SIEVI, FINLAND – Scanfil reported third quarter sales of EUR 141.6 million ($166 million), down 7% year-over-year. 

The net profit rose 105% to EUR 18 million For the period ended Sept. 30.

The adjusted operating profit fell 18.1% to EUR 9.9 million, while operating profit rose 17.1% to EUR 21.2 million. The operating profit included a nonrecurring capital gain of EUR 11.4 million from the sale of its Hangzhou factory. Net cash flow from operating activities year to date is EUR 25.9 million, up EUR 11 million from a year earlier.

Sales were lower in the industrial and consumer applications segments. After a slower July and August, demand started to pick up in September. The delivery capacity of the supply chain set no significant restrictions on our deliveries.

Scanfil narrowed its revenue forecast for the year to EUR 590 million to 610 million and adjusted operating profit of EUR 38 million to 40 million, from EUR 580 million to 620 million and EUR 38 million to 42 million, respectively.

"I am pleased with Scanfil's solid performance in the third quarter," said Petteri Jokitalo, CEO, Scanfil. "We succeeded well in our Covid-19 countermeasures, and our profitability development was strong in exceptional circumstances. I am also delighted of the results of the customer satisfaction survey which show that also our customers think we have succeeded in our development work, and Scanfil can even better meet their expectations.

"We also proceeded as planned in the transformation of our factory network: the Hangzhou factory was divested in July. In Hamburg, the negotiations were started with the personnel concerning the factory’s possible closing and continuing operations at other Scanfil factories.

Scanfil expects to take a one-time charge of approximately EUR 6 million from the Hamburg factory's planned closure.

Ed: 1 EUR = 1.17254 USD

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