Scanfil - EBIT margin a bit below estimates

Scanfil’s Q2 didn’t offer many surprises. Top line was close to expectations while there was a small shortfall in operating margin relative to estimates.

Scanfil Q2 revenue was EUR 172.9m, compared to the EUR 165.3m/168.6m Evli/consensus estimates. Top line grew by 11% y/y and included EUR 7.4m of transitory separately agreed, low margin customer invoicing. This was related to the ongoing component shortage situation and excluding these items revenue grew by 6.4% y/y to EUR 165.5m.

Advanced Consumer Applications’ revenue amounted to EUR 53.4m vs our EUR 47.7m estimate. Meanwhile Energy & Cleantech was EUR 44.8m, compared to our EUR 40.9m estimate. Automation & Safety top line stood at EUR 36.8m vs our EUR 39.5m estimate.

Q2 EBIT stood at EUR 10.6m vs the EUR 10.9m/11.1m Evli/consensus estimates. EBIT margin was 6.1% vs our 6.6% estimate. According to Scanfil the production transfer and planned closure of the Hamburg factory, which will happen by the end of September, generated additional costs.

Scanfil guides EUR 630-680m revenue and EUR 41-46m adjusted operating profit for FY ’21 (issued on Jun 11). Especially semiconductor availability continues to create uncertainty around the outlook.

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