Scanfil - Figures stand high
Scanfil’s Q1 was expected to be strong, however the results still clearly topped estimates by many percentage points. In our view it wouldn’t seem too difficult for the company to reach the higher end of its guidance range for the year.
- Scanfil Q1 revenue grew by 14.2% y/y to EUR 224.6m vs the EUR 205.9m/216.1m Evli/consensus estimates. The figure includes EUR 7.9m of spot market component purchases.
- Advanced Consumer Applications was EUR 51.3m vs our EUR 53.9m estimate, whereas Energy & Cleantech amounted to EUR 67.5m, compared to our EUR 56.2m estimate. Automation & Safety was EUR 52.5m, compared to our EUR 48.1m estimate.
- EBIT amounted to EUR 15.1m, compared to the EUR 13.7m/13.8m Evli/consensus estimates. EBIT margin was thus 6.7%, matching our estimate. High capacity utilization rate, increased efficiency due to improving component availability and successful cost inflation management helped produce the highest quarterly margin in two years.
- Scanfil guides revenue for FY ’23 to amount to EUR 880-940m and EBIT of EUR 56-64m (outlook revised on Apr 12).