Circuits Assembly Online Magazine - Mycronic Assembly Solutions Unit Sales Up 60% in 2017

TABY. SWEDEN -- Mycronic today reported fourth-quarter net sales were down 8.4% to SEK 931 million ($115 million).

Orders were up 10.4% to SEK 572 million. EBIT was down 23% to SEK 312 million.

For the year, Mycronic reported record revenues of SEK 3.57 billion ($441 million), up 45% from 2016. Net sales were up 29% to SEK 3 billion. EBIT was up 23% to SEK 848 million, and EBIT margin was 28%. For full-year 2017, net sales for Assembly Solutions increased 60%. The company took a charge related to acquisitions of SEK 107 million ($13.2 million).

"The Pattern Generator business unit put in a strong year, while Assembly Solutions, with the acquisition of Vi Technology, can now offer a complete production line," said Lena Olving, CEO and president.

For 2018, Mycronic forecast consolidated net sales of SEK 3.5 billion.

"It is with pride that I can present a record year for Mycronic. The order intake, net sales and earnings all reached new record levels and with the year ending strong, we have surpassed the estimates we announced at the beginning of 2017," said Olving.

"The long-term trends favor Mycronic. For AS, these trends are about a more extensive product mix, shorter series and product life cycles, as well as smaller components on increasingly complex circuit boards. With the acquisition of Vi Technology, in October 2017, AS gained access to advanced inspection equipment, software and cutting-edge expertise. Our product development efforts within SMT resulted in the launch of the MYPro series in the spring of 2017, with two brand new product platforms, the MY700 and the MY300. Within dispensing, where we are the fourth largest supplier globally, we launched the MYSmart series at Productronica industry fair in November. We have strengthened our position within AS through a complete SMT production solution offering, an offering that meets industry demands and aims at improving our customers’ productivity. Through our acquisitions we now address an equipment market that is 36%, or $1.2 billion larger" than Mycronic could access prior to the deal.