Scanfil's Sales, Operating Profits Rise in Q3
HELSINKI -- Scanfil's third quarter revenues rose 140% year-over-year, bolstered by its acquisition of PartnerTech.
Sales for the period ended Sept. 30 were EUR 135.8 million ($150.1 million), and operating profit was flat at EUR 5.2 million. Operating profit excluding nonrecurring items was EUR 8.6 million.
The net profit was EUR 2.8 million, down 27.6% on integration and one-time costs.
The results include those of PartnerTech, which was integrated into Scanfil as of July 1.
Scanfil updated its 2015 sales and operating profit guidance as of Sept. 24 to EUR 360 million to 385 million and EUR 17 million to 21 million, respectively. Scanfil previously estimated sales of EUR 350 million to 365 million and operating profit of EUR 14 million to 18 million.
CEO Petteri Jokitalo said, "Business operations developed favorably during the quarter, with the growth in demand focusing on Europe. In particular, the development of PartnerTech's turnover and profitability has been strong. I am satisfied with the progress of the integration of PartnerTech. The new management has been appointed and will start as of the beginning of November. Measures to realize the synergy benefits are proceeding with the aim of pursuing annual synergy benefits of EUR 5 million as of 2017, at the latest.
$1 = 0.9048 euros
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