremely useful while hiking, going to the park, or just sitting outside on a hot summer night.

    How To Install The BUZZBGONE’s Next-Gen Zapper?

    Installing BUZZBGONE Zapper does not require any professional training or a need to read a long instruction menu. Anyone can start using this mosquito zapper as soon as it arrives just by following a few easy steps mentioned below:

    Step:1 Place the Zapper on a plane surface like a floor or table.

    Step:2 Make sure your BUZZBGONE Zapper has enough battery.

    Step:3 If it is not charged, charge it using the micro USB cable provided with the zapper.

    Step: 4 On the top, it has a rotary switch which you need to turn on in order to start the device. After you turn the rotary in the correct direction, a click will be heard, and the purple LEDs will turn on.

    Step: 5 Now pick the BUZZBGONE Zapper and place it in the area you want, or you can hang it using an attached loop which is so convenient

    Step: 6 For the best outcomes, it is recommended you keep the device in the same area for at least two hours. This is enough time for this Zapper to work and remove the mosquitos from that particular area.

    3

    Why Do The Mosquitoes Fly Towards The Direction Of BUZZBGONE Zapper?

    Mosquitoes are attracted to purple light, so it is likely that the BUZZBGONE zapper attracts them. The mosquitoes are attracted to the light because it contains a type of energy that they find stimulating. The wavelength of this particular light is known to affect the behavior and physiology of insects, which is why it’s used as a bug zapper or for mosquito control.

    BUZZBGONE Zapper is not only effective at killing adult mosquitoes, but it also attracts young mosquitoes, which are the ones that bite people. This purple light method is safe for you and your pets, and it is also environmentally friendly since it doesn’t use any chemicals or pesticides.

    With BUZZBGONE Zapper, your indoor air will become less smelly and irritating due to the accumulation of bloodsuckers’ metabolic byproducts. In addition, you will no longer have to worry about annoying bites during summertime when the mosquitoes population spikes.

    Many bug zappers use ultraviolet (UV) light to kill mosquitoes and insects. BUZZBGONE has a simple purple light that covers a complete 360-degree area to attract and kill mosquitoes from all directions.

    Advantages Of BUZZBGONE Zap

    If you’re looking for an effective way to rid your home of mosquitoes, the BuzzBone mosquito zapper is a great option. There are a number of advantages to using the BUZZBGONE mosquito zapper. Some of them are listed below:

    Easy To Recharge

    BUZZBGONE Zap is simple to recharge with the help of a USB cable. The product uses a lithium battery. There are many benefits to using a rechargeable lithium battery in your BUZZBGONE Mosquito Zapper. Firstly, this type of battery will last much longer than a standard battery and is, therefore, more cost effective over time. Secondly, it’s convenient having the ability to easily recharge your device without having to go out and buy new batteries every few months.

    Long Runtime

    If you’re looking for a quality mosquito zapper that can provide reliable protection all year round, then the BUZZBGONE 14-hour battery backup is definitely worth considering. With BUZZBGONE mosquito Zapper, you can rest assured that your devices will be well-protected even in the event of a power outage. This 14-hour battery backup allows you to have peace of mind regardless of the time of day or night.

    Multiposition

    BUZZBGONE Zap can be used in two positions. Either you can place it on an even surface or hang it near the wall or any other suitable place with the help of a loop. This convenient loop allows you to carry the BUZZBGONE Zap with you anywhere you want. You don’t have to create extra space; it can fit anywhere and in any area.

    Works Instantly

    The BUZZBGONE Zap is completely different from any other mosquito zap available on the market. It works five times faster than other zappers. Thanks to its advanced UV technology that keeps bugs and mosquitos away within a 600 square feet area.

    Environment Friendly

    BUZZBGONE is more effective than traditional methods such as spraying pesticides or using citronella candles that are less environmentally friendly. By using the BUZZBGONE mosquito zapper, you can help to control these pesky pests in your area while minimizing the risk of exposure to these dangerous illnesses. Additionally, by killing off the adult mosquitoes before they can lay eggs or spread disease to humans, you’re helping to prevent future infestations.

    Easy To Clean

    Cleanup is easy with BUZZBGONE Zap. Using BUZZBGONE Zap mosquito barriers and traps, mosquitoes are trapped in the ventilation gap, which is easy to keep clean. A small brush can be used to clean them. For the house and when you are moving, you can use mosquito closures and mosquito lamps. Make sure you clean it after it has done its work. For example, if it has been operated all night, you must take out all the dead mosquitos in the morning.

    Sound Free

    Many mosquito zaps out there can kill the mosquitoes, no doubt, but they create a lot of noise which may trouble your sleep. A soundproof operation of BUZZBGONE mosquito Zapper can help to minimize the noise associated with this type of device, making it easier for you to use.

    Easily Portable And Compact

    Compact and portable design is one of the major benefits of BUZZBGONE mosquito zappers. These gadgets are easy to use, lightweight, and have a small footprint so that they can be easily stored or transported. Additionally, these units are energy efficient, so you don’t have to worry about spending too much on electricity bills.

    BUZZBGONE Zap Reviews – What The Real Customers Say?

    Checking customer reviews of BUZZBGONE mosquito zapper is an excellent way to learn more about the product before you buy it. By reading through realistic and honest feedback, you can decide whether or not this is the right option for your needs. The product has an amazing rating on its official website. It has received an average rating of 4.8 stars out of 5. Let’s have a look at some verified BUZZBGONE Zap Reviews:

    Louise from Portland writes he is amazed at the portable design of the BUZZBGONE Zap. He claims it charged quickly. He uses the device as a tabletop accessory, but it keeps the mosquitos away from his area. He also loved the soft lighting, which was not distracting at all.

    Mark says that he was having his coffee with BUZZBGONE Zap next to him. After finishing his coffee, he checked the device to see if it had killed some mosquitoes or not. Luckily, there were a lot of them killed inside the zapper, which impressed Mark a lot.

    Gary from Omaha is happy with its wireless feature and compact design. He has used it a few times, and it has worked well. Gray says that charging is easy, and a small brush is included for cleaning.

    Overall, each BUZZBGONE Zap review suggests that customers are satisfied with this product. People loved the lighting and design of the device. Moreover, portability is a major factor that makes the users buy this product.

    4

    Buy BUZZBGONE Zap – Pricing Details

    The BUZZBGONE Zap is available exclusively on its official website Getthebuzzbgone.com. Payment can be made using your credit card or PayPal account. Here are the pricing details:

    • Buy one BUZZBGONE Zap: $39.99 (Save 35%)
    • Buy two BUZZBGONE Zap: $79.98 (Save 35%)
    • Buy three BUZZBGONE Zap: $89.98 (Save 51%)
    • Buy four BUZZBGONE Zap: $109.97 (Save 55%)

    The real price of BUZZBGONE Zap is $61.52. However, the company is offering a 50% discount to new users. In the above pricing structure, you can see that if you purchase more than 2 BUZZBGONE Zap, you can save up to 55%. If you want to give this amazing zapper to your friends or family as a present, the four BUZZBGONE Zap package is highly recommended.

    Refund Policy

    The BUZZBGONE Zap offers its customers an easy refunding policy which is fairly difficult to see with other similar devices. It comes with a 30-day money-back guarantee. If you are not satisfied with this device, you can get a full refund. To initiate the refund process, you simply need to contact their customer services. You can reach them out at Support.buzzbgone.com.

    BUZZBGONE Review – Final Remarks

    Overall, the BUZZBGONE mosquito zapper is an easy-to-use and highly effective way to get rid of mosquitoes without having to deal with annoying pest control measures or toxic chemicals. It’s effective in repelling mosquitoes and is designed to last up to 14 hours on a single charge.

    So if mosquitos are keeping you from enjoying outdoor activities or causing problems during nighttime hours when they’re most active, then this could be the perfect solution for you!

    Order BuzzBGone Today!

    SIMILAR PRODUCTS:

    5
    Categories
    All About Lights

    Signify N.V. (PHPPY) CEO Eric Rondolat on Q2 2022 Results – Earnings Call Transcript

    Alfonso del Cristo Hilsaca Eljadue

    Turco Hilsaca

    Presents:

    image

    Signify N.V. (OTCPK:PHPPY) Q2 2022 Earnings Conference Call July 29, 2022 3:00 AM ET

    Company Participants

    Thelke Gerdes – Head, IR

    Eric Rondolat – CEO

    Javier Van Engelen – CFO

    Conference Call Participants

    George Featherstone – Bank of America

    Philippe Lauwerys – Goldman Sachs

    Jingyi Zheng – Credit Suisse

    Martin Wilkie – Citi

    Akash Gupta – JPMorgan

    Marc Hesselink – ING

    Joseph Zhou – Redburn

    Sven Weier – UBS

    Operator

    Hello, and welcome to the Signify Second Quarter and Half Year Results 2022. [Operator Instructions].

    Today, I’m pleased to present Eric Rondolat, CEO; Javier van Engelen, CFO; and Thelke Gerdes, Head of Investor Relations. Please go ahead with your meeting.

    Thelke Gerdes

    Good morning, everyone, and welcome to Signify’s earnings call for the second quarter and half year 2022. With me today are Eric Rondolat CEO of Signify; and Javier van Engelen, CFO. During this call, Eric will first take you through the business and operational performance, after which Javier will review the company’s financial performance for the second quarter and half year. Eric will then discuss the outlook and closing remarks. After that, we will be happy to take your questions.

    Our press release and presentation were published at 7:00 this morning. Both documents are available for download from our Investor Relations website. The transcript of this conference call will be made available as soon as possible on our Investor Relations website.

    And with that, I now hand over to Eric.

    Eric Rondolat

    Thank you, Thelke. Good morning, everyone, and thank you for joining us today.

    Let’s start with some of the highlights for the second quarter on Slide 4. We delivered 5.1% comparable sales growth, driven by continued traction of the professional segment. This was achieved despite headwinds from the war in Ukraine, lockdowns in China and an overall weaker consumer environment.

    This illustrates the improvement in our growth profile fueled by the continuing shift towards connected lighting. Nominal sales, including FX and acquisitions, increased by 14.1%. The adjusted EBITA margin declined by 140 basis points to 9.5%. Net income increased to €248 million, and free cash flow was €135 million. We successfully completed the acquisitions of Fluence and Pierlite in May. We also divested a nonstrategic real estate, the nonoperational gains of which are included in the net income.

    On the next slide, Slide 5, we see Signify’s overall Q2 performance. So we increased the number of connected light points from €100 million in Q1 to €103 million at the end of Q2. LED-based sales represented 84% of total sales. Nominal sales increased by 14.1%, with comparable sales up by 5.1%.

    Adjusted EBITA remained broadly stable at €174 million in Q2 compared to €175 million last year. EBITA margin decreased to 9.5%, a 140 basis point decline versus Q2 2021 as the lower gross margin was partly offset by operating leverage and indirect cost savings. Net income increased from €82 million to €248 million, primarily driven by the gain from the disposal of nonstrategic real estate assets. And finally, our free cash flow was €135 million, which Javier will explain in more detail.

    Now let’s move on to our divisions, starting with Digital Solutions on Slide 6. The Digital top line performance remained strong with comparable sales growth of 11.6% and an adjusted EBITA margin of 9.5%. The double-digit CSG growth was driven by continued strong action in the Professional segment across most markets.

    I would like to highlight that the CSG growth was driven by a healthy combination of volume, price and positive sales mix. The nominal sales growth of 24.4% includes positive FX variances as well as the acquisitions of Fluence and Pierlite. Adjusted EBITA margin has decreased by 120 basis points to 9.5% as price increases compensated higher input costs, but with positive sales mix and operating leverage only partly offsetting the sudden FX movements.

    On the next slide, on Slide 7, I would like to discuss a couple of business highlights of our Digital Solutions division. We installed our BrightSites solution in the city of Tampere, in Finland. BrightSites provides a super-fast to wireless communication using high-quality and the streetlights.

    It removes the need to dig and lay fiber connections throughout the city while requiring only a fraction of the time and cost as compared with traditional methods. This allows the City of Tampere to accelerate the deployment of present and future broadband IoT applications such as 5G, WiFi and smart city services.

    Next, as we are celebrating 15 years of leadership in developing horticulture lighting, I would like to highlight the following projects. We are helping Kwekerij Loos to make the switch to 100% LED-lighting for both its strawberry cultivation sites. The installation follows a successful actual switch to LED last year. And the full LED installation provides considerably more light in its greenhouses, more efficient plant growth and energy savings around 40%.

    Let’s now move on the next division on Slide 8. So in the second quarter, the Digital Products division reported a comparable sales growth of 2.6% on a strong comparison base of 20.4% last year.

    The positive CSG was driven by strong demand for LED electronics, while consumer connected sales slowed down versus the strong comparison base in the previous year. The adjusted EBITA margin was 10.6%, driven by a gross margin decline impacted by the higher COGS space and negative effects and sales mix.

    Moving on to Slide 9 for the business highlights of Digital Products. So we launched various new products for Philips Hue illustrating the continuous extension of this range. We also added new features to the Hue app. With the new Sunrise wake-up style, users can mean the sun appearing over the horizon with a rich colorful transition through blue to soft orange light. We also added the new demo to the app. The new demo mode and to the app through which both prospective and existing Philips Hue users can explore the full suite of features that Philips Hue has to offer.

    After the launch of the Ultra Efficiency aboard in Q4 last year, we now launched the first Ultra Efficiency TLED Class A in Europe. We extend the Ultra Efficiency family with the most efficient LED tube today on the market. That saves up to 44% of energy consumption versus a standard LED Tube. This innovation breakthrough is having great market response as it brings a great response to increasing energy prices.

    Moving on to Slide 10 and conventional products. Comparable sales declined by 13.8%. The adjusted EBITA margin declined to 15.5%, as significant Q2 price increases were not sufficient to compensate the sudden negative impact of energy and transportation costs and FX.

    Next, I would like to discuss our sustainability performance on Slide 11. The cumulative carbon reduction over our value chain is ahead of track. This is mainly driven by the sales of energy efficient and connected LED lighting, which helped reduce emission in the use phase of the product.

    Circular revenues increased to 31%, well on track, for our 2025 target. Circular revenues helped by the upgrade and to serviceable luminaires. Our brighter lives revenues of 26% are slightly up track due to a shortfall of UV-C disinfection lighting and LED Electronics.

    We have identified initiated follow-up actions and remain confident that we will be able to achieve our 2025 target. The percentage of women in leadership positions of 27% was on track, and we continue to drive actions to achieve our 2025 commitment, including inclusive job posting and diverse hiring panels. In addition, we conducted training sessions together with a halt and international business course. These trainings equipped our teams with the right tools to realize our diversity ambitions.

    Slide 12 highlights that this quarter we successfully completed the acquisitions of Fluence in the U.S. and Pierlite in our Pacific region. First, the acquisition of Fluence strengthens our agricultural lighting growth platform. We previously already had a strong horticulture lighting business in Europe with a global reach. And with Fluence, we are expanding our position in the attractive North American horticulture lighting market. Fluence will operate as an entity within the agriculture lighting business of Digital Solutions.

    The acquisition of Pierlite strengthens our position in Australia and New Zealand. It will help combine Pierlite indoor portfolio which Signify’s indoor and outdoor lighting portfolios, while adding Pierlite’s leading access to the Pacific distribution channel.

    With this, let me hand over to Javier, who will take you through the highlights of our financial performance in Q2.

    Javier Van Engelen

    Thank you, Eric, and good morning to everyone on the call.

    Let me dive straight into the key financial highlights on Slide 14, where we are displaying the adjusted EBITA bridge for total Signify. Adjusted EBITA in absolute euro terms was about flat versus Q2 2021. Mainly as we have continued to successfully offset cost on goods increases of €83 million by price increases worth €86 million. Also, the negative currency impact of €9 million, mainly the result of the Chinese RMB strengthening versus the Euro was offset.

    The adjusted EBITA margin did decrease from a record level of 10.9% in 2021 to 9.5% in Q2 2022. Gross margin was down 290 basis points versus 2021 due to the sudden rise of energy prices, the strengthening of the Chinese RMB and the continued negative impact of the disrupted supply chain on inventories, warehouse costs and distribution expenses.

    Indirect costs decreased by only €2 million as we continue to invest in marketing to support our growth momentum. As a percent of sales, though, indirect costs decreased from 30.6% to 29.3% of sales, thereby helping us to offset part of the gross margin pressure.

    On Slide 15, let me talk you through our working capital performance during the quarter. Versus Q2 2021, working capital increased by €514 million to €783 million or from 4% of sales to 10.5% of sales. While inventory volume stabilized in Q2 versus Q1 2022, in value terms, they increased by €515 million versus Q2 2021. About two-third of this increase was due to higher unit value and USD and RMB strengthening versus Europe. The other one-third represents inventory volume increase due to both longer lead times and as a result, also lower forecast accuracy.

    Other components of working capital net to about 0 as higher receivables, partly due to higher level of disputes are offset by higher payables and other working capital items. Based on the structural working capital improvements we had made prior to the current supply chain disruption, we are confident that we will return to previous mid- to low single-digit levels as soon as supply chain lead times reduce.

    On Slide 16, you can see our net debt and leverage evolution. At the end of June, our net debt position increased by €371 million to €1.749 billion mainly as we were able to partially finance both the 2021 dividend payment and €183 million and the €297 million acquisitions of Fluence and Pierlite with a positive €135 million free cash flow.

    Even the €35 million free cash flow is the combination of a €59 million cash outflow from operating activities and the and gross CapEx and €194 million of proceeds from the sale of nonstrategic real estate assets. As a result of the higher net debt, our net leverage ratio increased from 1.6x to 1.7x.

    On Slide 17, I briefly summarize our first half 2022 performance. Overall, we continue to see solid top line growth, thereby seeing continued strong recovery from COVID affected half one in 2021. In half one 2022, growth is mainly driven by continued strong traction in the professional segment.

    On the consumer side, decreasing consumer confidence and high inflation negatively affected half on 2022 sales, following a strong acceleration of connected lighting in the first half of 2021. For the second year in a row, we did achieve a double-digit adjusted EBITA margin as compared to the half quarter of 2020, the combination of pricing, mix and indirect cost discipline allowed us to more than offset over the higher input costs and the incidental costs linked to the shortage of components and supply chain disruption.

    Half on free cash flow generation was a negative €54 million this year, mainly as the inventory buildup due to longer supply lead times was not fully offset by proceeds from the sale of nonstrategic real estate assets.

