Circuits Assembly Online Magazine - PartnerTech Reports Q4 2014 Electronics’ Sales Up 9.6%

MALMO, SWEDEN – PartnerTech’s Electronics segment reported fourth quarter 2014 sales of SEK 342 million ($41 million), up 9.6% year-over-year. For the full year 2014, Electronics’ sales were SEK 1.3 billion, up 13.5% compared to 2013.

Operating profit for the Electronics segment was SEK 13 million in the fourth quarter, down 45.8% year-over-year. Electronics operating profit for 2014 was SEK 61 million, down 15.3% compared to 2013.

For the Systems Integration segment, PartnerTech reported fourth quarter 2014 sales of SEK 254 million, up 8.1% year-over-year. Full-year 2014 sales for the division were SEK 833 million, down nearly 5% compared to the prior year.

Operating profit for Systems Integration was SEK 8 million in the fourth quarter, down 47% year-over-year. For 2014, operating profit in the segment was SEK 10 million, down 62% year-over-year.

Total fourth quarter net sales for the firm were SEK 621 million, up 6.7% year-over-year.

The company recorded a loss after tax of SEK 15 million, compared to profit after tax of SEK 1 million in the fourth quarter of 2013.

Adjusted operating profit totaled SEK 1.5 million for the period, down 85% year-over-year.

For full-year 2014, the company’s net sales were SEK 2.24 billion, nearly flat with the previous year.

PartnerTech posted a 2014 loss after tax of SEK 55 million, compared to a 2013 profit after tax of 7 million.

Adjusted operating loss for the year was SEK 12 million, compared to an adjusted operating profit of SEK 32 million in the previous year.

“The Electronics business continues to show increased demand, but as volumes were postponed late in the quarter, profitability and working capital were affected negatively,” said Leif Thorwaldsson, president and CEO. “In Systems Integration, the increased demand from customers during the quarter has resulted in an increase of stock to meet growing customer needs. The activity within the defense industry continues to increase, but volumes planned for the fourth quarter were moved into 2015.”

Ed.: SEK 1 = US$0.1199