STOCKHOLM – Mycronic reported a sales increase of 5% in the third quarter to total SEK1.27 billion ($115.8 million).

For the first nine months of the year, the company's sales increased 3% to SEK3.74 billion ($341 million), and it projects full-year sales of SEK5.5 billion ($501.5 million).

"Order intake was good in the third quarter and on an annualized basis above our net sales target for 2023 of SEK5.5 billion," said CEO Anders Lindqvist. "Due to Pattern Generators having a really strong order intake in the corresponding period the previous year, order intake nevertheless declined 9% in the third quarter. Meanwhile, net sales increased and EBIT grew to SEK263 million, also driven by Pattern Generators. Acquisitions play a key role in Mycronic's profitable growth journey towards net sales of SEK10 billion, and we constantly assess various potential acquisition candidates within the scope of our business development efforts. One significant project of this nature was terminated in the third quarter without resulting in a transaction. The project was the main reason behind the high business development costs during the first six months."