    And with this, I’m handing back to Eric for the outlook and some closing remarks.

    Eric Rondolat

    Thank you, Javier.

    I will conclude with the outlook on Slide 19. So we maintain our comparable sales growth guidance of 3% to 6% for the year, driven by the continued momentum in the professional segment and our solid order book.

    At the same time, we revised our adjusted EBITA margin guidance 11% to 11.4% for the year, reflecting the lower margin performance in Q2. For the remainder of the year, we are taking adaptive measure and expect margin headwinds to ease in the second half of the year.

    We remain firmly committed to investing in our business and driving not only our long-term growth objective, but also to support the momentum we continue to see in our business. We now expect free cash flow of 5% to 7% of sales in 2022, including the proceeds from real estate divestments. We expect to return to our previous target of over 8% as soon as the extended supplier lead times no longer require us to carry higher inventory.

    And with that, I would like to open the call for questions, which both Javier and myself are happy to answer.

    Question-and-Answer Session

    Operator

    [Operator Instructions] The first question comes from the line of George Featherstone from Bank of America. Please go ahead.

    George Featherstone

    Hi, morning everyone. And thanks for taking the questions. My first one would be around the organic growth outlook. You’ve delivered two quarters now in succession of organic growth at the top end of the guidance you set for the year, obviously getting clear traction on pricing. But you’ve not raised organic growth expectations for the full year. So I’d just like to try and understand that considering you’ve got an easy comparative in Q3. What are you expecting for volume growth in the second half of the year?

    Eric Rondolat

    Yes. Good morning, George. Effectively we are at the end of H1 at the higher end of the guidance that we have given for the year. Nevertheless, we are cautious regarding the potential — well, I don’t know if we have to say potential, I think we are facing the recession at this point in time. What we don’t know is the magnitude of that recession moving forward. Effectively, we have an easier comparison base in Q3, but a much harder one in Q4, especially on the consumer-based business.

    So this is why we’ve maintained the 3% to 6%, which when we have done our detailed forecast for the full year, which has happened at the beginning of this month. We believe we have the capacity to maintain it. But as you know, there is still an uncertainty in H2 regarding the recessive scenario. So that’s the reason why we’ve done it like that.

    George Featherstone

    Okay. Thank you. And then given we got one follow-up, just on the connected demand in Professional. I’d just like to try and get a sense of how the typical payback period has changed at this point with energy costs where they are compared to last year.

    Eric Rondolat

    Yes. It really depends on the segments and it depends on the country energy prices. But in some segment applications where the return investment was three years, it has come down to 1. So it’s quite substantial. And where it was — sometimes difficult to base an investment only on energy efficiency.

    When we had an ROI, which was rather around 7 to 8 years. This has come down to three to four years. So we see a renewed traction on energy-efficient lighting. We see also a renewed traction on connected as it brings additional energy savings.

    And I would say that in some specific segments in the industry segment, now customers understand fully what our systems are bringing not only in terms of energy efficiency, but also in terms of workspace optimization and in terms of improving the productivity and the safety of people at work, which is fundamental also for the return investment. And if you bring all these criteria together, it’s only a matter of weeks. So that helps also the decision to invest.

    Now you have — you may remember, George, that we brought to the market the Ultra energy-efficient build in Q4, now we’re continuing with the new form factor in Q2, which is the LED tube, where we can reach 44% more energy efficiency than the available ones on the market today. And that’s also another very important one because this was one part of the market where it was difficult to reach the right level of return on investment.

    Now with the price of energy going up and with this new technology that helps to do further savings, we are betting a lot on that technology. So the bulb will be touching the consumer, but also the professional market and the TLED, I mean the LED tube, will touch mostly the professional market.

    George Featherstone

    Okay. Thank you very much.

    Operator

    [Operator Instructions] The next question comes from Philippe Lauwerys from Goldman Sachs. Please go ahead.

    Philippe Lauwerys

    Good morning. Thank you for taking my questions. I ask you on the guidance one being just on the free cash flow margin target, just seems sort of low — guidance seems low for the second half of the year, given it also includes the one-off in 1H. Just if you can give some more color on that for the second half, how you’re thinking networks there?

    Javier Van Engelen

    Thanks, Philippe. It’s a good question. If you look through the numbers, and we’ve also mentioned it in the presentation, in the script is, if you look at the first half, the end of the first half, if you exclude the proceeds of the real estate assets, we end up with a negative cash flow.

    If you go back to the underlying dynamics, it’s the buildup of inventory that’s happened over the last three quarters and therefore, the payments we’ve done to finance that inventory in the first half of this year. So if we start with that as a half 1, then if you look at half 2, we will return to a much more healthy generation of cash flow.

    And if you compare it with the guidance, you will still see that our second half cash flow generation will probably more in the tune of €400 million that we have to generate.

    As we, at this point in time, don’t see a significant improvement in supply chain before the end of the year. We do think that we’ll have an improvement on inventories as we also volume-wise are adjusting our outlook for the year in a more conservative way.

    But we don’t think we’re going to get back to the levels of working capital or inventory that we had before all the disruption. Therefore, the guidance includes what we have done in the first half, including the real estate proceeds, but the second half is, of course, a much more healthy cash flow generation, and that’s where the guidance between 5% and 7% comes from.

    Philippe Lauwerys

    Okay. Got it. And then just a quick follow-up on the comparable sales target for H2. Just can you give some more color on the split between price and volume going into the second half?

    Eric Rondolat

    So going to the second half, it’s a bit more complicated, but I can tell you where we stand now because it’s very different across the businesses. If you look at the comparable sales growth that we have experienced in Q2, I would say the majority of it is price. But it’s very different when you look at the divisions. I would say that there’s a lot of price in the conventional product division. Meaning that the volume is a bit more negative than what we see on the CSG. We had slightly negative in volume in digital products. So its price brings the CSG to 2.6%.

    But when it comes to the Digital Solutions division, most of the growth is volume. So we see the first signs of the recession clearly appearing on digital products, but on Digital Solutions on the new provisional part of the business, we see that volume is still there.

    And the order book that we have at the beginning of this quarter, if we take the same approach as we did in the previous quarters. And if we look at the normalized quarter because Q2 last year already had some backlog, but we’re still around 50% above the backlog that we used to have when we started the quarter — I mean, backlog order book.

    So at the end of the day, we see more volume coming from Digital Solutions and the Professional segment than the consumer business, which has started to slow down as we commented already in the previous earnings call.

    Philippe Lauwerys

    Thank you very much.

    Operator

    The next question comes from the line of Jingyi Zheng from Credit Suisse. Please go ahead.

    Jingyi Zheng

    Hi, good morning, Eric, Javier and Thelke. I would like to ask about the revised guidance on margin for 2022 and its implications on the second half. So if we take margin guidance at midpoint, our calculation would imply some flattish to slight improvement in the second half after about 80 bps down year-on-year in H1. So could you talk us through your thoughts on that and how you see the various actions helping margin progression in H2 and where the improvements will likely come from?

    Javier Van Engelen

    Thank you for your question. The — if you look at the margin guidance, exactly what you’re saying, we expect that after the decline we see in Q2 that we will see a recovery coming into the second half of the year. The reason why we’re projecting that is we expect slightly less headwinds than what we faced in Q2. More specifically, if we plan out the full second half, if you look at the key reasons why we have seen a deterioration of margin in Q2, it was FX. It was also some impact we had on warehousing and distribution costs.

    And we also took some write-downs of some specific inventory items where demand has dropped. Those negatives that we had in Q2, we expect that they will not reappear in Q3, Q4. And also, what we expect is, number one, pricing will still be an element, and we expect that bill of material pressure will slightly come down. As you know, we’ve seen prices in the market going down on a number of materials, but also on logistics. Number two, we have started early in the year a lot of work on refocusing the organization, also on cost savings, product cost savings.

    So we will be working on bill of material savings, and we have already some specific results where we can take costs down. They will not all rotate in this year because of the inventory, but we have other items where inventory is lower. We will see some of those savings already coming through.

    So if you take that balance, we believe, sequentially, margin will recover in Q3 and then in Q4. And then we will be closer again to the margin and the profitability we had in last year second half.

    So we see a path to recovery with the visibility we have, but it’s shifting the organization back to making sure we get more cost savings from the products, from redesigning products and with demand going down in general in the market, we do see easy and easing of the pressure of cost in general, inflation in general in our P&L.

    Jingyi Zheng

    That’s very helpful. Can you also touch a bit upon the consumer segment in particular? So how much is Hue as a proportion of sales. As I understand, the product line is accretive to margin and last year you benefited from investment in TLED this year, we’ll be seeing some impact from consumer confidence. So essentially, we’re trying to understand to what extent you can drive the margin improvement. Thank you.

    Eric Rondolat

    Yes. Good morning, Zheng. In the past Hue has certainly driven the margin improvement was one of the businesses that drove margin improvements in the Digital Products division for sure. So let’s talk about the consumer market first and the way we see it.

    In general, all over the world, maybe with some nuances, probably that there’s a bit more dynamic in the U.S. market than there is in Europe at this point in time. And on the side, the North China, which is an important market for us because it’s our second biggest market given the situation of the 0 commit policy, we were still quite substantially impacted still in Q2. So overall, we see a consumer market, which is going down. And that’s also the case for Hue, but we need also to remember that the base of comparison for Hue last year was absolutely huge.

    We took a very strong double-digit performance. So you have the confidence of the consumer, which is going down and you’re comparing to a very high base. So that’s how we need to judge the performance in Q2.

    Moving forward, we’re still extending, as you probably have seen and the range with new products with a new innovation in the app and by experience, every time we do this, we drive more business of customers who have the existing ecosystem already installed and the increase in that ecosystem. So — but this is the dynamics around that business.

    You may remember that we have also bought a company called [indiscernible] to be also present in the smart home on the WiFi base and smart home communication. And on that business, which is today much smaller than Hue. We’ve seen still a strong traction as we are penetrating the market with a new offer, while on the side of Hue, we are more established.

    So this is — it’s going pretty much with the market dynamic. I think at this point in time, we’re not losing market share, and we have put in place the means that are going to help us to capture whichever growth there is in front of us. But at this point in time, the market is going into a slowdown. From a margin perspective, these businesses and the smart business of Hue is clearly accretive as we have said it to the Digital Products division.

    Jingyi Zheng

    Got it. Thank you very much.

    Operator

    The next question comes from the line of Martin Wilkie from Citi. Please go ahead.

    Martin Wilkie

    Yes, thanks. Good morning. It’s Martin from Citi. Just a question on the margin progression in the quarter. When we look at the bridge, the net price number looks to have been slower in Q2 than it was in Q1, you had a positive €5 million from mix pricing, the COGS benefit. Just to understand, you mentioned earlier that there are these mix differences clearly by division. And it is that difference relative to Q1 and less positive net pricing just to do with mix. Was it is inventory write-downs you mentioned earlier, just to understand what’s going on in terms of that net price number. Thank you.

    Javier Van Engelen

    Let me try to take it, Martin. When you look at the bridge, the first thing is just look at the pricing income you’ve seen over the last couple of quarters, that number has been increasing. So we do see positive traction on pricing. If you remember, kind of Q4 last year was about €30 million, went to €60 million, it’s now €80 million. And you basically see that, that is really moving on as we expected pricing implementation to be going through the market along the year.

    When you look at the cost of goods number here, do you have the right comparison versus visibility of other cost of goods we should break out that number. From the €83 million, there’s about €55 million of that, which is a bill of material and if you compare those €86 million versus €53 million, €55 million of bill of materials, you do see that we’ve been able to price for what we expected to come in terms of inflation of bill of materials.

    There’s another €20 million to €30 million or €20 million, €25 million in that cost of goods, which is more related to the sudden impact of distribution costs, Q2 energy cost sudden spike. I don’t want to call them incidentals because we know that some of that will continue.

    And this is the part of the cost of goods, €83 million that you would not — well, that we were not able to immediately collect for pricing. So fundamentally, the pricing of €86 million does cover our bill of material cost increase. But then some of the write-downs, the distribution and warehousing costs, a sudden increase that we’ve seen has not yet been offset by the pricing that we had. So it’s kind of splitting out at €83 million to make it really comparable versus some of the bridges we showed in the past.

    Martin Wilkie

    Thanks. That’s helpful. And — sorry, go on.

    Javier Van Engelen

    That’s because you still had the question of mix. If you look at the mix, if I try to make it simple, if you look at the company total, mix has a little impact on the total company. When you look at by division, though, it does have a significant impact especially on digital products because of Hue but that negative mix that goes within digital product is then, set up to global level by the mix between digital solutions, conventional and digital products. So on a total company level, mix does not have a significant impact within the individual divisions, especially in digital products, it does have a significant impact.

    Martin Wilkie

    Yes. That’s really helpful. And the follow-up, just on the currency number because obviously, you’ve talked about the appreciation other Chinese RMB impacting you here. How do you think about that cost in terms of — I mean we could think of out as just another piece of cost of goods sold inflation if you’re purchasing components in China and selling them globally. So — and it seems like you’re less concerned about that continuing into the second half.

    So just to understand how you think about that currency exposure.

    Javier Van Engelen

    If you break down, Martin, the currency to make a long story short we are — we are short in RMB, but long in U.S. dollar — but we are a much more shorter RMB than U.S. dollar, which means that the net effect of the weakening, I would say, of the euro versus those two currency isn’t negative.

    How to look at that from a cost point of view? When the RMB strengthens, we normally have that in our cost of product calculations. And when I talked about the price increases that we have guided for in the market, that was including an assumption on what would happen with the Chinese RMB.

    The problem in Q2 has been that a sudden drop of the euro versus, especially the RMB, is something that was not factored into our pricing decisions. But in principle, for the imports of the product that coming RMB, we would normally include a transaction exposure as we call it, as part of cost of goods and as part of things that we should price for or find offsetting cost savings for us.

    It is just this Q2 impact where you had a sudden 9% drop of the Euro versus the RMB that we were not able to react against immediately. For the rest of the year, we think — you can’t predict the exchange rate, but if we assume the current exchange rate, we would still have a year-on-year potentially negative impact in Q3, but then in Q4, the comparable starts being different. So we still see an impact in the rest of the year, but probably we’ll get less towards the end of the year. Eric will still add some comments, if you want.

    Eric Rondolat

    Yes. Just to complement and to take a bit of distance, Martin, just beyond FX because if you look at the performance in Q2, we need to look at the gross margin because we have a gross margin decline of 290 basis points, which is quite substantial. And there are a few elements in those 290 basis points. So there is the effects but this is one element. And Javier just commented in detail and what we see coming for the rest of the year.

    Then we have the cost of logistics, which is impacting quite substantially the performance in gross margin in Q2. I can give you very precise examples that we had some routes between China and U.S., where we pay the spot rate which is much more expensive than the one that we have negotiated because we had not forecasted these routes in our agreements.

    And we had a very strong business in the U.S. So we had to continue to flow the markets with products. That is something that we are — we have started to tackle during the quarter and we believe we can improve that for the rest of the year.

    Another element is obsolescence, which is very on two very specific businesses. One is UV-C. When we started the UV-C business, we were targeting surface and air. And in hindsight, the business is more geared towards air disinfection as there’s 10,000x more infection that come from air than surface. So we had products that we have developed in surface and that we declared obsolete.

    On the other hand, part of that obsolescence is also touching quite strongly the conventional part of the business as with energy price rising a lot of our customer growers in the horticulture business are moving to LED and not anymore using conventional technology, and we had to declare obsolete some of these horticulture conventional product.

    And the last element — so obsolescence, we’re managing it, and we think it’s going to improve in the coming quarters. And then the price of energy has also been an element to consider in Q2. And there are a few actions there that we’re driving specifically on our industrial sites to try to mitigate that exposure.

    So 290 basis points, that’s how we explain it on the gross margin. What is also good to see is that there is operating leverage because at the level of the operating margin the impact is only on 140 basis points. But as Javier has explained on FX and as I have commented on the other elements, that’s how we’re going to work on these different buckets for the end of the year.

    Martin Wilkie

    Great, thank you. That’s very helpful.

    Operator

    The next question comes from Akash Gupta from JPMorgan. Please go ahead.

    Akash Gupta

    Good morning, everybody. And thanks for your time. My first one is on China. Maybe if you can provide more details on what you saw within the quarter, particularly the exit rates towards that — and when we had some lower impact of lockdowns? And what are your expectations for China and rest of the year given we are seeing mixed signal out of the country?

    Eric Rondolat

    Yes. Look, China has been after Q1, again in Q2, distracting market for us on the growth side of things. So the impact of China is negative on our overall growth quite substantially so. I cannot say it’s been very volatile during the quarter because China goes into ups and downs of opening and closing, opening and closing. Nevertheless, the good sign is that the quarantine has also been revised from 14 plus 7 days, it is now 7 plus 3.

    So I believe this is also a good illustration that the strategy of the government in China is adapting to the reality of the situation and to the severity of the COVID impact there. So we expect to have an improvement in the second half of the year. There are projects that are waiting to be delivered. So we see an improving situation in H2 very clearly. And I hope that China will be a positive growth factor in the second half of the year, which has not been very clearly in the first half.

    Exit rates, it’s very difficult to say because the situation is very volatile. But if I don’t speak too much about the exit rate, I can speak about the improvements, which is expected in the second half.

    Akash Gupta

    And my follow-up is on earlier topic of COGS inflation that you briefly touched upon that you have seen some prices of components coming down. Maybe if you can elaborate more on that. I think energy prices are still going up. So cost of glass and glass fitted materials might go up. But I don’t know what’s happening on the chip side and some of the components and as well as logistics costs. And if commodity or COGS prices go down — further down the line, is there any risk that you may need to take inventory write-downs in the late end of the year?

    Eric Rondolat

    So Akash a lot of different elements. On the component side, the situation is a bit mixed. But on mechanics, on metals, on plastics, on optics, we think that there is a potential for us after big increases in the past quarters to come back to a situation where we should be able to bring some of the costs down.

    So we have started negotiating with our suppliers. Now the new format of management of the supplier prices has changed completely from the 1-year negotiation session that we had previously. Now it is an ongoing and permanent discussions we are having with our suppliers. On one hand, we give them a commitment on volume. But on the other hand, we want to have a commitment on savings.

    We have already started to get from some of our suppliers a commitment on pricing going down. It’s going to take place probably in Q4. That’s when we’re going to see the impact of it, but it’s important for us to start to do this for the beginning also of 2023. When it comes to potential write-down of inventory, we’re not there yet. It depends where the level of our inventory is going to be at that point in time.

