SON, THE NETHERLANDS -- Neways recorded third quarter revenue of 121.2 million euros ($141.5 million), down 9% year-over-year as automotive demand tumbled, partially offset by higher medical and semiconductor sales.

The electronics manufacturing services company added that restructuring is ahead, although it did not disclose details.

During the period ended Sept. 30, the EMS company said its industrial segment saw a slight decline. Revenue was up 5% over the second quarter on improving demand for e-mobility applications for the automotive sector.

Bookings at quarter's end were down 18% year-over-year to 221 million euros on lower demand from the automotive and industrial segments versus last year. Orders rose 5% sequentially, however, on a modest automotive uptick.

“In the third quarter, we saw a cautious recovery in the automotive sector, primarily in e-mobility,” said Eric Stodel, CEO, Neways. “However, the decline in demand due to the pandemic and the lockdowns was so large in this industry that we won’t be able to make up the decline this year. Due to continued pandemic-related uncertainty, we expect the market to remain volatile in the fourth quarter. We’ll make a number of structural adjustments at certain operating companies to bring the organization and capacity utilization more in line with the current environment.”

During the quarter, the firm announced it would part ways with its chief operating officer by year-end.

1 EUR = 1.16966 USD

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