Scanfil - Clearly topped expectations
Scanfil’s Q2 clearly exceeded expectations. Revenue grew by 9% y/y and slightly more than a third of the increase was organic, the rest being attributable to the HASEC acquisition (mainly recognized in the Industrial segment).
- Scanfil Q2 revenue was EUR 155.6m compared to the EUR 145.4m/147.0m Evli/consensus estimates. Scanfil says organic demand growth was especially strong in Communication and Energy & Automation.
- Communication revenue amounted to EUR 28.9m vs our EUR 20.4m estimate.
- Consumer Applications top line was EUR 20.3m compared to our EUR 26.2m expectation. Scanfil comments the pandemic has had an adverse effect on the segment’s demand.
- Energy & Automation revenue was EUR 32.6m while we expected EUR 29.1m.
- Industrial posted EUR 48.5m vs our EUR 43.2m estimate.
- Medtec & Life Science revenue was EUR 25.3m compared to EUR 26.5m estimate.
- Scanfil Q2 EBIT amounted to EUR 10.2m vs the EUR 8.7m/9.3m Evli/consensus estimates. Operating margin was therefore 6.5% while we had expected 6.0%.
- Scanfil guides FY ’20 revenue in the EUR 580 – 620m range and sees adjusted EBIT at EUR 38 – 42m.