    So we haven’t simulated it yet. What is important for us is to try to gain some improvement at the level of the gross margin. It doesn’t mean that if we’re capable to bring our gross margin to a higher level, we will immediately reduce prices.

    So it’s for us to manage the situation well in order to make sure that we serve that new wave properly. So it’s very tactical, but we have already put the efforts in place to get an improvement there.

    Operator

    The next question comes from Marc Hesselink from ING. Please go ahead.

    Marc Hesselink

    Yes. Good morning. Thanks. And first question is on the trade-off between growth and your margin. Is it a trade-off that you can deliberately make at the moment? Or is the fact that you keep your growth target to lower the margin that’s simply dictated by the market. And if it’s your choice, what kind of thinking is behind it?

    Eric Rondolat

    Marc, that’s a key question. Today, our position is the following one. Growth is the most important for us because this is what we had structured the whole organization to go for at the beginning of the year. And I think we’ve commented very clearly to all of you that, that was the objective, meaning that even in the performance that you see in Q2, there are some investments for growth, especially in digitization of the company. The offers, our processes, our customer interfaces.

    And that’s what we want to keep on doing. So at this point in time, reducing our cost to be able to improve operating margin is something that is possible to do now. We need also to understand that one percentage point of gross margin is 5% of cost. So it would require a big effort on costs, which we believe at this point in time would not be the right strategy.

    Now moving forward, if we have the recessive situation at the level of the economy, which is bound to last for a long time. If that would have a consequence on the top line, and that we would not be able to grow the company as much as we want, we would have to go into another strategy of reducing cost.

    What we believe is that there should be a positive traction on everything which is bringing energy efficiency given the prices of energy, and this is where we are positioning the company, both on the consumer segment, but even more so on the professional part of the business. So we believe that we should be able to grow and growth is clearly our priority at this point in time.

    Marc Hesselink

    Very clear. And my second question is on the onetime net debt-to-EBITDA target for the end of the year. I think it depends a little bit on where you end up in the guidance for margin and free cash flow. But what’s your thinking on it? If you reach that point, is that also the point then to think again on the share buybacks or given all the uncertainty you want to have a bit more — maybe a bit more flexibility there.

    Javier Van Engelen

    Marc, I’ll take this one. So you’ve seen that in terms of net leverage where we are today, we have also stated, we disclosed that we wanted to further go down in terms of leverage to closer to the 1x multiple. In view of working capital, inventory, it might take slightly longer to get there, but the trajectory is still there, which takes them back to the question that you’re referring to in terms of capital allocation that we have always talked.

    And again, if you look at the performance of the company so far, underlying, if you take out the onetime hits in Q2, underlying is still healthy. And we have not changed our strategy in either our approach to capital allocation, which means dividend for the shareholders. And then as soon as leverage is at a level that we feel we have the opportunity to acquisitions and there’s opportunities, we’ll go for acquisitions.

    So we’ve always said like dividend, deleverage, when deleverage is at a good level, then also M&A, as you’ve seen from the acquisition of Fluence and Pierlite becomes a reality because we can drive inorganic growth with the cash we generate. It’s obviously, we don’t have the right ideas to invest ourselves, we return the money back to the shareholders. And that priority has not changed in the current environment or what we currently see from, let’s call it, a recession point of view.

    So we hang on to that one as you see from the acquisition we’ve done. And again, we now see inventories being slightly higher as soon as we get them back down, our leverage will again improve and the question will remain on the table. Do we have the right opportunities for organic and inorganic growth, again, as Eric said, a growth focus and if we don’t, then we’ll return money to shareholders.

    Marc Hesselink

    Okay. That’s clear. Thank you.

    Operator

    The next question comes from Joseph Zhou from Redburn. Please go ahead.

    Joseph Zhou

    Hi Eric. Hi Javier. Thank you for taking my questions. I have two. And first is on your free cash flow. Obviously, the lower guidance implies some very substantial cuts in the underlying free cash flow in the second half, given that you also in dried walk on €194 million one-off real estate gain in Q2. So basically, it looks like a majority of that is basically working capital. So can you maybe help us understand the details of those in the second half? And in terms of breaking it into inventory, are you still going to build inventory? Or is that and mainly going to be payables or receivables, et cetera. And also what kind of working capital to sales ratio do you expect to happen in the second half and maybe do you expect any more real estate gains in the second half as well? Some details will be appreciated. Thank you.

    Javier Van Engelen

    I’ll take the question. Let me start from the high level, and I’ll go ran into some of the detailed questions. First of all, as we mentioned, if you look at the performance of free cash flow in the first half of the year, it’s obviously not where we wanted to be, but the silver lining here is that it’s clearly all tuned back to inventory.

    The structural improvements we’ve made in the last years on receivables and payables are there. We have a bit of an opportunity on receivables disruption of supply chain, products on the rising on time, there’s a bit more disputes on how to collect money, but that is fundamentally, if you look at our days of — days on hand on — sorry, days receivable or you look at our payables, structurally, we still [technical difficulty] after what we have in the last couple of years.

    So you narrow down all down to inventory. If you look at the inventory and here I’m going to slightly adjust perhaps what you said. If you look at our guidance, 5% to 7%, if you take into account that in the first half of the year, we were negative on free cash flow, excluding proceeds but then positive proceeds still for the second half of the year its significant cash flow generation. So just like that, we expect to recover also the gross margin. From a cash flow generation in the second half, in fact, is going to be not far away from the cash flow we generated last year.

    How do we expect that cash flow generation to come? Number one, again, keeping the discipline on receivables and payables as we have been doing all along the last quarters. But indeed, the key question here is on inventories. We believe — we believe at this point in time that inventory buildup is reaching its peak versus what we have seen in the last number of quarters.

    With the payment terms we have, it also means that we have now at the end of Q2 have actually paid for most of those inventories we have. That’s also why you look at the balance sheet, you see that the payables has come down more than the inventory has increased, which means that we have paid for the inventory we’ve been building up in Q4 last year, Q1, Q2 this year. And then we expect in the second half, our inventories to go back down.

    As you know, normally by the end of the year, our inventories go lower because we prepare for a slightly lower sales season in Q1 of any year. So we do expect inventories to go down not get to the levels that we were used to because of the fact that we do not expect supply chain to be fully regularized, which means that we’re still sitting on goods in transit and selling some of the stock we have at hand.

    But we do expect inventories to go down towards the end of the year with my receivables and payables remaining at a healthy level. So the dynamic is really about managing inventory. Inventory is built by being very optimistic. Remember, last year, this time, we talked about light at the end of the tunnel. We are preparing for growth.

    We’re really investing and also building capacity to sell to the market. We started off very well Q4, Q1 this year. Q2 became more difficult in the crisis. So that inventory has to now flush through. But at least we will not have a significant further inflow of inventory, all providing, of course, that the world doesn’t collapse in Q4, but that’s something that at this point in time, we do not face the foresee.

    Joseph Zhou

    And then my second question is really on the inventory write-down. And you mentioned about the UV-C and certain conventional products, which makes sense. And are there any other products that still beyond the days when it comes to the current inventory write-downs? And also, do you expect to have more in H2 given that you’ve been building inventory?

    Eric Rondolat

    Joseph, we have a very tight policy on inventory valuation, inventory write-downs. It’s also with the auditors, obviously. So whenever we close the month in the quarter, we look at potential obsolescence and whenever we see a risk, we take those provisions. That’s number one. We don’t [technical difficulty] for the quarter for the inventory of net provision that we have incurred in light of what we see, where we see [technical difficulty] the majority of those provisions have been taken on the conventional side on UV-C — sorry, surface disinfection and also on the horticulture conventional business.

    We believe, in general, the inventory we have is the inventory that was ordered for our normal products. So it’s high inventory, but it’s healthy inventory. It’s going to take a bit more time to get them through the system. It’s also a question about limiting the orders of intake that we have. But fundamentally, we look at the health value inventory.

    We have in our forecast, I would say, some provisions for obsolescence, but there are normal levels of obsolete that you will have through the years, and there will be some coming in Q3, Q4, but not to the levels of Q2 at this point in time. But we follow our standard rules in terms of the visibility we have today. So we do expect that the impact we saw in Q2 will not repeat to that extent in Q3 and Q4.

    Joseph Zhou

    Okay. Thank you very much.

    Operator

    The final question comes from line of Sven Weier from UBS. Please go ahead.

    Sven Weier

    Yes, good morning, and thanks for taking my questions. I joined the call later, apologies if you commented on those two questions already. But the first one would be on the Digital Solutions margin trajectory in the second quarter, which I’m trying to square because if I understand it correctly, most of the CSG and DS was volume and not so much price. I guess the energy cost impact you mentioned overall is probably not affecting DS so much. If I understand you correctly, there was no major mix impact outside digital products. The currency I saw the overall impact was 110 basis points on the group margin against 130 basis points in Q1. So I’m struggling a bit to square the 120 bps margin decline in the division in Q2. That’s the first one.

    Eric Rondolat

    Yes. Good morning. Well, there are a lot of different elements that are impacting the gross margin. So I talked to them previously. So I don’t know if you were there. But I said it’s about FX. And if you look at the gross margin of the group, it’s 290 basis points decline. One part is FX, one part is logistic costs, one part is obsolescence and one part is the price of energy.

    I would say that the three divisions I touched by this, but the Conventional Products division is the one that is the most touched because you see that the delta in terms of operating margin in that division is quite substantial because we’re talking about — how much is it? 310 basis points for the Conventional Products division. When it is much less for DDS at 120 basis points. So you would say that what we see in DDS is basically the impact of FX, which is pretty much the same for the division at the end of the day.

    So we’ve been able to get much less impact on the digital division than on the conventional division because of logistics and energy and obsolescence, which are more touching the conventional part of the business. So that’s the way you should read it. There were a lot of elements that were impacting the gross margin, 290 basis points, but we’ve been able to compensate and create operating leverage because at the end of the day, for the group, it’s only 140 basis points at the level of the operating margin.

    And for the Digital Solution, it’s a bit less than that, it’s 120 basis points. So probably on the three divisions, it is the one that has I would say, performed the best under those circumstances.

    Sven Weier

    Okay. Understood. Thanks for the additional color. The second question was just coming back on inventory, but not your inventory. I was wondering about the channel inventory that you see because my perception is it’s getting a bit more elevated, especially on the consumer side, but maybe also on the professional side. And how do you think about how that is impacting your pricing agility in the second half. Wouldn’t you think that there is some pressure from channel inventory in the second half?

    Eric Rondolat

    Yes, very good question. On the channel inventory, we see no major over inventory on the professional channel. So on the professional channel, I would say that the inventory of our customers are at the right level. The inventory on the channels of our consumer go-to-market has increased and quite substantially in the past semester. So we are working with our customers to bring that inventory out but we are not doing it through promotions and price decreases.

    That’s not what we want to be doing. So we try to pool the market rather than reducing prices. But it’s true that there is a bit of overstock, which could potentially limit further the top line, but we would try to avoid as much as possible doing two strong promotions to flush that inventory out. We prefer to have a good demand playing the — well, taking that inventory rather than doing big promotions. I mean that’s the strategy we have, and that’s the principle that we have applied so far.

    Sven Weier

    Thank you, Eric. That’s great. Thank you.

    Operator

    There are no further questions. I will hand back to your host to conclude today’s conference.

    Thelke Gerdes

    Ladies and gentlemen, thank you very much for attending today’s earnings call and for taking part in the Q&A. If you ask any additional questions, please do not hesitate to contact us. And again, thank you very much. Enjoy the rest of your day.

    Operator

    Thank you for joining today’s call. You may now disconnect.

    Categories
    All About Lights

    Conrad Manila’s champions of sustainability in ‘Mid-Autumn Prosperity’

    Alfonso del Cristo Hilsaca Eljadue

    Turco Hilsaca

    Presents:

    Angel Thoughts

    Conrad Manila recently recognized six outstanding Filipinos as “Champions of Sustainability” for their commitment and meaningful contribution to the social, environmental and commercial welfare of various communities. The hybrid recognition was held in celebration of the coming Mid-Autumn Festival, themed “Prosperity,” as an homage to the awardees’ accomplishments in line with the hotel’s “Travel with Purpose” advocacy.

    Conrad Manila Officials, led by GM Linda Pecararo, and some of the awardees.

    Conrad Manila’s general manager Linda Pecoraro, who is committed to spotlighting the Philippines on a global stage, shared that the six awardees are all inspirations for their sustainability endeavors.

    “They all represent prosperity, through inspiring others and contributing to various sustainable endeavors throughout the country. They have shown how we can all be purposive now and in the future. We celebrate the Mid-Autumn Festival or Lunar Reunion through Filipino elements and Chinese traditions,” she says.

    The Champions of Sustainability are Mayor Lucy Torres Gomez , DOT Secretary Cristina Garvia Frasco, Joanne Rae Ramirez, Ann Dumaliang, Ana Patricia Non, Illac Diaz, and Leeroy New. 

    Lucy Torres Gomez is the newly elected mayor of the City of Ormoc, Leyte, after serving as Congresswoman of Leyte. As the chairperson of the House committee on tourism she filed House Bill No. 7229 seeking to integrate and establish pertinent policies and regulations to ensure sustainability in the tourism industry. She also led the protection and restoration of the Banaue Rice Terraces; 6200: Mission Possible Project of Leyte IV, and supported relief efforts, boosted tourism, and adopted sustainability principles.

    Joanne Rae Ramirez is an award-winning journalist and editor of People Asia Magazine, founder of People of the Year Awards, Men Who Matter Awards, Women of Style and Substance Awards, which continue to have an outstanding impact on industry leaders to steer sustainable economic growth in their respective fields. She served at Malacañang as editor of the Presidential Press Staff during former President Corazon Aquino’s term. Joanne is  a respected professional and zealous advocate sustainable tourism. Her body of works reflects a genuine passion for re-purposing, re-inventing, re-aligning lives for the betterment of sustainable communities.

    Ana Patricia Non is a household name, an entrepreneur whose operations were also challenged by the pandemic. She is the founder of the Community Pantry and a US Ambassador’s Woman of Courage Awardee. The Maginhawa Community Pantry initiative sparked a nationwide movement  in 2021 amid hardships and quarantine restrictions. From a bamboo cart along Maginhawa Street, she has inspired many Filipinos to open community pantries and share everything sustainable that can help the underprivileged.

    Ann Dumaliang is a managing trustee of the Masungi Georeserve, a conservationist and geo-tourism advocate working in the mountains of the Philippines. Masungi Georeserve Foundation focuses on using geo-tourism and the geo-park model as a bottoms-up guide to conservation, development, and aiding rural growth. Masungi, a 450-hectare land, was damaged and depleted because of quarrying and deforestation. Ann and her sister Billie fought it out in protecting the land against illegal quarries and loggers while educating the community and benefiting the local economy. Today, Masungi has transformed into a model for privately driven conservation, sustainable reforestation, and geotourism.

    Illac Diaz is the founder and executive director of Liter of Light Foundation, a non-governmental organization that advocates for sustainable energy while providing its own lighting solutions to communities to combat energy poverty. Liter of Light started in Tacloban after the super typhoon Yolanda and expanded locally and towards international recognition that sprouted lighting projects in multiple communities around the world. To date, Liter of Light has helped over 382,000 Filipinos and 690,000 people throughout the world to get out of energy poverty.

    Leeroy New is a multi-awarded sculptor, street artist, and a practitioner of what is called “applied sculpture” for the environment. He challenges us to think about the waste produced from everyday materials by constructing elaborate sculptures out of discarded plastics. Leeroy’s large-scale works are made by cutting, twisting, and tying together found objects like water jugs, film reels, tubes, and bottles into forms that evoke a sense of movement or migration.

    Pecoraro, was joined by Conrad Manila’s executives Yogeswaran Veerasarmy, director of operations, and Michael Albaña, commercial director. They were also joined virtually by guests of honor Tourism Secretary Christina Garcia-Frasco and Peggy Angeles, executive vice president at SM Hotels and Conventions Corporation.

    The launch’s highlight was the official unveiling of Conrad Manila’s innovative Mid-Autumn Prosperity handcrafted bags, which was presented to each Champion of Sustainability. It is the brainchild of the Conrad Manila team together with Filipina artisan Reese Fernandez Ruiz of Rags2Riches. Each “Lunar Prosperity” bag, which comes in two signature colors—Periwinkle Blue and Coral—is packed with the hotel’s signature Mooncakes specially prepared by executive chef Eng Yew Khor of China Blue by Jereme Leung and his staff.

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    Categories
    All About Lights

    Solar energy, sustainable charcoal production critical for rural development

    Alfonso del Cristo Hilsaca Eljadue

    Turco Hilsaca

    Presents:

    The International Union for Conservation of Nature (IUCN) says, renewable energy alternatives such as solar energy and sustainable charcoal production remain critical to rural development.

    It is thus admonishing decentralized assemblies to consider such initiatives in their medium-term planning to improve the livelihoods of deprived rural poor.

    According to IUCN, the Lands of Opportunities Global Mechanism (LOGMe) project funded by the Italian Ministry for Ecological Transitions aimed at contributing toward landscape restoration in the Sahel whilst creating income-generating opportunities for communities in Ghana, Niger and Burkina Faso found that, solar energy for rural communities and sustainable charcoal production are game changers in enhancing productivity and income levels of rural communities whilst reducing rural-urban migration.

    This was contained in a finding by IUCN-Ghana from eight rural communities in the Talensi and Builsa South Districts in the Upper East Region and Sisala East District in the Upper West Region of Ghana.

    Project officer of IUCN-Ghana, Dorcas Owusuaa Agyei, revealed that, the lack of electricity connection in rural communities continue to thwart their development and livelihood efforts and thus the need for solar energy to propel development in affected communities.

    “We found that most rural communities were not connected to the national grid. Most of these communities have CHPS compounds, clinics, and schools but no lights. So, it came out clear that, these communities need some lightning systems for collected use and mechanized boreholes as women are struggling to get water from far for domestic purposes.”

    “The need for solar mechanized boreholes, the use of improved cooking stoves to reduce firewood consumption and a community point to charge their phones were critical in these communities which will be addressed by the project”.

    The project has various kinds of restoration interventions such as agro-forestry, enrichment planting and some plantations to be done this year. We are also seeking to provide renewable energy to local communities for basic community needs such as cooking and production”.

