SIEVI, FINLAND – Scanfil reported third quarter revenue of EUR 130.8 million (US$151.5 million), up 7% year-over-year.

Net profit for the quarter ended Sept. 30 was EUR 5.2 million, down 21% compared to the same quarter in 2016. Operating profit was EUR 8.5 million, up 12%.  

For the nine month period ended Sept. 30, the electronics manufacturer posted revenue of EUR 385.5 million, flat with the same period last year.

“I am very happy about the achieved sales growth, as well as the positive development of profitability during the third quarter,” said Petteri Jokitalo, CEO of Scanfil. “Compared to the previous year, we grew 7% and reached 6.5% operating profit, which exceeded our year’s targeted 6%. Return on equity was 18.3%.

“We have been able to increase our operating profit every quarter of the year significantly. This has been possible due to positively developed customer demand and particularly strong growth in new customer sales. The benefits from the optimization of the factory network can be seen, even though it is clear we still need to improve our operational performance, especially in Myslowice, Poland, and Sievi, Finland. I am especially proud of the contribution of Scanfil's employees.

Our investment in manufacturing capacity and facilities has been at a record level throughout the year. In August, we moved to a larger production facility in Atlanta, and the Sieradz electronics factory is completing an expansion investment that doubles the factory’s floor space and capacity. New electronics manufacturing lines have been acquired and deployed at the Suzhou, Sieradz and Malmö plants.”

Scanfil estimates 2017 revenue of between EUR 500 million and EUR 530 million and operating profit of EUR 28 million to EUR 31 million.

Ed.: EUR 1 = US$1.16