SIEVI, FINLAND – Scanfil Group reported first quarter revenue of EUR 129.9 million ($144.8 million), down 7% year-over-year.

Profit for the period ended Mar. 31 was EUR 4.8 million, a decrease of 36.8% compared to the same period in 2018.

Operating profit was EUR 6.8 million, 7.4% of revenue, down 34% year-over-year.

“Demand during the first quarter was in a low level, as expected,” said CEO Petteri Jokitalo. “Turnover stood at EUR 129.9 million, showing a decrease of 7% from the previous year. However, there were no signs of any general decrease in customer demand. Instead, the decrease in sales was highly customer-specific, resulting from low demand among a few significant customers. Therefore, sales in the Consumer Applications and Communication segments decreased clearly from the previous year, while sales within other customer segments were stable or developed positively.”

Scanfil estimates 2019 revenue will be EUR 560 million to 610 million, with operating profit of EUR 36 million to 41 million.

Ed.: EUR 1 = US$1.11