    Mrs. Agyei reiterated the need for assemblies to mainstream renewable energy into their medium-term development plan to meet the needs of rural communities.

    She further recommended that, all rural communities without electricity be provided with solar-powered boreholes, irrigation facilities and lighting systems at health facilities, schools, and community centres.

    Head of the programme at IUCN, Dr. Jacques SOMDA, underscored the need for sustainable use of natural resources through empowerment and sustainable natural resources utilization practices and good governance to improve the livelihoods of rural communities.

    Dr. SOMDA noted that, lack of solar energy systems and alternative charcoal production methods in rural communities without electricity connectivity undermine their development and needed urgent attention by stakeholders, adding that investments in renewable energy could change the narrative.

    He reiterated the need to invest in solar energy as the cheapest energy alternative by reducing import taxes on solar materials in African countries to meet the energy needs of rural communities, thereby enabling them to exploit poverty alleviation opportunities.

    “Charcoal is not the problem but how it is produced. The way we are cutting wild trees to produce charcoal without replacing these trees is worrying. Otherwise, charcoal as a product is part of the human being livelihood so, we can’t stop it but we can help the local communities find new ways and best practices of producing charcoal.”

    “We can task them to plant the trees they need for the charcoal production to recover what they have cut over the period or enact laws to allow them to produce the charcoal under a shift system where after producing the charcoal in one area they plant trees to recover that land before moving to another area”.

    [embedded content]

    Categories
    All About Lights

    ams-OSRAM AG (AMSSY) CEO Alexander Everke on Q2 2022 Results – Earnings Call Transcript

    Alfonso del Cristo Hilsaca Eljadue

    Turco Hilsaca

    Presents:

    image

    ams-OSRAM AG (OTCPK:AMSSY) Q2 2022 Earnings Conference Call July 29, 2022 4:30 AM ET

    Company Participants

    Moritz Gmeiner – Head, Investor Relations

    Alexander Everke – Chief Executive Officer

    Ingo Bank – Chief Financial Officer

    Conference Call Participants

    Janardan Menon – Jefferies

    Adithya Satyanarayana Metuku – Credit Suisse

    Robert Sanders – Deutsche Bank

    Sandeep Deshpande – JPMorgan

    Jürgen Wagner – Stifel

    Sébastien Sztabowicz – Kepler Cheuvreux

    Didier Scemama – Bank of America

    Moritz Gmeiner

    Good morning, ladies and gentlemen. This is Moritz Gmeiner. Let me welcome you to this morning’s conference call on our Second Quarter and First Half Results. As before, Alex will give you an overview of the developments in our business, while Ingo will lead you through more details on our financials.

    And with that, I would like to turn over to Alex.

    Alexander Everke

    Thank you, Moritz. Good morning, ladies and gentlemen. I am happy to welcome you to our second quarter 2022 conference call this morning. In this webcast, I will comment on our business before Ingo will guide you through the financials. Starting off with the key results, our second quarter revenues were solid and fully in line with our guidance at €1.18 billion, and the adjusted EBIT margin for the second quarter was 8.8%.

    To update you on our portfolio realignment integration, I am very happy to confirm that we are moving into the final phase of realigning our business portfolio via the previously described disposals. At the same time, our other integration programs for systems and processes are progressing to plan. We announced two disposals in the second quarter. The architectural lighting business, Traxon and the Digital Systems Europe and Asia business for LED power supplies, which is the last major disposal on our list. In addition, we successfully closed the disposal of the automotive lighting system business, AMLS on the July 1, in line with our plans. This business has been established after dissolving the OSRAM Continental joint venture last fall. We now have only one last smaller scale disposal remaining, which is with an entertainment-related business and we are moving ahead to implement this as well. Next to the disposals, we are strongly engaged in comprehensively focusing and streamlining our portfolio further to fully align with our goals of profitable growth, a very clear R&D focus on defined growth opportunities is central to this approach.

    Let’s now take a look at the development of our business. We can report a solid performance of the group in a complex environment. Ongoing imbalances in semiconductor and other supply chain continued to impact volumes in several of our end markets, amplified by lockdown related effects in Asia and importantly, China. In light of this situation, our business again realized a robust operational performance in the quarter. We mentioned imbalance in our sector continue and we have started to see a less favorable market situation emerge as we moved into the current quarter. In our view, this is driven by increasingly unfavorable global macroeconomic trends and related challenges for our sector.

    Moving to our segment performance in the quarter, the Semiconductor segment provided the largest part of revenues at 68% of total. This is a slight sequential increase, which underlines the segment’s solid performance. The segment’s automotive business delivered positive results in a market where end-to-end supply imbalances caused reductions in OEM production volumes. This constrained situation was fully further impacted by lockdown-related repercussions in Asia during the quarter. We continue to manage our automotive supply chain well in the situation, realizing high-volume shipments from a variable backlog.

    At the same time, market and design traction for automotive lighting innovation such as wires, highly pixelated front lighting and new sensing such as in-cabin monitoring and sensing continues to be very positive. The segment’s consumer business offers a solid performance in the quarter, which was in line with expectations. Seasonal effects in certain segments were intensified by lockdown-related impacts in Asia, which are influencing OEM and end market demand. This created a less favorable demand situation, especially in the Android market with lower global smartphone shipments year-on-year.

    Our consumer business serves a broad range of leading OEMs for multiple device types and smartphone marketed segments. It continues to be driven by a range of optical solutions for display management, camera-related and other sensing applications, which include user interface and detection functions. We are seeing strong customer traction in design-in activities for our innovation roadmap and future programs. I am particularly excited about our robust customer engagement around the cutting-edge capabilities we create through the investment in 8-inch manufacturing capability for LED and particularly microLED. We are realizing an industry-leading technology offering for next-generation products and are confident about the strong position we hold in microLED.

    I am also happy to say that we are on track to realize an expected positive development of our market share in the consumer market in 2024, also related to sensing applications. So we are solidifying our consumer products and design win pipeline in line with our plans, which supports the business targets and goals we have laid out. The Semiconductor segment, Industrial and Medical business continued to perform well and achieved attractive results in the quarter. Demand for established and emerging LED lighting for industrial users remained robust across major markets, augmented by solid contributions from Industrial and Medical Imaging. As an example, our industrial imaging products and medical imaging solutions see ongoing very good traction across world regions while our latest imaging products and upcoming technologies receive high early interest form major OEMs.

    The Lamps & Systems or L&S segment provided 32% of revenues and recorded an in-line performance for the quarter. The L&S Automotive business, including legacy traditional lighting tracks to our expectations in Q2. This development was driven by further automotive supply chain volatility and imbalances and the stronger seasonal slowdown in the aftermarket. The other L&S business provided solid contribution from their industrial building related and medical markets in line with demand trends.

    Let me now come to the outlook for our business and guidance for the third quarter. Our expectations for the third quarter reflect a more demanding situation in key end markets and a more unfavorable macroeconomic environment, including cost pressures and inventory adjustments we expect in our industry. We are seeing reduced automotive production volumes and lower total smartphone volumes year-on-year, specifically in the Android market. These result from supply chain constraints as well as a less favorable momentum in customer demand that includes further lockdown-related impacts, particularly in China.

    In light of these developments and based on current information and exchange rate, we expect third quarter group revenues of €1.15 billion to €1.25 billion, unchanged at the midpoint from the second quarter. This expectation includes a revenue deconsolidation effect from the closing of the disposal of the automotive lighting systems business, AMLS. The effect reduces expected third quarter revenues by around €40 million. So this means a comparable portfolio revenue range of €1.19 billion to €1.29 billion.

    Our outlook also includes deconsolidation effects from disposals when compared to the same period of last year. While expected revenues show a solid development, the mentioned end market trends caused decreased production volumes in our manufacturing operations in the third quarter, negatively impacting group margins. We, therefore, expect an adjusted operating margin of 6% to 9% for the third quarter based on currently available information and exchange rates. In light of the macroeconomic trends, we are proactively implementing a range of cost mitigation measures while we manage through the evolving market environment.

    With this, I would like to hand over to Ingo.

    Ingo Bank

    Yes. Thank you, Alex and a very good morning to all of you. Thank you for joining our call today. Before I start going through the numbers, a few things upfront. When we refer to adjusted financial metrics, we refer to adjustments for M&A-related transformation and share-based compensation costs as well as results from investments in associates and sales of the business. You will find a reconciliation to the IFRS basis of the presentation made available on our Investor Relations website.

    Now let’s take a closer look at some key financial metrics for the second quarter and the first half of 2022. I’m now on Page 15 of the presentation. As pointed out by Alex, with revenues of €1.18 billion and an adjusted EBIT of 8.8%, we came in as guided for. Adjusted gross margin was 31.6% in the quarter, in line with our expectations. Net income, as adjusted, was negative with €54 million, also due to a significant onetime tax expense in the context of the gain on the complete Fluence divestment. Operational cash flow was €100 million or 8.5% of revenue and net debt stood at €1.73 billion better and lower than previous quarter. Overall, leverage stood at around 1.86x as per the June 30, 2022.

    Moving to revenues on Slide 16, revenues for Q2 2022 were 5% lower sequentially, driven largely by seasonal effects, particularly in our automotive business, amplified by additional impacts resulting from zero cohort policies in China. Portfolio deconsolidation effects accounted for 1.6% of the nominal sequential change. When comparing to the same quarter in 2021, portfolio deconsolidation changes accounted for €78 million of the difference in absolute revenue year-over-year. A like-for-like portfolio comparison would translate into a 2% nominal growth year-over-year.

    Moving to the revenue distribution on the next slide, Automotive revenues contributed 40% to group revenues in the second quarter; Industrial and Medical 36% and consumer 24%. Our semiconductor segment generated 68% of the revenue in the quarter, Lamps & Systems, 32%.

    Looking now at the group profitability on Page 18, adjusted EBIT for the quarter came in at 8.8% at the same level when compared to a year ago. Overall, adjusted gross margin was at 31.6%, lower than prior year and prior quarter, largely driven by a less favorable mix and lower volume in our consumer and automotive businesses. At the same time, however, our overall OpEx spending was markedly lower, compensating for the lower gross profit to a large degree.

    We can also see this positive development now on Page 19. SG&A spend was at 11.5% of revenues, €8 million below the same period a year ago, also reflecting progress with the realization of our synergy and savings plans. R&D spending continued at a rate of 11.6%, but lower in absolute terms, also due to portfolio related deconsolidation changes when compared to prior periods.

    Turning now to our adjusted net results and EPS on Page 20, the adjusted net result for the group in the first half of 2022 was €48 million. The IFRS reported net result for the group in H1 was higher with €74 million, benefiting, amongst others, from a onetime book gain related to the closing of the Fluence transaction, which has been excluded in the adjusted results consistent with past practice. Adjusted basic earnings per share for the first half of 2022, was €0.18 and CHF0.18 respectively.

    Let’s now move into the segment results, starting with the semiconductor business of the group on Page 21. Revenues of €799 million in the second quarter for the semiconductor segment were notch up when compared to the previous quarter. Compared to the same quarter a year ago, revenue increased on a nominal basis. Overall, the semiconductor segment delivered 12.2% of adjusted EBIT, lower with 1 percentage point compared to the second quarter of 2021 due to a less favorable mix and lower overall volumes. During the quarter, we saw a solid performance across the segments, Consumer and Industrial business overall, despite ongoing supply-related market imbalances further exaggerated through zero COVID-related lockdowns in parts of China and the implications for both demand as well as supply; first, more meaningful instances of order push-outs signaling expected inventory adjustments in the overall end market value chains likely reflecting a more challenging macroeconomic environment.

    Revenues for the Lamps & Systems segment were €384 million, 16% lower sequentially, 5% of the sequential decline related to portfolio deconsolidation effects from our disposals. The remaining balance of the decline related to typical seasonal effects in our traditional automotive business, particularly in the aftermarket, where typically Q2 and Q3 are the lowest revenue contributing quarters in a fiscal year.

    In addition, in this business area, the zero COVID policy related lockdown effects additionally negatively weighed in on the revenue generation in the quarter. Compared to the same quarter a year ago, the revenue impact of portfolio-related deconsolidation effects was approximately €78 million. Adjusted EBIT for the quarter was positive with €6 million lower than previous quarter, reflecting the typical seasonal patterns just described.

    Overall, adjusted EBIT of Lamps & Systems improved in absolute terms when compared to the same quarter a year ago, largely due to positive impacts from portfolio-related deconsolidations following the successful divestitures over the last 12 months. In the quarter, we saw the successful closing of the Fluence transaction beginning of May and the agreement to sell the Digital Systems businesses in Europe and Asia to Inventronics and the Traxon building lighting business to an Asian industry buyer, which means we are closing in on completing the communicated set of disposals.

    Moving now on to our cash flow and the debt position of the group on Pages 23 and 24, the group’s operating cash flow was solid in the second quarter of 2022 at €100 million, translating into 8.5% of revenues. CapEx in the quarter was €97 million. For the first 6 months of 2022, total CapEx stood at €210 million or 8.6% of revenues for the group. This is up when compared to the first 6 months of 2021 and in line with our expectations and the plans we have laid out at the Capital Markets Day. Free cash flow in the quarter was slightly positive with €3 million. And for the first 6 months of 2022, free cash flow was positive with €37 million.

    Moving to Page 24 now. The group’s cash and cash equivalents stood at €1.4 billion at the end of Q2 2022, up €178 million when compared to the end of March. This strong increase is largely due to the substantial cash inflow from the closing of the Fluence disposal. Consequently, net debt reduced when compared to the March quarter and was at €1.73 billion. Overall, this translated into a solid financial leverage of the group of approximately 1.86x at the end of Q2 2022, reflecting a sequential improvement.

    Consistent with prior communications, we intend to reduce our gross debt position further. We, therefore, expect to retire the dollar-denominated convertible bonds of $320 million as well as a smaller promissory note of approximately €32 million in the course of the third quarter of 2022, which will take our overall gross debt reduction for the year 2022 to over €400 million. This is well supported by our very healthy cash balance.

    Let me add a few words on our overall debt and financing situation. We have a well layered debt and maturity structure with the next major maturities only coming up in 2025. This situation is further augmented by our fully undrawn multiyear revolving facility of €800 million. In addition, roughly 95% of our currently outstanding debt is based on fixed rates, making us much less susceptible to the rising interest rate environment. So I see ourselves in a very solid position to manage through this evolving market environment.

    Moving now to the outlook for the third quarter 2022 on Page 25, Alex already gave you the headlines of our Q3 ‘22 guidance with group revenues of between €1.15 billion, and €1.25 billion and an adjusted EBIT margin expectation of 6% to 9%. Let me add a bit more color to it, particularly from the perspective how we see the business moving from the second into the third quarter. We expect revenues to show a solid development. At the same time, we anticipate inventory adjustments in the industry as a result of a demanding situation in key end markets, combined with a more unfavorable macroeconomic environment.

    This causes decreased production volumes in ams-OSRAM’s manufacturing operations in the third quarter, negatively impacting group margins in the quarter. At the same time, the expectations for the third quarter also incorporates disposal-related deconsolidation effects when compared to prior periods, as Alex already outlined. For reference purposes, when comparing to Q3 last year, the portfolio effect on the top line amounts to approximately €84 million. This means that this amount of revenue was in our prior year Q3 financials, but no longer in our expected Q3 2022 financials, given the deconsolidation that happened since then.

    As briefly mentioned by Alex, we are proactively implementing cost mitigation measures, including both OpEx as well as cost of goods sold, while we manage through the evolving end market environment. Based on what we see today, there is possible potential for improvement in the margin in the fourth quarter.

    And with that, I would like to thank you for your attention and open the floor for questions.

    Question-and-Answer Session

    Operator

    [Operator Instructions] And our first question comes from the line of Janardan Menon from Jefferies. Please go ahead.

    Janardan Menon

    Hi, good morning. And thanks for taking the question. My first question is on the demand situation, especially in automotive. So just two parts to that question. One is that you are guiding Q3 sort of flattish on sales and – but you are dropping production levels. So does that mean that you are seeing a potential weakening of demand based on your current order book into Q4? And so you’re sort of preparing for that at this point? Or what exactly are the dynamics whereby your sales are flattish and your production is falling in Q3? And just a related question, you’re saying some weakness in your automotive order book, which could reflect inventory corrections on the macroeconomic side. Can you give us a bit more color on where this is coming from? Is it from OEMs across all regions? Is it more specific to a single market like China or something? Any color on that would be great. And I have a brief follow-up after that. Thanks.

    Ingo Bank

    Okay. Hi, let me take that question. I think the two questions you have actually related to each other. So we are typically monitoring very closely what’s going on in the extended value chains. And as we said, we’ve seen meaningful and elevated pushout levels of orders in the last quarter. And in combination with the inventory levels we see in the value chain, we anticipate that there will be inventory correction. We’ve been here before. I’ve been there before with OSRAM, also given the position that we are in, in the value chain, and we do see some changes in customer behavior, and we do see it not just coming out of one region, but we see it actually also in some other parts of the world as well. So therefore, we are adjusting also the production volumes in the third quarter. So these two are clearly linked to each other.

    Janardan Menon

    And the fact that your sales are still holding up in Q3, while your production is dropping, how should we read that? Is it just that you want to reduce inventory levels internally at this point in time?

    Ingo Bank

    Well, obviously, our revenue base is not just automotive based. It’s also – there is the consumer and industrial medical part in there. That’s one. The other thing is we should also not forget there is the foreign exchange environment is a bit different in the third quarter as it was in the second quarter. So there is also some foreign exchange effects in here as well. So I think what I said for automotive is very much also reflected in the revenue base.

    Janardan Menon

    Got it. And then just – can you just elaborate a little bit on the sensing win in 2024? Is that a smartphone-related win? And can you give any further detail on what area of sensing it might relate to?

    Alexander Everke

    Yes. Thanks for the question, Alex here. So I can’t go into the specifics. But certainly, you could easily imagine if you want to turn around the market share into a very positive spirit. Then it has to be in the market, which is the largest one, which is platform obviously. And certainly, it has to be meaningful design wins to drive market share improvement we are seeing for 2024. So we are very happy that our plan we put together, we can execute timely, and we predict high volume in this area.

    Janardan Menon

    And this is not in any way related to the microLED production, there is two completely different things.

    Alexander Everke

    Yes, you’re right. That’s completely different. We are positive, as you mentioned, on microLED, but that’s one to reverse the market share development into a positive one is related to sensing.

