Scanfil - EBIT slightly missed estimates
Scanfil’s Q4 top line developed flat as expected, while the EUR 13.4m EBIT missed estimates as there were more than EUR 1m in one-off costs. Scanfil’s FY ’24 guidance stands quite well in line with estimates, so estimate changes are likely to be small.
- Scanfil Q4 revenue declined by 0.7% y/y to EUR 220.8m, compared to the EUR 219.8m/220.4m Evli/consensus estimates. Growth excluding spot-market purchases was 4.9%.
- Advanced Consumer Applications landed at EUR 52.5m vs our EUR 44.5m estimate, while Energy & Cleantech was EUR 74.7m vs our EUR 65.6m estimate. Automation & Safety was EUR 44.5m, compared to our EUR 52.9m estimate.
- EBIT came in at EUR 13.4m vs the EUR 15.7m/14.9m Evli/consensus estimates. Operating margin was 6.1%. Scanfil implemented efficiency improvements, which will generate EUR 1.7m in annual savings; excluding one-off costs for efficiency improvement, customer settlement, spot-market purchases and other material invoicing EBIT margin was 6.7%.
- Scanfil guides FY ’24 revenue in the range of EUR 820-900m and adjusted EBIT of EUR 57-65m, compared to the respective EUR 909.5m/890.8m and EUR 63.7m/60.6m Evli/consensus estimates.
- The BoD proposes a dividend per share of EUR 0.23 to be distributed for FY ’23, compared to the EUR 0.23/0.23 Evli/consensus estimates.