© Mycronic Electronics Production | October 24, 2018
Mycronic sees its net sales soar 123% during its third quarter
“Mycronic delivered a strong third quarter, while we see stable market development within the segments where we operate. We are demonstrating robust growth, we are improving our margins, and we have a healthy order intake with a number of significant orders added during the quarter,” says Lena Olving, President and CEO.
Looking at the numbers we se that the company’s order intake during the third quarter of 2018 amounted to SEK 813 million (EUR 78.52 million), quite the drop from SEK 1.8 billion (EUR 181 million) during the same period last year. However, worth mentioning is that we are comparing with a record order for mask writers worth USD 90-100 million in September 2017. Net sales increased 123% to SEK 1.09 billion (EUR 105.8 million) from SEK 491 million (EUR 43.35 million) and 111% based on constant exchange rates. EBIT was SEK 436 million (EUR 42 million), compared to SEK 66 million (EUR 6.37 million), which is an increase of 560%. The EBIT margin was 40%, compared with 13% for the same period last year. After the end of the period, the company received an order for a Prexision-800 with limited functionality was received from a customer in Asia. The order is valued at between USD 30-35 million and also includes certain upgrades to the customer's existing system. “I am pleased to report that Mycronic delivered a strong third quarter, while we see stable market development within the segments where we operate. We are demonstrating robust growth, we are improving our margins, and we have a healthy order intake with a number of significant orders added during the quarter,” says President and CEO, Lena Olving in the report. “Through the strategic focus of recent years, including investments in a series of acquisitions, we have created a strong platform for growth. As for the rest of the year, we have a good base of planned deliveries from our order backlog,” Olving adds. In total, the company’s net sales grew 123% for the quarter and 32% for the first nine months of the year. For the full year, the company expects that consolidated net sales for 2018 will be at a level of SEK 3.5 billion (EUR 338 million) – this excludes acquisitions already made in 2018 as well as possible additional acquisitions during the remainder of 2018.