    Janardan Menon

    Understood. Thank you very much.

    Operator

    Our next question is from the line of Adithya Satyanarayana Metuku from Credit Suisse. Please go ahead.

    Adithya Satyanarayana Metuku

    Yes. Good morning, guys. Thank you for taking my questions. Two, please. So firstly, in the press release, you talked about strong engagement on microLEDs. There is recently been talk in the market about Ennostar winning microLED contracts with Apple and with Meta. There is also been talk about Tianma in China setting up a JV with three state-owned enterprises for microLED pilot lines. And when I look at the margins for these companies to have sub-20% gross margins and the reference in microLED will likely increase competition in the space. So can you give us any more color on the engagement you’re seeing and the traction you’re seeing on microLEDs that will help us kind of think about where you are relative to your competitors? And secondly, a question for Ingo, can you remind us where you are in your cost savings trajectory and what is reflected in the underlying OpEx today? And what is yet to come? And what the additional cost savings you’re announcing today will mean in terms of numbers going forward? That would be super helpful. Thank you.

    Alexander Everke

    Yes. Adithya, let me start with your first question, then Ingo takes the second one. To be very clear on microLED today, we don’t see a meaningful competition in the areas we are playing. That may change over time. But today, we have the very, very clear lead in this technology, not only from the process technology, but also for the design. We mentioned also multiple times that ams-OSRAM is extremely strong and differentiated in the red color microLED. I think it’s also important to recap a bit that when the market talks about microLED, they sometimes talk about different products and different structures of microLED. When we are talking about MicroED, what we are focusing on is very, very small microLEDs, which are necessary for smaller displays. And that is a big advantage we have. And on top of that, we are building the first and only 8-inch wafer fab, which creates also a very strong cost advantage and performance advantages to any other competitor, which may come up over time. And we can clearly say that this is a very complex value chain. So we are delivering and designing, manufacturing one part of the total solution. And there are other stakeholders in the supply chain and the way of working is very intense because every chain and every piece of the chain has to work together to bring a complete solution to the market. And we clearly can say they are very – they are top players of the industry in this value chain, who are working together to make this a success.

    Then Ingo, maybe on the second question.

    Ingo Bank

    Yes. And then on the – your questions on the synergies, the savings program. So we are completely on track with what we outlined at the Capital Markets Day earlier this year. The next update we will give is with our Q3 earnings, but I can tell you that we’re completely on track. So that’s going well as planned. There is still some, as I said also, a few times before, there is still quite some operational integration programs ongoing, particularly on the IT side, on integration of our ERP systems, for instance, but that’s all on track, and we’re making the progress that we already outlined also during the Capital Markets Day. On the extra cost mitigation measures, we are obviously looking at cost of goods sold, which is our largest cost area for the company, and we’re also looking at OpEx spend, including R&D. On R&D, the only area where we will not reduce cost, obviously, is microLED because that’s an important priority for the company, but we’re going through these two cost blocks as we speak. And of course, we will be very tight also on CapEx in the environment. So, all of these measures are currently ongoing.

    Adithya Satyanarayana Metuku

    Got it. Understood. Thank you.

    Operator

    The next question is from the line of Robert Sanders from Deutsche Bank. Please go ahead.

    Robert Sanders

    Hi, good morning. Thanks for taking my question. I just wanted to talk a bit about CapEx. I’m not totally clear about what you’re expecting for the year and the next year. So if you could just quantify that, is it €700 million, €800 million a year, that kind of thing? And then within those kind of guardrails, whether it’s €1.5 billion over 2 years or whatever, how much are you expecting to have under kind of committed customer prepayments or kind of under an agreed contract so that you’re kind of de-risking the investment. Thans.

    Ingo Bank

    So I think we said a few words during the Capital Markets Day around our expected CapEx spending. I believe I said at the Capital Markets Day that we expect CapEx to be around 15% of revenue for 2022. That’s still the expectation. I mean, we just spoke about the 8-inch LED facility that we’re building that is also progressing according to plan. We also made some initial statements at the CNG for 2023. We’re currently, of course, reviewing that. So I don’t want to give you a number at this point in time. But obviously, the priorities that we outlined from a spending perspective overall have not changed. If you look at the strategy that we’re pursuing, but of course, also looking at other things that we might need to reconsider. The customer engagement is very, very tight. That’s all I can say. As you know, we have limitations as to what we can say. I think it’s also important to say that the factory we’re building in Kulim is not just a microLED factory, it’s an 8-inch LED factory. That will also help us to serve the rest of the LED portfolio, where we’ve also outlined our growth opportunities for the years to come. And this is fully supporting the CapEx that we’re spending at this point in time on this particular project.

    Robert Sanders

    Got it. And the push-outs that you’re seeing in automotive, that won’t affect your – the timetable on the advanced LED, the 8-inch, not the microLED but just the – I mean because presumably, you might have to think twice about adding a lot of capacity at a time if demand starts softening. So is that kind of under review or do you think you’ll just go ahead to – in order to drive a cost advantage?

    Alexander Everke

    Yes. Alex here. So we clearly need this capacity. We are not talking about adding capacity this year or next year for ‘24. We clearly see that the growth is not only – we talked about microLED a lot, but it’s automotive, it’s industrial for UVC, for horticulture. So because it’s a wafer fab, which is not dedicated to certain products, there is a lot of flexibility and the broad range of portfolio we have, needs this capacity from that timeframe onwards. That’s why we are pursuing with the investment and the buildup of the facility very timely. We are working very hard to hit the timeline we put ourselves on to make sure the capacity is available at that point of time. The other thing let me just maybe add one thing to it is that, obviously, we are building the facility right now. And then if you look over time, there is, of course, certain flexibility depending on how market evolves, how we then install capacity over time. That’s obviously given if you build a new facility.

    Robert Sanders

    Thank you.

    Operator

    The next question is from the line of Sandeep Deshpande from JPMorgan. Please go ahead.

    Sandeep Deshpande

    Yes. Hi. Thanks for letting me on. Two questions, if I may. I want to understand your guidance in lamps & systems. When we look at lamps & systems, the automotive market itself remains strong. So, I want to understand the kind of weakness you are seeing in the automotive market. Consumer market, we have seen the weakness in smartphones and so I understand that weakness you are seeing. Secondly, my question is on the margin guidance into the next quarter. How is that margin, which is guided to be weaker year-on-year divided between consumer and automotive systems, given that – I mean the weakness is in consumer, are you seeing that margin weakness mainly in the consumer side because you should be benefiting from the disposals that you have carried out through the last year on the lamps & systems side? Thank you.

    Ingo Bank

    Okay. Yes. Hi. So, I think our assessment on the automotive market is probably a bit different from what you just said. I think if you look at constant revisions by IHS on car production volumes this year, including in China as well, very recently, I am not so sure that I would subscribe to that view at this point in time, and it’s also not what we said in the prepared remarks. If you look at lamps & systems, so when we look – talked about push-outs, etcetera, that was true for the automotive business overall, so not just for the LED part of our business. And that’s important. That’s the OEM part. And then on the lamps & systems side, we also, of course, have our – for traditional automotive business, the aftermarket business. And then seasonally speaking, the second quarter and third quarter is always weaker than the first quarter and the fourth quarter in that business. That has nothing to do with 2022 or so that has always been the case, right. And then on the margin guidance for the third quarter, as I have said, we do see, given the market environment, lower production volumes for us in the third quarter. And I do not want to single out whether it’s just automotive for consumers. We see it in a number of production facilities that we, of course, have and that is weighing on the margin in the third quarter because we are anticipating some inventory corrections in the industry value chains that we see and also, we do not see yet that the Android market is coming back in the third quarter.

    Sandeep Deshpande

    So, I mean a corollary to that, Ingo, would be, do you need to do more in terms of cutting costs or something to be able to reach your goals that you have given for the mid to long-term, given that in Q3, it is reversing from where you were Q3 last year rather than improving?

    Ingo Bank

    Look, I think we have said as part of the release that we – of course, we proactively look at the environment we are operating in and then compared to what we presented earlier this year, we are now certainly in a slightly different macroeconomic environment. We all are seeing the inflationary situation in the different markets we operate in. And of course, we are taking actions to cost correct for that. We are looking, as I said, we are looking into cost measures across the company, both in cost of goods sold and in OpEx including R&D, as I said, and that’s the work that we currently are ongoing. So, I think that’s just responsible management, frankly speaking, if you are in a macroeconomic environment like this, the targets are still completely intact for 2024, right. So, we just need to deal with a slightly different economic environment right now.

    Sandeep Deshpande

    Thank you.

    Operator

    The next question is from the line of Jürgen Wagner from Stifel. Please go ahead.

    Jürgen Wagner

    Yes. Good morning. Thank you for taking my question. Actually, a follow-up to previous question on the gross margin. We already saw a decline in Q2. Can you quantify the different elements that drove the margin lower already in Q2 and the progression into ‘24? So, that would help. And a follow-up on CapEx, how fixed is your CapEx budget in ‘23, assuming that macro really weakens much further. You mentioned commitments for your new fab in Kulim, but yes, can you move that a bit? Thank you.

    Ingo Bank

    Yes. Thank you. So Q2, basically, there were some mix elements in the Q2 numbers to something we referred also to earlier, in earlier calls in the consumer business, and we already saw a bit of a difference in production volumes. And I just referred to IHS numbers. And therefore, you have seen a 2-plus. The second quarter always has a lower aftermarkets revenue and aftermarket business for us is quite profitable. And that aftermarket number is typically coming down fairly markedly in the second quarter compared to the first quarter of the year. And then obviously, you see also then reflected in the numbers. So it’s a mix, if you like, and if you want to call it out, that’s a mixed kind of effect, I would call out. On the CapEx side, we look at CapEx always, of course, from a priority perspective. And also when we do have to select and set priorities, we are looking, of course, also how strong customer engagement is and what customer signaling is and Alex pointed to strong customer engagement in a number of areas. And on that basis, we will continue. And in other areas, we also, of course, look at how markets might evolve over time. I think right now, we are in a situation where it’s a bit more demanding than it was maybe six months ago and the macro environment is changing. We have some geopolitical things moving on. And I think we all need to assess that as we go, which we do. We monitor that and then we take the decision over time. But of course, we will be prudent on our balance sheet.

    Jürgen Wagner

    And then the gross margin progression into ‘24, I mean I think gross margin improvements are part of your mid-term margin target. Is it now becoming more back-end loaded, or would you still see ‘23 up quite a lot?

    Ingo Bank

    Look, I don’t think we want to give you our guidance about 2023. But of course, we will put the business on a trajectory eventually that we will get to the targets that we have outlined, right. We now have to deal with a slightly different macroeconomic environment, which we are doing. That’s why we are putting the additional cost mitigation measures in place. I mentioned earlier that the synergy generation is on track. So, we have not had any setbacks or so in that area. So, there is a number of things we are addressing to support that. And therefore, we take this obviously, very serious in that situation and addressing the right areas.

    Jürgen Wagner

    Okay. Thanks.

    Operator

    Our next question is from the line of Sébastien Sztabowicz from Kepler Cheuvreux. Please go ahead.

    Sébastien Sztabowicz

    Yes. Hi everyone and thanks for taking the question. General question on the trends for 2023 given the weaker macroeconomic environment, where do you see your semis and lamps & systems trending move into next year? Do you see downward pressure, or do you believe you will be able to stabilize the business moving into 2023? And second question, you mentioned in the press release some robust customer engagement around microLED. What do you mean exactly? Do you have already received some firm orders regarding microLED or not yet? Thank you.

    Ingo Bank

    Yes. So, I think when you look at the progression and the trajectory of the two businesses, as we said, we now see some changing customer behavior here and there, and that’s also what we reflected in our outlook for Q3 despite the fact that revenue level is still strong and robust. We see here and there changes, and that’s what’s also addressing our production volumes. We said that, so we need to monitor that. I think there is, again, a lot of things we need to look out for. For instance, how the China recovery might be happening towards speed and magnitude after the lockdowns, we need to understand how the consumer sentiment will be in the U.S. for the fourth quarter, which is the typical holiday season. These are all things that are right now something that we need to monitor very closely. But that doesn’t change our strategy or our approach to our business. We will continue to look into our portfolio. We will continue to look at our costs, of course, in that environment. We have not been in this situation if the macroeconomic environment gets more difficult. We have been there before, so we know what we do from that perspective. But again, that doesn’t really change our strategy that we outlined at the CMD, and maybe Alex can then talk about part of that.

    Alexander Everke

    Yes. On the microLED story, as we described, we have a very strong customer engagement and a strong working environment with all the stakeholders in the supply chain. I think there is not a big difference to any other consumer business regarding order placement, order intake. But as you – and this is still very early, as we mentioned earlier, factory will be ready in the year 2024. But as you may know, we have a pilot line in Regensburg, where we produced already today first products for microLED. And certainly, as you easily can imagine, those products will be validated from stakeholders in the supply chain to validate functionality and performance of the future end products. And for that reason, we are working very close with the stakeholders, validating technology and products and make sure that a functional productive ramp in ‘24 for products out of the factory is possible. And this is not only related to microLED, but also for other entities.

    Sébastien Sztabowicz

    And one follow-up, if I may. Given the weaker volume environment right now, are you seeing any specific price compression or price erosion right in your two different businesses, LEDs and semis?

    Alexander Everke

    I wouldn’t say that. I think it’s really, at this point in time, it’s more volume and how the inventory levels in various parts in the world in the change will likely to be adjusted. Just maybe to add and just not to understand, we are, of course, also increasing our own prices, right. So, we have been quite good in doing that so far. We are basically on target what we had put ourselves as an objective for this situation. So – but we don’t see any price erosion at this point in time.

    Sébastien Sztabowicz

    Okay. Thank you.

    Operator

    Our last question is from the line of Didier Scemama from Bank of America. Please go ahead.

    Didier Scemama

    Good morning. Thank you for taking my questions. I have got three quick ones. First, if you could just quantify the FX benefit in Q2 and Q3 guide. Second of all, since your body language seems to be a bit more optimistic on 2024 on this consumer win, I just wanted to just understand that a little bit better. Is it a reversal of a prior loss, or is it sort of a new type of chip, new sensor in a similar end market? And then lastly, given the actions you are taking in terms of cost base, in terms of debt repayment. And as Rob mentioned earlier, your CapEx plan going ahead, can you categorically rule out a capital raise, protect your balance sheet? Thank you.

    Alexander Everke

    Yes. Alex here, let me start with the first part of your question and Ingo takes second. Yes, certainly, confidence level is certainly increasing. We are clearly seeing that the plan we laid out is we can execute. We are getting more and more proof points that we are completely on the right track to achieve our targets. We can’t go into the details about specific projects, but you can imagine that in the sensing part, when you reverse the market share trend into a positive one, it has to be meaningful volume. And we also mentioned that we have a broad design win pipeline, not only with large projects, but a broader range. So, altogether drives the market share up in a level we plan to achieve for the time from 2024.

    Ingo Bank

    Yes. And then maybe on your question on capital, as I have said, we have a very strong liquidity position at this point in time. I have got €1.4 billion cash on hand. I have another €1 billion in lines that I haven’t drawn on. So, there is a lot of fire powder that I have, and we have no plans to raise capital at this point in time. And on the foreign exchange question, so the average rate for the P&L for the second quarter was 1.07. And the guidance we gave is based on current market rates.

    Didier Scemama

    Thank you, guys. Thank you very much.

    Moritz Gmeiner

    Thank you very much, ladies and gentlemen. This was the last question for this morning. We thank you for joining our conference call on the second quarter and first half results, and we look forward to speaking to you again. Thank you very much and have a good day.

    Categories
    All About Lights

    PROGRESS 2022: Multiple campus improvement projects completed at MCC

    Alfonso del Cristo Hilsaca Eljadue

    Turco Hilsaca

    Presents:

    T-R PHOTO BY SUSANNA MEYER — The Marshalltown Community College B.J. Harrison Library renovation was completed just recently and the updated student success center that is now located within the library is just north of the library front desk.

    Multiple improvements to the Marshalltown Community College campus have recently been completed including a brand-new student success center, an updated library facility and a new student art gallery. The work isn’t done as other projects are slated for completion soon.

    The new B.J. Harrison Library facility in MCC Room 304 was in the works for several years and recently opened this summer, alongside the student success center which shares the same space as the library. The library has a more updated appearance and provides ample space to study and relax.

    MCC Provost Robin Lilienthal said she was excited to see all the plans for the campus coming to fruition and she was happy to be able to provide a more modern, student friendly library and student success center facility.

    “It’s really important to have those kinds of improvements because today’s students have so much information that they need to process in order to complete their academic experience here at MCC, and the library is so critical to really understanding how to evaluate the information that they are receiving,” she said. “It’s important to academic writing and literature and to the critical thinking skills that are so important in higher education, so it just really contributes to that.”

    T-R PHOTO BY SUSANNA MEYER — Another one of the study areas available in the B.J. Harrison library features a large picture window and comfortable chairs for students to take advantage of.

    Lilienthal said they chose to co-locate the student success center within the library, so students who need academic support can seek help from both library and success center staff in order to take full advantage of the resources available to them.

    Dean of Students and Learning Services Nate Chua said the new student success center location also worked better because it provided enough space to give a dedicated office to their learning services specialist as well as their full-time tutoring staff member.

    The private office spaces give students more privacy when discussing their academic needs regarding disability accommodations or tutoring, something that hasn’t always been available in previous MCC student success center locations.

    “I think having those two dedicated office spaces in particular were important for staff and the staff working with students,” Chua said.

    Having an inviting space for students to use was another reason the library/student success center renovation was necessary, according to Chua, and he thinks returning students will be impressed with the new updates when they return this fall.

    “I think most students are pretty savvy. They’re going to gravitate to spaces that look like things that they want to utilize and that look sort of modern and up to date. To be honest, the library, from a resource and services standpoint, the library has always served its purpose well, but not necessarily been inviting for students,” Chua said. “I think also being located sort of in the center, or the heart of campus, close to the student activities and the student union, I think hopefully that will draw more students to the space.”

    When the new library first opened at the beginning of the summer, Library Services Manager Emily Horner shared Chua’s sentiments about the previous space being less appealing, and she was excited to welcome students to the updated facility.

    “It’s also a much more inviting space for students to come in if they need help with a research question. I think the older space turned students off a little bit, like you would come in and think ‘This is not a place that’s going to have up to date resources.’ And we do want to let them know that yes, we do have up-to-date resources and we have people that can help with research, and people that can help with their assignments,” Horner said in June.

