comet holding ag said friday that firstquarter sales fell hit by a correction in the semiconductor market and forecast lower sales and a smaller earnings margin in 2023 the swiss company which supplies technology components to the semiconductor aerospace and automotive industries said firstquarter sales dropped 14 to 1075 million swiss francs 1208 million compared with the first quarter of 2022 due to weaker activity in the microchip industry it said it reported a booktobill ratioor ratio of new orders to salesof 083 which reflects lower order intake and sales generated from its existing backlog it said as a result the company has taken measures including reducing temporary workers and adjusting operating hours it said comet projected net sales to finish the year at chf440 million to chf480 million compared with chf5864 million last year the company said its earnings before interest taxes depreciation and amortization margin will be 13 to 15 compared with 203 in 2022 the correction in the semiconductor industry is expected to continue for some time but the companys longterm growth outlook remains positive it said comet separately said it received a loan of chf60 million to diversify its financing resources the syndicated revolving credit facility will mature after five years and includes an option for an additional chf40 million comet said