Neways' Q1 Sales Rise, But Profits Lag PDF Print E-mail
Written by Mike Buetow   
Friday, 19 April 2013 07:19

SON, THE NETHERLANDS -- Neways reported a net loss despite higher sales in the first quarter. The EMS company cited one-time restructuring charges.

The contract printed circuit assembler posted net sales of EUR 63.8 million ($83.5 million), down 13% from 2012 and up 6% sequentially.

Neways only reports net income on a semiannual basis. The company did say it took a "slight loss," excluding one-time charges, in the first quarter, adding that the bottom line was a "significant improvement" from the fourth quarter 2012.

Bookings at quarter's end increased 3% to EUR 64.5 million from EUR 62.5 million at year-end 2012.

Due to overcapacity across the electronics manufacturer's plants, Neways decided to close production at its plant in Echt, in the south Netherlands. The firm will keep 10 developers at the site to perform R&D. Neways will take EUR 2.8 million in net charges, but expects similar annual savings starting in mid-2013.

Neways said it doesn't expect a clear improvement in the EMS market in the coming months.

 

1 EUR = 1.30823 USD


Last Updated on Friday, 19 April 2013 07:43
 

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