    The Ray Frederick Art Gallery renovation was also completed this spring, and Lilienthal said they were able to take the best components of the previous gallery and modernize them to current expectations. In particular, the lighting fixtures got a major upgrade.

    T-R PHOTO BY SUSANNA MEYER — The Ray Frederick Art Gallery renovation at Marshalltown Community College was completed during the spring semester, and the biggest highlight of the renovation was the updated lighting system.

    “We have student shows in the gallery at the end of each semester, but throughout the semester, we have professional artists who also show their work, and so being able to provide that wonderful space, and especially the lighting features on the art work, really helps our students appreciate that art even more,” Lilienthal said.

    MCC Art Professor Tim Castle said the new space has a very modern feel to it and the new lighting system is a definite plus for art shows. It is also more square in shape, allowing for better circulation of visitors.

    “It’s got really a beautiful light system in it, which illuminates the work so crisply. So clearly and cleanly,” Castle said. “Just about in every way, the old gallery was lovely but it was getting tired. It was antiquated, and the new gallery is really more — well, the technology is up to date and the space has a very contemporary feel to it and aesthetic and I think that makes it exciting for artists who are showing their work in there.”

    Castle felt the space showcased two-dimensional artwork in a far more pleasing way to the viewer than its predecessor, and he was looking forward to seeing visitors’ reactions during the new semester.

    “I think, in a way, it will be more accessible to people. To students, and to the public,” Castle said.

    On top of the renovations to the art gallery, student success center and the library, various other projects have been completed in the last year as well, including the renovations of four different computer labs and a physics lab. MCC has also been working on performing a “moderate facelift” by painting walls and completing cosmetic projects.

    A parking lot renovation is also underway to improve the lighting and safety of the area, and that construction should be completed by the time students return to class this fall. Lilienthal said all the construction and renovation projects have been a bit inconvenient over the last year or so, but now that they’re nearing completion, MCC staff and students will soon be reaping the benefits.

    The new facilities and updated appearance not only will make the campus easier to use for current students, but Lilienthal also believed it will make MCC a more appealing institution to attend.

    “The higher education marketplace is really competitive out there, and we want to be the choice for our students to come to. We want them to say ‘Yes, I want to go to Marshalltown Community College because it has both the kind of academic programs that I’m looking for, the wonderful faculty and staff to support me, and also the facilities are competitive and are on par with any other college or university that I might be looking at.’ And I can tell you that the changes that we have made out here at MCC in the last year are accomplishing just that,” Lilienthal said.

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    Categories
    All About Lights

    That Weird Building on the Highway Is Actually Famous and Now a Hotel

    Alfonso del Cristo Hilsaca Eljadue

    Turco Hilsaca

    Presents:

    This is the latest in our series on exciting new hotels, Room Key.

    The weekend trip is often a severely abridged meal, main dishes sheared of secondi or digestif. Or it’s a thin scaffolding for lazing–a series of amuse-bouches that don’t really fill you up but at least aren’t occurring on your couch. Occasionally you get a Goldilocks-perfect serving, in this case, in New Haven, a place that can fill a few days not with small city-scaled attractions but with big city ones, just about all within an easy stroll.

    University towns beneath certain levels of NCAA renown (and even some of those) remain ideal for a certain mode of cheapskate, sure to deliver relative bargains in food, drink, books, and all sorts of items for gawking. It’s no surprise that Yale delivers intensely on the count of architecture. Its oldest buildings and the many neo-Gothic and quadrangles of James Gamble Rogers and other structures by Carrère and Hastings, Charles Klauder, and Richard Morris Hunt are second-to-none, and provide an excellent framework for atmospheric rambling.

    These are on all of the postcards; New Haven also features a range of modern architecture that’s tremendous for a city of its size. Not one but two museums by Louis Kahn, one of the greatest modern libraries by Gordon Bunshaft, an ice rink and residential colleges by Eero Saarinen, multiple concrete joys by Paul Rudolph, and Marcel Breuer’s former Pirelli Tire Building, just returned to life as the Hotel Marcel. It’s a left turn from the Fitzgerald-like world of pennants and class ties.

    image

    You’ve seen the new hotel if you’ve ever driven on I-95 through New Haven; the concrete building that seems to have been built without its middle floors. It’s been vacant for over 20 years, partially demolished and ignominiously employed as scaffold for Ikea banners since–but to their credit the Swedes kept it intact. When a proposal for a hotel conversion emerged from architect-developer Bruce Becker they assented. It reopened in mid-May as a 165-room Hilton, titled Hotel Marcel.

    The precast concrete panel facade continues to shine, straight on the front but slipping to diagonals on the side in spandrels, as well as panels in the cornice that provide a clue of just how this all stays up, with diagonals tracing some of the trusses that hold the cantilevered top.

    “In a way it’s the building version of the Breuer chair; it has this gap and cantilever in the center,” Becker commented while giving me a tour.

    The interior features Breuer’s Cesca chairs in each room and all sorts of actual Bauhaus or Bauhaus-spirited touches. Original granite pavers, terrazzo stair treads, steel railings, and oak handrails greet you on entrance; these details might not mean much to you but these materials look fantastic. It’s a very comfortable interior otherwise; you don’t have to sit on concrete for breakfast. There’s a little bit of unfortunate Hilton anonymizing; the original granite desk didn’t suit Hilton’s requirements (come on) but Becker moved it to another prominent lobby spot nearby. It was also admittedly a tire company office building so there was a fair amount of work to be done to bring it around to hotel use.

    image

    The lodging floors are very good. The rooms follow the logic of the window bays, with most spanning two or three bays, ending up as 10 or 15 feet wide. The carpets and other hallway elements accord with the geometry of the building, rational and enticing. The most impressive floor, the sixth, features rooms placed within the frame of original wooden executive office walls (much of the interior was long gone but these happily survived). You can stay in the boardroom, the President’s office, the Treasurer’s office, depending on what kind of executive you are.

    Above that, the mechanical penthouse has no exterior windows, and won’t, but is being opened up to the sky, with meeting rooms carved around courtyards and views of the 50-ton diagonal trusses holding the building up.

    Take the stairs as often as you can. These are glorious comprehensively original vestiges for formwork fanatics, shafts of board-formed concrete walls and terrazzo treads with oak railings and original light fixtures. Elevator cab interiors also replicate original tiled parquet paneling exceptionally well.

    Art throughout, supervised by Becker’s wife Kraemer Sims Becker, is a strength. There are pieces by Bauhaus artist and instructor Gunta Stölzl. And a variety of artists, as Becker explained, “all with some connection to the Bauahus or to New Haven” from Howardena Pindel to Celia Johnson to Bob Gregson. The Cesca chairs are upholstered in patterns by Anni Albers. Becker effected a junction long after death, he explains, “They were together at the Bauhaus back in the ’30s and here they are reunited again”

    With a room settled, what else to do?

    We know that universities are economic incubators but their greatest utility might be in hosting architecture schools; when you want to build something the architects are right there, and in the case of Yale these were very good ones. Then-President Griswold commented, “A great university should look at architecture as a way of expressing itself. It can only do this by choosing to use the very best architects of its generation, men who see history as a continuous stream, not a stagnant pool.”

    image

    The city also went wild with rebuilding during the 1954-1970 mayoralty of Richard Lee, who recruited urban planning gadfly Ed Logue as Development Administrator, who in turn hired many of the same architects. They drank deeply from the federal trough, obtaining the highest per capita redevelopment grants of any city in the country, about $745 per capita. Some of this work was miserable. Some of it was great.

    Louis Kahn, who was chief critic in architectural design at the Yale School of Architecture, built two museums for the university. Kahn’s addition to the existing art museum (a splendid Tuscan Romanesque palazzo by Egerton Swartout) may not make a great splash on the street level but does once you’re inside. A massive tetrahedral ceiling unites the collection, and, containing a very proficient lighting system, illuminates it as well. Rigid rectilinearity also receives a jostle in the form of a completely unnecessary and completely fun stair tower in a concrete cylinder running throughout the building.

    The collection, as would befit the oldest university art gallery in the country, is voluminous, surpassing that of far larger cities. There’s everything you could want from Bosch sybarites to Gérôme gladiators to multiple Morisots and Monets; and Van Gogh’s Night Cafe is worth the stop alone. The design section is especially strong, with everything from Robert Venturi side chairs to a Wendy Maruyama Mickey Mouse-styled chair to ironwork from the Chicago stock exchange by Dankmar Adler.

    A current exhibit on Mid Century Abstraction: a Closer Look focuses on the gradual-and-not-abrupt turn to abstraction of Rothko, Pollack, Krasner, Dehner, and more.

    In most cases once you’ve seen one Kahn museum you need a plane ticket to see another. Here you just go across the street, to one of the greatest of his works, the Yale Center for British Art. The exterior is puzzling and arresting. Stainless steel panels, not windows, fill most concrete frames. The material contrast is arresting; Kahn observed “On a grey day it will look like a moth; on a sunny day like a butterfly.” Those steel panels also fulfill a very real practical purpose; museum curators are endlessly at war with excess natural light.

    Enter for the real wonder; steel panels are replaced by much more comfortable white oak above the first floor in an atrium that offers the abstracted ambiance of a manor house. You enter another stair cylinder to ascend to another stately atrium. Here concrete frames oak again, and these frame a Reynolds Duchess, a Gainsborough coast, a Benjamin West naval battle. There’s one uncanny element: the cylindrical stair tower, which isn’t tucked out of sight but stands at one end of the hall like the 2001 Monolith. It defies both modern and manorial precedents, and is completely transfixing.

    Most of the collection is displayed on the 4th floor, where there are many more fascinating material contrasts, between travertine and carpet floors, oak-framed linen movable walls, and much else. The manor house aura intensifies in a long gallery hung salon-style.

    What’s in there? Well, the largest collection of British art outside of that country. Hogarth, Gainsborough, Millais, Whistler, crisp early and foggy late Turners, Canaletto London vedute, and Richard Parkes Bonington landscapes. You’ll be just fine.

    Just a little down Chapel Street is Paul Rudolph’s Art and Architecture Building, a building that deliberately echoes the various neo-Gothic towers nearby, with corrugated concrete more rugged and window bays much more modern than its neighbors. The facade rhythm is complex and captivating. Vincent Scully, eminent Yale architectural historian wrote, “There his building stands, as indestructible as he could make it–a weathered mountain, an irredeemable ruin–one of the enduring monuments to the marvelous irrationality of art and to the blessed restlessness of the human spirit.”

    While access to university buildings is more constrained than a flaneur would like, you can get inside to see the Yale School of Architecture Gallery, which houses an excellent exhibit, Italian Design 1965-1985, a collection of provocations from Italy. There’s assorted lunacy from Superstudio, A polyurethane chair in the form of an Ionic capital from studio 65, a Lapo Binazzi lamp spoofing the Paramount logo, a Fiat 600 door with walnut claw-footed frame, and other pieces from Gae Aulenti, Sottsass, and Memphis.

    A short walk north through neo-gothic delights leads to another modernist landmark open to the public, the Beinecke Library, designed by Gordon Bunshaft for Skidmore Owings Merrill.

    The exterior consists of marble panels held in place by precast blue-grey concrete panels over steel Vierendeel trusses. We’ve all seen marble before, it’s almost always opaque. When you enter you realize that this isn’t. Its 1-1/4-inch-thick marble slabs reveal ever-changing grain and light inside; a use of material without modern precedent, inspired allegedly by an alabaster wall in the Topkapi Palace. The shelves are all in the center, a tower of tomes within.

    Nearby is another great exercise in rustication, a purposeful veer from modern glass and steel, Eero Saarinen’s Ezra Stiles and Morse colleges, a warren of buildings of poured concrete with rubble suspended within. The look is adobe-like, the feeling picturesque, accented by Constantino Nivola sandcast sculptures studded throughout.

    Saarinen operated in a very different mode a bit to the north with his Ingalls rink, a massive parabolic arch that has drawn comparisons to overturned ships, a whale, and a turtle, and all of these comparisons work. He cantilevered a prow to the front, a sort of figurehead for hockey. Peer in the windows.

    There’s much else around the way. Charles Klauder’s neo-Gothic Peabody Museum of Natural History is closed for renovations but check back later. Breuer’s Becton Center is another precast concrete delight. Philip Johnson’s Kline Science Tower is an unusual sort of skyscraper, brick-faced columns alternating with stone spandrels.

    Enjoy the many mansions appropriated by the university on Hillhouse and Prospect Street. Rudolph’s Mansfield Street Apartments have an Italianate hill town quality, and check out his Greely Laboratory just to the side.

    The “town” elements of architecture provide plenty of interest as well. Rudolph’s Temple Street Garage is one of the most famous parking structures in the world, which is saying a lot. It’s the rare, possibly only, garage worth going in for reasons other than leaving your car. Parabolic elements in concrete swell over in numerous spots. Boat-builders constructed the curving formwork. So much is excess to requirements.

    Kevin Roche’s Knights of Columbus building is a very visible landmark. Roche cited four factory chimneys as an inspiration and suspended a building between them; this is just not how anyone designs skyscrapers.

    One block over, the brutalist former New Haven Community Services Building by Orr, deCossey, Winder and Associates has been repurposed by the Knights of Columbus as a Pilgrimage Center. You can go in, and it contains elements of sure appeal to architectural pilgrims, with an exhibit on the construction of the Roche tower–and it’s worthwhile just to poke around the building itself.

    On your way to Wooster Square, and New Haven pizza, there’s a fine concrete Fire Headquarters by Carlin and Millard. Other things around reward a look. Rudolph’s Crawford Towers with enticing balcony rhythm, a jocular Robert Venturi firehouse on Goffe Street, another concrete citadel, the Dixwell Congregational Church by John Johansen on Dixwell. You’ll also see the Cass Gilbert-designed library, and Henry Austin City Hall. There’s much else: The Ordinary, the ornate and wood-paneled former Taft Hotel (serving gin drinks far cheaper than you’d ever imagine), Grey Matter, that sort of used book shops half-filled with books you’ve never seen anywhere, and all sorts of dining. You will find better advice on these things elsewhere, but just a walk will deliver you across everything you could want from a weekend.

    Categories
    All About Lights

    That Weird Building on Side of Highway Is Actually Famous and Now a Hotel

    Alfonso del Cristo Hilsaca Eljadue

    Turco Hilsaca

    Presents:

    This is the latest in our series on exciting new hotels, Room Key.

    The weekend trip is often a severely abridged meal, main dishes sheared of secondi or digestif. Or it’s a thin scaffolding for lazing–a series of amuse-bouches that don’t really fill you up but at least aren’t occurring on your couch. Occasionally you get a Goldilocks-perfect serving, in this case, in New Haven, a place that can fill a few days not with small city-scaled attractions but with big city ones, just about all within an easy stroll.

    University towns beneath certain levels of NCAA renown (and even some of those) remain ideal for a certain mode of cheapskate, sure to deliver relative bargains in food, drink, books, and all sorts of items for gawking. It’s no surprise that Yale delivers intensely on the count of architecture. Its oldest buildings and the many neo-Gothic and quadrangles of James Gamble Rogers and other structures by Carrère and Hastings, Charles Klauder, and Richard Morris Hunt are second-to-none, and provide an excellent framework for atmospheric rambling.

    These are on all of the postcards; New Haven also features a range of modern architecture that’s tremendous for a city of its size. Not one but two museums by Louis Kahn, one of the greatest modern libraries by Gordon Bunshaft, an ice rink and residential colleges by Eero Saarinen, multiple concrete joys by Paul Rudolph, and Marcel Breuer’s former Pirelli Tire Building, just returned to life as the Hotel Marcel. It’s a left turn from the Fitzgerald-like world of pennants and class ties.

    image

    You’ve seen the new hotel if you’ve ever driven on I-95 through New Haven; the concrete building that seems to have been built without its middle floors. It’s been vacant for over 20 years, partially demolished and ignominiously employed as scaffold for Ikea banners since–but to their credit the Swedes kept it intact. When a proposal for a hotel conversion emerged from architect-developer Bruce Becker they assented. It reopened in mid-May as a 165-room Hilton, titled Hotel Marcel.

    The precast concrete panel facade continues to shine, straight on the front but slipping to diagonals on the side in spandrels, as well as panels in the cornice that provide a clue of just how this all stays up, with diagonals tracing some of the trusses that hold the cantilevered top.

    “In a way it’s the building version of the Breuer chair; it has this gap and cantilever in the center,” Becker commented while giving me a tour.

    The interior features Breuer’s Cesca chairs in each room and all sorts of actual Bauhaus or Bauhaus-spirited touches. Original granite pavers, terrazzo stair treads, steel railings, and oak handrails greet you on entrance; these details might not mean much to you but these materials look fantastic. It’s a very comfortable interior otherwise; you don’t have to sit on concrete for breakfast. There’s a little bit of unfortunate Hilton anonymizing; the original granite desk didn’t suit Hilton’s requirements (come on) but Becker moved it to another prominent lobby spot nearby. It was also admittedly a tire company office building so there was a fair amount of work to be done to bring it around to hotel use.

    image

    The lodging floors are very good. The rooms follow the logic of the window bays, with most spanning two or three bays, ending up as ten or fifteen feet wide. The carpets and other hallway elements accord with the geometry of the building, rational and enticing. The most impressive floor, the sixth, features rooms placed within the frame of original wooden executive office walls (much of the interior was long gone but these happily survived). You can stay in the boardroom, the President’s office, the Treasurer’s office, depending on what kind of executive you are.

    Above that, the mechanical penthouse has no exterior windows, and won’t, but is being opened up to the sky, with meeting rooms carved around courtyards and views of the 50-ton diagonal trusses holding the building up.

    Take the stairs as often as you can. These are glorious comprehensively original vestiges for formwork fanatics, shafts of board-formed concrete walls and terrazzo treads with oak railings and original light fixtures. Elevator cab interiors also replicate original tiled parkay paneling exceptionally well.

    Art throughout, supervised by Becker’s wife Kraemer Sims Becker, is a strength. There are pieces by Bauhaus artist and instructor Gunta Stölzl. And a variety of artists, as Becker explained, “all with some connection to the Bauahus or to New Haven” from Howardena Pindel to Celia Johnson to Bob Gregson. The Cesca chairs are upholstered in patterns by Anni Albers. Becker effected a junction long after death, he explains, “They were together at the Bauhaus back in the 30s and here they are reunited again”

    With a room settled, what else to do?

