SIEVI, FINLAND – Scanfil reported fourth quarter revenue of EUR 122.3 million (US$ 129.4 million), down 14.3% year-over-year.

Profit was EUR 1.3 million, up 8.3% compared to the same period in 2015. Operating profit was EUR 2.8 million, a decrease of 28.2%.

Total 2016 revenue was EUR 508 million, up 34.6% year-over-year.

Profit for the year was $100,000, compared to $8.4 million in the prior year. Operating profit was EUR 7.2 million, down 50%.

“In 2016, we went through a significant transformation, said CEO Petteri Jokitalo. “The year was strongly marked by the integration of PartnerTech that was acquired in 2015. We combined and streamlined organizations, and harmonized operating processes and IT systems. We eliminated overlapping functions and reorganized unprofitable plants. As a result, our cost structure is significantly lighter than before. We continue operations in ten plants, each of which has a distinct role, a broad customer base, and a sufficient sales volume.”

Scanfil estimates 2017 revenue of EUR 480 million to 520 million, with operating profit of EUR 26 million to 31 million.

Ed.: EUR 1 = US$ 1.0581

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