Scanfil - Strong H2 profitability in the cards
Scanfil’s Q2 report didn’t serve any major surprises. Top line was largely according to expectations, although Q2 profitability came in a little soft but only implies stronger EBIT in H2.
- Scanfil Q2 revenue grew by 23% y/y to EUR 212.9m, compared to the EUR 201.7m/212.5m Evli/consensus estimates. Transitory component invoicing amounted to EUR 29.5m during the quarter. Customer demand was generally strong in all customer segments, however poor availability of electronic components remained a challenge. Spot market component purchases will remain high at least in Q3.
- Advanced Consumer Applications amounted to EUR 68.7m vs our EUR 64.6m estimate, while Energy & Cleantech was EUR 53.5m vs our EUR 54.2m estimate. Automation & Safety landed at EUR 45.6m, compared to our EUR 41.6m estimate.
- Q2 adjusted EBIT came in at EUR 10.1m vs the EUR 11.3m/11.2m Evli/consensus estimates. There was an FX loss of EUR 1.4m, mainly due to the strengthening of the US dollar. China’s lockdown measures affected the Suzhou factory’s profitability especially in April, but the level returned to normal in May and June. Scanfil’s guidance also implies strong H2 profitability.
- Scanfil guides EUR 800-880m in revenue and EUR 43-48m in adjusted EBIT for FY ’22.