SIEVI, FINLAND – Scanfil reported first quarter revenue of EUR 122.2 million (US$132.9 million), down 6.2% year-over-year.

Profit was EUR 5.8 million, compared to a loss of EUR 1.7 million in the prior year quarter.

“We proceeded as planned during the first quarter,” said CEO Petteri Jokitalo. “Our turnover was EUR 122 million and operating profit EUR 6.2 million. The operating profit increased by one fifth compared with adjusted operating profit a year ago, and realized 5% operating margin is coming close to the target level.  I am particularly satisfied with the return on equity of 21%, as this indicates our synergy benefits were realized and our strategy works. Customer demand improved toward the end of the quarter, and there are still signs of further improvement.

“The closedown of the Vantaa and Biatorbagy plants continued, and this work will be completed in the upcoming weeks. We continued our investment program. We installed a new SMT line in Suzhou, and punching machines as well as bending lines in Myslowice, and additionally we decided to invest in an SMT line at the Scanfil Malmö plant.  Furthermore, we made a decision to double our production space in Atlanta.”

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

Ed.: EUR 1 = US$1.0872

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