Scanfil - Q3 was largely as expected
Scanfil’s Q3 figures were mostly as estimated. The headline revenue figure remained flat, but growth excluding spot market purchases was 9%. The EUR 15.2m EBIT also landed near estimates, and guidance implies Q4 sees similar levels of profitability.
- Scanfil Q3 revenue grew by 0.4% y/y to EUR 212.8m vs the EUR 218.9m/215.9m Evli/consensus estimates. Growth excluding spot market purchases was 9%.
- Advanced Consumer Applications was EUR 49.8m, compared to our EUR 59.0m estimate, while Energy & Cleantech amounted to EUR 73.5m vs our EUR 63.2m estimate. Automation & Safety landed at EUR 42.2m, compared to our EUR 45.5m estimate. Energy & Cleantech continued to grow at a 38% y/y rate.
- EBIT amounted to EUR 15.2m, compared to the EUR 15.7m/15.3m Evli/consensus estimates, and hence operating margin was 7.2%. Good customer demand continued and supply chain challenges further eased. Scanfil has also focused on automation and digitalization to improve operational efficiency.
- Scanfil guides FY ’23 revenue to be in the range of EUR 880-920m and adjusted EBIT of EUR 60-66m (updated on Oct 10), which implies respective Q4 revenue and EBIT guidance midpoints of EUR 219m and EUR 15.1m.