Scanfil - Results were somewhat soft
Scanfil’s Q1 results were expected to be soft relative to the comparison period but still came in somewhat lower than estimated. Scanfil retains its outlook according to which market demand picks up again in H2. Meanwhile the company has focused on some efficiency measures.
- Scanfil’s Q1 revenue declined by 11.5% y/y to EUR 198.9m vs the EUR 212.5m/210.2m Evli/consensus estimates. Top line decreased by 8.6% when excluding spot market purchases. Energy & Cleantch decreased 3.3% y/y but was up 11.3% excluding energy saving solutions. Industrial as well as Medtech & Life Science fell by similar 15% y/y rates due to destocking and demand changes. Market demand was lower relative to the comparison period and Scanfil focused on improving operational efficiency and inventories were reduced by EUR 10m.
- EBIT landed at EUR 12.7m, compared to the EUR 13.9m/14.0m Evli/consensus estimates. Operating margin was 6.4% (6.8% excluding layoff costs and FX changes).
- Scanfil guides FY ’24 revenue in the range of EUR 820-900m and adjusted EBIT of EUR 57-65m (unchanged). H1 market outlook remains sluggish, however activity is expected to pick up again in H2.