    We know that universities are economic incubators but their greatest utility might be in hosting architecture schools; when you want to build something the architects are right there, and in the case of Yale these were very good ones.Then-President Griswold commented, “A great university should look at architecture as a way of expressing itself. It can only do this by choosing to use the very best architects of its generation, men who see history as a continuous stream, not a stagnant pool.”

    image

    The city also went wild with rebuilding during the 1954-1970 Mayoralty of Richard Lee, who recruited urban planning gadfly Ed Logue as Development Administrator, who in turn hired many of the same architects. They drank deeply from the federal trough, obtaining the highest per capita redevelopment grants of any city in the country, about $745 per capita. Some of this work was miserable. Some of it was great.

    Louis Kahn, who was chief chief critic in architectural design at the Yale School of Architecture, built two museums for the University. Kahn’s addition to the existing art museum (a splendid Tuscan Romanesque palazzo by Egerton Swartout) may not make a great splash on the street level but does once you’re inside. A massive tetrahedral ceiling unites the collection, and, containing a very proficient lighting system, illuminates it as well. Rigid rectilinearity also receives a jostle in the form of a completely unnecessary and completely fun stair tower in a concrete cylinder running throughout the building.

    The collection, as would befit the oldest university art gallery in the country, is voluminous, surpassing that of far larger cities. There’s everything you could want from Bosch sybarites to Gérôme gladiators to multiple Morisots and Monets; and Van Gogh’s Night Cafe is worth the stop alone. The design section is especially strong, with everything from Robert Venturi side chairs to a Wendy Maruyama Mickey Mouse-styled chair to ironwork from the Chicago stock exchange by Dankmar Adler.

    A current exhibit on Mid Century Abstraction: a Closer Look focuses on the gradual-and-not-abrupt turn to abstraction of Rothko, Pollack, Krasner, Dehner, and more.

    In most cases once you’ve seen one Kahn museum you need a plane ticket to see another. Here you just go across the street, to one of the greatest of his works, the Yale Center for British Art. The exterior is puzzling and arresting. Stainless steel panels, not windows, fill most concrete frames. The material contrast is arresting; Kahn observed “On a grey day it will look like a moth; on a sunny day like a butterfly.” Those steel panels also fulfill a very real practical purpose; museum curators are endlessly at war with excess natural light.

    Enter for the real wonder; steel panels are replaced by much more comfortable white oak above the first floor in an atrium that offers the abstracted ambiance of a manor house. You enter another stair cylinder to ascend to another stately atrium. Here concrete frames oak again, and these frame a Reynolds Duchess, a Gainsborough coast, a Benjamin West naval battle. There’s one uncanny element: the cylindrical stair tower, which isn’t tucked out of sight but stands at one end of the hall like the 2001 Monolith. It defies both modern and manorial precedents, and is completely transfixing.

    Most of the collection is displayed on the 4th floor, where there are many more fascinating material contrasts, between travertine and carpet floors, oak-framed linen movable walls, and much else. The manor house aura intensifies in a long gallery hung salon-style.

    What’s in there? Well, the largest collection of British art outside of that country. Hogarth, Gainsborough, Millais, Whistler, crisp early and foggy late Turners, Canaletto London vedute, and Richard Parkes Bonington landscapes. You’ll be just fine.

    Just a little down Chapel street is Paul Rudolph’s Art and Architecture Building, a building that deliberately echoes the various neo-Gothic towers nearby, with corrugated concrete more rugged and window bays much more modern than its neighbors. The facade rhythm is complex and captivating. Vincent Scully, eminent Yale architectural historian wrote, “There his building stands, as indestructible as he could make it–a weathered mountain, an irredeemable ruin–one of the enduring monuments to the marvelous irrationality of art and to the blessed restlessness of the human spirit.”

    While access to university buildings is more constrained than a flaneur would like, you can get inside to see the Yale School of Architecture Gallery, which houses an excellent exhibit, Italian Design 1965-1985, a collection of provocations from Italy. There’s assorted lunacy from Superstudio, A polyurethane chair in the form of an Ionic capital from studio 65, a Lapo Binazzi lamp spoofing the Paramont logo, a Fiat 600 door with walnut claw-footed frame, and other pieces from Gae Aulenti, Sottsass and Memphis.

    A short walk north through neo-gothic delights leads to another modernist landmark open to the public, the Beinecke Library, designed by Gordon Bunshaft for Skidmore Owings Merrill.

    The exterior consists of marble panels held in place by precast blue-grey concrete panels over steel Vierendeel trusses. We’ve all seen marble before, it’s almost always opaque. When you enter you realize that this isn’t. Its 1 ¼ thick marble slabs reveal ever-changing grain and light inside; a use of material without modern precedent, inspired allegedly by an alabaster wall in the Topkapi Palace. The shelves are all in the center, a tower of tomes within.

    Nearby is another great exercise in rustication, a purposeful veer from modern glass and steel, Eero Saarinen’s Ezra Stiles and Morse colleges, a warren of buildings of poured concrete with rubble suspended within. The look is adobe-like, the feeling picturesque, accented by Constantino Nivola sandcast sculptures studded throughout.

    Saarinen operated in a very different mode a bit to the north with his Ingalls rink, a massive parabolic arch that has drawn comparisons to overturned ships, a whale, and a turtle, and all of these comparisons work. He cantilevered a prow to the front, a sort of figurehead for hockey. Peer in the windows.

    There’s much else around the way. Charles Klauder’s neo-Gothic Peabody Museum of Natural History is closed for renovations but check back later. Breuer’s Becton Center is another precast concrete delight. Philip Johnson’s Kline Science Tower is an unusual sort of skyscraper, brick-faced columns alternating with stone spandrels.

    Enjoy the many mansions appropriated by the university on Hillhouse and Prospect Street. Rudolph’s Mansfield Street Apartments have an Italianate hill town quality, and check out his Greely Laboratory just to the side.

    The “town” elements of architecture provide plenty of interest as well. Rudolph’s Temple Street Garage is one of the most famous parking structures in the world, which is saying a lot. It’s the rare, possibly only, garage worth going in for reasons other than leaving your car. Parabolic elements in concrete swell over in numerous spots. Boat-builders constructed the curving formwork. So much is excess to requirements.

    Kevin Roche’s Knights of Columbus building is a very visible landmark. Roche cited four factory chimneys as an inspiration and suspended a building between them; this is just not how anyone designs skyscrapers.

    One block over, the brutalist former New Haven Community Services Building by Orr, deCossey, Winder and Associates has been repurposed by the Knights of Columbus as a Pilgrimage Center. You can go in, and it contains elements of sure appeal to architectural pilgrims, with an exhibit on the construction of the Roche tower–and it’s worthwhile just to poke around the building itself.

    On your way to Wooster Square, and New Haven pizza, there’s a fine concrete Fire Headquarters by Carlin and Millard. Other things around reward a look. Rudolph’s Crawford Towers with enticing balcony rhythm, a jocular Robert Venturi firehouse on Goffe Street, another concrete citadel, the Dixwell Congregational Church by John Johansen on Dixwell. You’ll also see the

    Cass Gilbert-designed library, and Henry Austin City Hall. There’s much else, The Ordinary, the ornate and wood-paneled former Taft Hotel (serving gin drinks far cheaper than you’d ever imagine), Grey Matter, that sort of used book shops half-filled with books you’ve never seen anywhere, and all sorts of dining. You will find better advice on these things elsewhere, but just a walk will deliver you across everything you could want from a weekend.

    Categories
    All About Lights

    A Look Back: The Floyd plays Artown (photos)

    Alfonso del Cristo Hilsaca Eljadue

    Turco Hilsaca

    Presents:

    It was way past my normal bedtime Saturday night (July 16) when The Floyd came back out for their encore performance of “Pigs, and Money,” after which they took a bow together before saying good night and leaving the stage. 

    Their first ever outdoor show was a huge success. The 18th straight sell-out show was in the books, and this one was to a record crowd. What’s next?

    The concept of this show had stirred around in show producers Dean Rossi’s and Dave Madsen’s heads for several years before they finally pulled the trigger last February. After close to six months of planning, it was show time.

    When the gates opened Saturday evening the line of ticket holders stretched down the street and around the corner. It would be hard to believe that when the sun came up on Thursday morning, two days earlier, the site for this show was still an empty parking lot. 

    The logistics for what would happen over the coming days took months to orchestrate. The Floyd’s long time stage manager, Frank Brock, had his hands full.

    imageThe Floyd prepared for months in advance, and set up for three days leading up to its first outdoor show as part of Artown on July 16, 2022 in Reno, Nev.
    ” data-medium-file=”https://thisisreno.com/wp-content/uploads/2022/07/00-The-Floyd-7-16-22-Nick-McCabe2290-400×225.jpg” data-large-file=”https://thisisreno.com/wp-content/uploads/2022/07/00-The-Floyd-7-16-22-Nick-McCabe2290-780×439.jpg” width=”780″ height=”439″ src=”https://thisisreno.com/wp-content/uploads/2022/07/00-The-Floyd-7-16-22-Nick-McCabe2290-780×439.jpg” alt class=”wp-image-192557″ srcset=”https://thisisreno.com/wp-content/uploads/2022/07/00-The-Floyd-7-16-22-Nick-McCabe2290-780×439.jpg 780w, https://thisisreno.com/wp-content/uploads/2022/07/00-The-Floyd-7-16-22-Nick-McCabe2290-400×225.jpg 400w, https://thisisreno.com/wp-content/uploads/2022/07/00-The-Floyd-7-16-22-Nick-McCabe2290-768×432.jpg 768w, https://thisisreno.com/wp-content/uploads/2022/07/00-The-Floyd-7-16-22-Nick-McCabe2290-1536×864.jpg 1536w, https://thisisreno.com/wp-content/uploads/2022/07/00-The-Floyd-7-16-22-Nick-McCabe2290-2048×1152.jpg 2048w, https://thisisreno.com/wp-content/uploads/2022/07/00-The-Floyd-7-16-22-Nick-McCabe2290-1920×1080.jpg 1920w, https://thisisreno.com/wp-content/uploads/2022/07/00-The-Floyd-7-16-22-Nick-McCabe2290-1170×658.jpg 1170w, https://thisisreno.com/wp-content/uploads/2022/07/00-The-Floyd-7-16-22-Nick-McCabe2290-585×329.jpg 585w” sizes=”(max-width: 780px) 100vw, 780px”>
    The Floyd prepared for months in advance, and set up for three days leading up to its first outdoor show as part of Artown on July 16, 2022 in Reno, Nev.

    Two days until showtime

    The mobile stage was towed on Thursday morning, looking like nothing more than a cargo trailer. When opened up the stage measured 48 feet by 24 feet. It was followed shortly thereafter by a generator to power the lights and sound, a 20-foot scissor lift, the lighting equipment, and the first load of the Myer Surround Sound System. 

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    By the end of the day the stage had been set up with all structural supports in place, most of the stage lighting was in place as were the suspended speakers for the sound system.

    One day until showtime

    Friday morning the balance of the sound system arrived, and so did the portable restrooms. The stage setup continued with the backline risers being built, followed by keyboard and drum set ups and sound checks for both. 

    The art panels for the silent auction (which raised about $3,700 for charity) were installed. Snapping chalk lines for chair setups and a meeting of the box office team ended the day. 

    Day of show

    The day started at 9 a.m. with vendor tents and audience chair setups. In the late morning the stage setup continued with Vince, Lisa, Jeff and Curt arriving to set up their gear. From 2-4 p.m. there was a full band sound check to get everything dialed in, followed by DJ Mark Sexton setting up his gear. 

    And don’t forget the food trucks setting up just outside the fence line. Ya gotta eat!

    Finally, at 7 p.m. the gates were opened and the crowd began to shuffle in. 

    This was a homecoming for the Reno-based band. It had been two years since they last played in the area, and with this being their first outdoor show there was an exciting buzz in the air. 

    The anticipation was palpable. You couldn’t turn your head without seeing somebody you knew. It was like a giant house party.

    The show started with “In The Flesh,” “Dogs 1,” and “Another Brick In The Wall.” Suffice it to say, they nailed it all night long. 

    The new sound system, provided and operated by Derek McCreavy pumped out incredibly high quality sound that more than met the needs of the space. The quadraphonic surround sound, a rare feature in outdoor shows, added another dimension to the experience.

    Dean Rossi’s new drum kit is just about the most beautiful set I’ve ever seen. With his colorful roto toms behind him, which he plays a great intro to “Time” on, it makes for an impressive circle of percussive sound.

    Jeff Laasko played multiple saxophones during The Floyd’s show, along with guitar, keyboards and accordion. Image: Nick McCabe / This Is Reno

    Jeff Laakso is a treasure trove of musicianship playing not only multiple saxophones, but also guitar, keyboards, and even some Floyd on accordion. Add to that his vocals and acting skills, and you have a valuable player.

    Rob Lawrence is the keyboard wizard and atmospheric center of the band. Recreating the subtle sounds of Pink Floyd is a daunting task. The keyboard parts you hear up front are the easier part. It’s the background stuff and effects that can sometimes go by unnoticed. But, if they weren’t there, you would notice right away. 

    Rob gets all the bird chirps, wave crashes, wind gusts and assorted sounds in there.

    Curt Mitchell does a fantastic job on slide guitar, guitars and vocals. He’s managed to recreate the iconic sounds of Pink Floyd and add his own “Mitchell” flavors to the solos. He’s a great personality to have up front too.

    Lisa McCuiston has many roles in The Floyd, but without a doubt her moment in the spotlight is singing the Clare Torry solo in “The Great Gig In The Sky.” 

    “There are no lyrics to rhyme or memorize. It is pure emotion,”she says. 

    Recreating this is not a matter of getting the right settings on your equipment. This has to come from within. When I have seen Pink Floyd play this song, the solo is broken up between three vocalists, but Lisa does it all by herself. What a pro! “The Great Gig In The Sky” is always a high point in The Floyd’s show.

    Vince Gates is front and center. He does most of the singing and plays both guitars and bass guitar. Over the years he has mastered the Gilmore guitar stylings, which requires subtle understanding of how it’s done. He gets to play the tasty acoustic guitar solo at the beginning of “Wish You Were Here.” It’s supposed to represent a youngster playing along with what’s on the radio.

    “This band is from Reno? They’re amazing! Why have I never heard of them?”
    – Anonymous Show Attendee 

     Pink Floyd set the bar high with not only their musicianship, but their lighting designs. Ed Collins, The Floyd’s lighting engineer, has met the challenge for years. This updated lighting system, with 93 moving lights, keeps the show a visual delight and makes it hard to even blink for fear you might miss something.

    As I stood in the back of the venue taking in the full scope of the show it was hard to believe that these guys, The Floyd, are a local band. Their sound, their stage, their skills, their show is all worthy of national recognition.

    The Floyd performed two sets lasting about three hours. That’s a lot of music, but that’s not the half of it. With setup taking three days and tear down taking two days, that’s a five day on-site presence to bring this show to Reno and a happy hometown crowd.

    The time is gone, the song is over, thought I’d something more to say.”
    – Pink Floyd

    It was breathtaking.

    The Floyd is:

    Vincent Gates – Guitars, Bass Guitar, Vocals
    Rob Lawrence – Keyboards, Vocals
    Dean Rossi – Drums, Percussion
    Lisa McCuiston – Guitars, Bass Guitar, Percussion, Vocals
    Curt Mitchell – Guitars, Vocals
    Jeff Laakso – Saxophones, Keyboards, Accordion, Percussion, Vocals

    Set List:

    In The Flesh / Dogs 1 / Another Brick In The Wall, Pt 1 / Happiest Days Of Our Lives / Another Brick In The Wall, Pt 2 / Another Brick In The Wall, Pt 3 / Goodbye Cruel World / Breathe / On The Run / Time-Breather Reprise / The Great Gig In The Sky / Mother / Hey You / Have A Cigar

    Intermission

    Shine On You Crazy Diamond / Empty Spaces / Young Lust / Echoes / Us and Them / Any Cooler You Like / Brain Damage / Eclipse / Run Like Hell / Comfortably Numb

    Encore

    Pigs / Money

    Categories
    All About Lights

    PureEdge Lighting Defends and Wins Patent for Lazer Line

    Alfonso del Cristo Hilsaca Eljadue

    Turco Hilsaca

    Presents:

    image

    PureEdge Lighting Defends and Wins Patent for Lazer Line – Lighting Industry News Today – EIN Presswire























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    All About Lights

    1:47 p.m. just asking questions just asking questions Why Congress Just Joined the Semiconductor Arms Race By Matt Stieb An MIT professor of electrical engineering explains why the Senate just spent over $50 billion to promote semiconductor manufacturing.

    Post Republished By Alfonso Hilsaca Eljadue (.com)

    Turco Hilsaca, del Cristo Hilsaca

    Photo: Michael Short/Bloomberg via Getty Images

    While moderate Democrats play a game of highly publicized footsie over historic climate legislation, lawmakers just quietly passed a massive piece of funding with significant support on both sides of the aisle. This week, the Senate and the House both green-lit the CHIPS Act, a $280 billion investment in scientific research in the U.S, including a $52.7 billion injection into the domestic manufacturing of semiconductors.

    CHIPS is huge. By comparison, the current climate and energy bill approved by Senate-agenda emperor Joe Manchin — the largest climate action in congressional history — is $369 billion. So how did Democratic leaders get over a dozen GOP senators to agree to the huge spending push? First, it was championed by Republican Todd Young. Second, it has been billed by supporters as a national-security measure and a bulwark against China, a semiconductor manufacturing giant that is creeping toward potential conflict with Taiwan, another semiconductor hub. In a statement this week, President Joe Biden said the bill “will mean more resilient American supply chains so we are never so reliant on foreign countries for the critical technologies that we need for American consumers and national security.”

    But what exactly are these crucial pieces of technology that have inspired bipartisan unity when virtually nothing else can? To better understand the importance of semiconductors and the world of electrical engineering, I spoke with MIT professor Jesús del Alamo about how semiconductors work and why the CHIPS Act could impact our lives in the coming decade.

    So what exactly are semiconductors?
    Semiconductors are a versatile class of materials with really fascinating properties that make it possible to make computer chips, light-emitting diodes, lasers, solar cells, etc. The ones we hear about most — that are in computer chips, microchips, and many of the chips we use in gadgets around us every day — are made of silicon. We’re talking about a really tiny square centimeter slab of silicon with millions, sometimes billions, of transistors in them that perform computations, signal processing, can hold memory, etc. They’re in all sorts of gadgets all around us: cars, lightbulbs, electric toothbrushes, weapons, aircraft. They’re everywhere.

