SIEVI, FINLAND – Scanfil reported fourth quarter revenue of EUR 144.4 million ($179.8 million), up 18.1% year-over-year.

Profit for the quarter was EUR 10.5 million, an increase of 707.7% compared to the fourth quarter of 2016.

Operating profit was EUR 9.6 million, 6.6% of revenue, compared to EUR 2.8 million in the fourth quarter of the prior year, or 2.3% of revenue.

Total 2017 revenue was EUR 529.9 million, up to 4.3% year-over-year. For the year, profit was EUR 25.8 million, compared to $100,000 in 2016. Operating profit was EUR 31.3 million, up 334.7% year-over-year.

“The year ended with a strong fourth quarter,” said CEO Petteri Jokitalo. “The optimization of the factory network was completed already in the first half of the year, which now can be seen in lower cost structure and cost-benefits.  Our investments were record-high. The extension of the electronics factory in Sieradz was completed in December, and our integration factory in Atlanta moved to a bigger facility during the summer.  In practice, we doubled our space in both of these factories.”

Scanfil estimates 2018 revenue  of 2018 EUR 530 million to EUR 570 million and operating profit between EUR 33 million and EUR 37 million.

In 2020, Scanfil aims to reach sales of EUR 600 million.

Ed.: EUR 1 = US$ 1.24