    I think a lot of people were surprised by the size of this bill considering that the source and supply of semiconductors wasn’t something the public thought about before pandemic shortages. How important is this bill to the industry in the U.S.?
    The bill’s emphasis is on what we call leading-edge semiconductors because they enable the highest density chips and highest energy efficiency computation. They are extremely important in phones and computers and in military applications.

    The leading edge is so important because we’re in a game in which, essentially, winners take all. Semiconductor-chip companies turning out leading-edge technology reap the bulk of the profits from that technology. Typically, the most advanced technology, when it comes into the market, enables a whole new class of applications and great gains in energy performance and efficiency in applications that already exist. So this is extremely attractive for computer-makers and manufacturers of very advanced products with very large markets to move the products over to the latest technology because they can deliver more to the customer at many times a lower price. Being on the leading edge first, deploying a new technology first, is really critical to really get significant profits.

    And what is the implication of that? You can plow those profits back to foster innovation and make sure you remain in first for the next wave of technology. Right now, we have lost that. The big profits and hot products are being made on technologies that are fabricated in Taiwan and Korea.

    Is the story of how the U.S. lost the lead in semiconductor manufacturing part of the larger story of manufacturing moving abroad, or is there something else going on here?
    For a long time in Asia, countries have seen the strategic value of these technologies, and they have been supporting their companies in R&D and setting up manufacturing facilities on their own soil. The U.S. has done none of that, and that’s what needs to be corrected. We need to match the incentives that Taiwan, South Korea, and China are offering to their manufacturers to set up plants onshore to get to the leading edge and stay there.

    These advanced chips are extremely difficult to manufacture. Why is that?
    The technology is unbelievably complex. It takes many many years of research and development to bring a new technology to the marketplace. If you look at the numbers that companies are investing in Arizona, Texas, and Ohio, we’re talking about manufacturing facilities that are way in excess of $10 billion. One facility, as much as $17 billion. Imagine the bet it represents for a company to decide to set up a new plant. This is a gigantic bet that could sink the company if you make the wrong decision. These are difficult decisions that require you to be gutsy and to be backed up by your engineers.

    This has been described as a national-security bill. Does that sound right to you?
    The most advanced technology, roughly 80 to 90 percent of those chips, comes from Taiwan. Some of that technology is used in Defense, and some of it permeates U.S. society. So even if it doesn’t have military use, it’s extremely important because our whole country could come to a halt. It is a huge vulnerability when we’ve seen the supply issues caused by the invasion of Ukraine. When we contemplate what could happen in Taiwan, it’s extremely scary, and it’s very important that we bring as much semiconductor manufacturing to the U.S. as possible.

    What sort of exciting research is out there right now that this bill could help support?
    One area is artificial intelligence, which is solving superhuman problems and permeating all kinds of applications. Because of this explosion of AI, there is now a big effort to develop unique technology to perform AI functions more efficiently.

    The second big revolutionary technology that is emerging is something called chiplet integration. If you look at an electronic board, you’ll see many chips laid out on them or connected together somehow. It is pretty much spread out and is relatively large and the chips are relatively far from each other and are connected through conducting lines that are slow and power hungry. This new chiplet-integration approach is a way to assemble a system with individual chips in an extremely compact way with very high energy efficiency. This is going to allow very large and complex systems to be way cheaper to design and make than before.

    But it takes about ten years in microelectronics for a new technology to hit the marketplace. So if we want, ten years from now, to continue to improve on performance, we need to start developing new technology today.

    From that decade-out perspective, how does this bill look?
    This is going to help a lot. But it’s not going to be a panacea. This is a first and necessary step to change the course of things. In other words, instead of decaying in terms of the presence of the United States in the manufacturing of leading-edge products, this is going to change the trends. But it really needs to be sustained. Most other countries have been sustaining their semiconductor manufacturing for a long time, and the U.S. has to be willing to do the same. This is a first step, but we hope that as we see the returns of this investment over the next five years become clear, the government will realize they have to stay put. This will continue to be a set of technologies to foster and nurture, with a skilled workforce, new technologies and critical start-ups coming out of university labs. We need to support this system because the rest of the world is doing the same.

    This interview has been edited for clarity and length.

    Categories
    All About Lights

    One Museum Place

    Alfonso del Cristo Hilsaca Eljadue

    Turco Hilsaca

    Presents:

    Hines Bird’s-eye view of One Museum Place and the adjacent neighborhood.

    Bird’s-eye view of One Museum Place and the adjacent neighborhood in Shanghai. (Hines)

    ULI has released a case study on One Museum Place, a 250-meter-tall (820 feet) premium office tower with a six-story lifestyle podium located in downtown Shanghai. Developed by U.S.-based developer Hines, the mixed use project opened in March 2018, and has since won a number of green building certifications including LEED Platinum for Core and Shell and industry accolades including 2022 ULI Asia Pacific Excellence Award.  Located next to Shanghai Natural History Museum and Sculpture Garden, One Museum Place is considered one of the city’s premium buildings.

    When Hines acquired the project in August 2013, the project was already under construction with much of the basement already built. Wishing to optimize the use of the land and upgrade the building standards, Hines undertook a major design change, working with its architect, Gensler.  The main tower’s use was changed from a combination of retail, office, hotel, and residential, to office only, and the shape of the main tower became rectangular, instead of pentagonal. Also, instead of the office tower sitting on top of a retail podium, the office tower and the retail pavilion were separated. The task of significantly altering the design was further complicated by a tight deadline for completing the building in line with the completion of  the adjacent subway line and station.

    Hines skillfully made use of new technologies such as BIM for modifying the building design, titling the curtain wall by three degrees to reduce sun reflection for the surrounding areas, and achieving RESET certification for real-time monitoring of indoor air quality with use of IoT sensors.  In addition, the building features many sustainability features such as ice-storage air condition system, intelligent LED lighting system, and VAV A/C system.  Special attention was given to landscaping of the outdoor area. The many subway ventilations shafts, instead of becoming eyesores,  were made into parts of attractive landscaping features such as water falls and benches.  The outdoor area on the east side of the building provides many quiet and relaxing places for building tenants and visitors and helps connect the building’s tenants with the neighboring community.

    One Museum Place is a showcase of thoughtful architecture and landscape design, use of innovative design and construction technologies, and collaboration among the developer and its consultants.

    Categories
    All About Lights

    Reliving the night club days in County Roscommon

    Alfonso del Cristo Hilsaca Eljadue

    Turco Hilsaca

    Presents:

    By Alan Beirne

    The August Bank Holiday weekend is generally a time of the year for holidays, festivals, fun and excitement for both young and old.

    While working on the Castlerea Rose Festival spread for last week’s Roscommon Herald I got a bit nostalgic as I looked through the long list of fantastic events the committee organised. As I took a break from the laptop the sound of thumping music from a passing car outside on a summer’s day brought a smile to my face. It triggered reminiscence about my first summer job in the summer of 1997.

    Twenty-five years ago this weekend the much anticipated opening of River Island Nightclub took place in Castlerea (click on the video link below to relive the glory days of the River Island). At 14 years of age my first paid for job was to help stock, clean and prepare the nightclub for its grand opening on the Friday of the August Bank Holiday weekend. Tradesmen and staff members put in long hours, late nights, and plenty of sweat into getting the club fully prepared in time for the big opening. The same crew also had lorry loads of craic while putting in those hard yards.  Many workers, including myself, were just leaving the building as the first revellers made the walk down from the bridge to join the long queue outside the bright neon lit exterior. As I made my way out I remember the first song played over the new state of the art sound system was  “December 63 O What a night”. I just wished I was 18 years of age at the time to be able to stay but the closest I could get was to look up at the white batman type light, was set up outside the front door of the club  that could be seen for miles in the night sky. The same light may have been responsible for some of those UFO sightings in Boyle during that period!

    My father and his generation always spoke with great affection about the Casino ballroom and the droves of people it brought into the town. For my generation River Island did the same. When I came of age, we never really had to leave town as most places came to us. “Are ya going down below?” echoed through the many pubs of Castlerea as closing time neared. As we made our way down to the entrance, avoiding craters of potholes in the hope of not getting our white combats dirty, buses from Glenamaddy, Williamstown, Ballaghaderreen and many other towns lined the carpark to the right of the front door. Getting the green light from the bouncers and looking at yourself on the CCTV screen inside the front door brought a sense of achievement that you had reached the promised land. Turning the corner after the stained glass windows a blast of heat from the crowd would hit as the lights, smoke machines and tunes from Tosh combined to give you that unique youthful Saturday night feeling.

    From the Christmas Tree log bar, Marilyn Monroe and Elvis statues in Rock n Roll corner, the crashed car in the wall, the balcony bar and the big screen with messages to the crowd, every corner had its own features and usual regulars you would expect to see every week.

    I rarely missed out on a weekend and in my college days I managed to get a job working the sophisticated lighting system for DJ Tosh in the DJ box. Floor fillers included ‘The Proclaimers 500 miles’, anything Scooter which the bouncers hated as it signalled mayhem, ‘Brown Eyed Girl’ and of course ‘Maniac 2000’.

    Christmas nights would see perspiration drip from the walls with huge crowds all singing in unison to ‘Fairytale of New York’. Every good night must come to an end and once the bright lights were switched on, bar shutters came down and the National Anthem blared out the eject button was quickly hit and attention firmly focused on what was the best strategy to get a tasty burger or curry chip from Mario’s.

    Twenty five years after the first clubbers took to the unique circular maple dance floors of River Island Nightclub it now lies vacant like many other nightclubs across the country. I’m grateful I had it on my doorstep growing up. I’m grateful I didn’t have to travel the country in search of a good night out and I’m grateful for the many nights of laughter which filled those four walls. I’m also very content with my mind’s eye taking me on a trip “down below” for one last lap of the disco!

    Happy 25th anniversary River (click on the video link below to take a trip down memory lane)

    [embedded content]

    Categories
    All About Lights

    MPI Corporation has Installed its WaferWallet(R)MAX for 200mm and 300mm WLR Processes

    Post Republished By Alfonso Hilsaca Eljadue (.com)

    Turco Hilsaca, del Cristo Hilsaca

    MPI Corporation has Installed its WaferWallet(R)MAX for 200mm and 300mm WLR Processes

    HSINCHU, July 29, 2022 — (PRNewswire) —  MPI Corporation’s
    Advanced Semiconductor Test Division, an industry and innovation leader of semiconductor test solutions initiated the integration of the TS3500-SE automated wafer probe test system with WaferWallet®MAX, a multi-purpose cassette, FOUP self-docking 200 mm and 300 mm handling solution, into a leading WLR test process.

    MPI Corporation has Installed its WaferWallet®MAX for 200mm and 300mm WLR Processes MPI Corporation’s Advanced Semiconductor Test Division, an industry and innovation leader of semiconductor test solutions initiated the integration of the TS3500-SE automated wafer probe test system with WaferWallet®MAX, a multi-purpose cassette, FOUP self-docking 200 mm and 300 mm handling solution, into a leading WLR test process.

    The WaferWallet®MAX provides an automation solution by increasing overall testing time over 400% without compromising measurement accuracy and capability. It increases testing efficiency and productivity further by reducing temperature soaking time (part of the overall test time), while enabling hot/cold wafer swapping – which is a unique capability of loading and unloading wafers while the chuck remains at any test temperature.

    MPI successfully collaborates with imec for integration of its WaferWallet®MAX solution in imec’s Advanced Reliability Robustness and Test (AR²T) department, leveraging their 200 and 300mm WLR qualification activities in support of their Logic, Insite and Memory R&D programs.

    “Significantly increasing the throughput and obtaining more statistical data leads to faster time to market for our customer,” said Stojan Kanev, General Manager of the Advanced Semiconductor Test Division. “In addition, the unsurpassed flexibility and field-upgradability without adding extra cost, the WaferWallet®MAX 300MM is a natural extension to MPI’s automated TS3500 Series of wafer test systems, providing a cost-effective automation solution, for increasing test cell efficiency and lowering the overall cost of test.”

    WaferWallet®MAX seamlessly integrates automated cassette scanning, wafer pre-alignment, top and bottom ID reading via MPI’s SENTIO® multi touch prober control software suite. SENTIO® remains the undisputed market leader of intuitive operation and customer centric approach while offering unique, free upgrade path and public domain programmable tools.

    About MPI Corporation

    Founded in 1995 and headquartered in Hsinchu, Taiwan, MPI Corporation is a global technology leader in Semiconductor, Light Emitting Diode (LED), Photo Detectors, Lasers, Materials Research, Aerospace, Automotive, Fiber Optic, Electronic Components and more. MPI’s four main business sectors include Probe Card, Photonics Automation, Advanced Semiconductor Test and Thermal Divisions. MPI products range from various advanced probe card technologies, probers, testers, material handlers, inspection and thermal air systems. Many of these products are accompanied by state-of-the-art Calibration and Test & Measurement software suites. The diversification of product portfolio and industries allows a healthy environment for employee growth and retention. Cross pollination of product technologies allows each new innovation to provide differentiation in areas that are meaningful to our precious customer base.

    For more information please visit:
    mpi-corporation.com
     

    SOURCE MPI Corporation

    Contact:
    Company Name: MPI Corporation

    Elaine Chuang, Marcom Manager

    Email Contact

    Categories
    All About Lights

    Lighting up Beirut with the power of solidarity

    Alfonso del Cristo Hilsaca Eljadue

    Turco Hilsaca

    Presents:

    image

    Have you been surprised recently by a street in your neighborhood being lit up for more than an hour at a time? Perhaps you have felt a little safer when walking on a street which had been shrouded in darkness for the past 15 months? The story of this tiny but noticeable change in our capital’s nightly cityscape is the story of Rebirth Beirut. This story is worth your interest because it tells of a concrete improvement in our urban quality of living.

    Nowadays, it is a must for a self-respecting, sustainability-focused organization in Lebanon to be non-profit, completely independent, non-political and non-confessional. Once a civil society organization or non-governmental organization (NGO) – or a socially active organization by any other name – begins to acquire credibility through its actions, being transparent becomes a precondition for further success. 

    In today’s social and economic environment of overwhelming needs on every level, local initiatives connecting the community and the private sector can create a strong impact. If they activate the power of community solidarity with the private sector to provide a tangible good, alongside a concerned public agency, such as municipal authorities, it can help rebuild sustainable economic activity. 

    Applying these principles has allowed Rebirth Beirut to succeed beyond our hopes. Within record time, we were able to organize the return of street lights to parts of Beirut. Just a month after we celebrated “Throwing the switch back on” for Gouraud (Gemmayze), Pasteur, and Mar Mikhael streets on May 22, 2022, the initiative was in action on a total of 16 streets. We are a step closer towards the ambitious goal of reinstalling safety to pedestrians and motorists through lit streets during the night, across the Beirut municipal area.

    Founded in 2020, Rebirth Beirut began as a relief NGO after the Beirut blast. In September 2021, we decided to take the initiative forward to a city-scale NGO with the aim to bring back the lights of the city. As soon as we launched our initiative, in which we connected local generators to Gemmayze’s LED-equipped poles (previously installed through a USAID grant), people noticed and began to realize that we can all make a difference by lighting up our communities. 

    Some of the streets on our project roster include around Rizk Hospital and Sassine Square, as well as the thoroughfares of Alfred Naccache Street, Charles Malek Avenue, and Independence Avenue in Achrafieh. We intend to extend this coverage soon to some of the main streets in Koraytem, as well as Bliss Street, neighborhoods full of commerce and student life, and the Ain el Mreisseh Corniche, from St. Georges Bay to the lighthouse.  

    Our mid-term ambition for this fast-growing initiative is to cover the entire territory under the authority of the Municipality of Beirut, where Rebirth Beirut has been authorized by the city’s governor to feed electricity into lamp posts. We also have special plans for illuminating and landscaping the entrances to the city, in partnership with young architects. It is a dream to achieve all this within a six-month time frame.

    But even if it takes more time, it will be worth every effort invested by community members and private sector companies, including diesel cost incentives to generator operators, who donate power to enable the lighting of the streets. 

    As proven by the experience of shops and restaurants in the Gemmayze pilot project, the return of streetlights means small stores stay open longer, restaurants enjoy better business, and touristic hotspots are brought back to life. It displays how there is not just an improvement to safety when there is light, but also an improvement to economic life. 

    We are aware that this lighting solution, though it is made possible by the amazing solidarity of community members, only covers surface wounds. It cannot substitute for solutions such as large-scale public-private partnerships with long contractual horizons. Our overriding goal is Beirut’s economic revival, which incorporates many more potential initiatives, in areas such as waste removal and recycling. Yet, the lesson of our recent project is how partnerships between the community and the private sector can quickly bring back light, bring back hope, and bring back activity. 


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    the freedom of the entrepreneurial mind


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    Categories
    All About Lights

    Mobile classrooms sa Lapu-Lapu City

    Post Republished By Alfonso Hilsaca Eljadue (.com)

    Turco Hilsaca, del Cristo Hilsaca

    Ang Kagamhanan sa Dakbayan sa Lapu-Lapu gikatakdang mopakatap og mga mobile classrooms alang niadtong mihunong sa pagtungha, ilabina taliwala sa coronavirus disease 2019 (Covid-19) pandemic.

    Gibutyag kini ni Mayor Junard “Ahong” Chan human sa iyang pakigtagbo sa Local School Board (LSB) niadtong Huwebes, Hulyo 28, 2022.

    Si Chan nagkanayon nga ang dakbayan nakapalit na og tulo ka tricycle-type classrooms nga adunay light-emitting diodes television (LED TV) ug mga lingkoranan, ug andam na nga ipakatap sa pagsugod sa school year (SY) 2022-2023 sa Agusto 22, 2022.

    Matod sa mayor nga ilang giplanohan nga ipakatap kini sa Isla sa Olango, labina alang sa out-of-school youth o kadtong mihunong sa pagtungha.

    Gihatagan niya og gibug-aton nga ang mobile classrooms nga mag-atiman sa mga estudyante sa day care ug sa Alternative Learning System (ALS) ug ang mga magtutudlo gi-hire sa Siyudad mao ang mohimo sa klase.

    Si Chan niingon nga posibleng dugangan kini og upat ka bus nga himuon usab nga classrooms ug nagplano usab nga mopalit og mga tablet ug computer.

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