Schweizer's sales increased by 31% compared to 2020
PCB manufacturer Schweizer says that new orders in the first three quarters of 2021 were significantly higher than in the same period last year and in the first three quarters of 2019. The high growth in sales continued in the third quarter of 2021 compared as compared to last year. The fourth quarter however, is expected to see a slowdown in the economy and therefore lower sales momentum.
Sales in the first three quarters of 2021 amounted to EUR 90.3 million, compared with EUR 69.0 million for the same period last year. This is an increase of 30.9% from the previous year, which was heavily influenced by the effects of the Covid 19 pandemic. Sales in the third quarter exceeded the second quarter by 2.9% and represent the highest sales quarter in the 2021 financial year to date. The company says that the plant in Schramberg and the new plant in China generated revenue from in-house production of EUR 66.0 million, which is an increase of 33.9% compared to the previous year. Sales of products via the groups Asian partner network increase by 23.4% to EUR 24.3 million compared to the same quarter last year. The PCB manufacturer says that incoming orders in the first three quarters of 2021 increased by 3.3 times compared to the volume of the same period the previous year and amounted to EUR 128.6 million, compared with EUR 38.7 million last year. At the end of the third quarter of 2021, the order book amounted to EUR 164.6 million, which is an increase of 50.7% compared to the end of 2020. However, as with many other industrial companies Schweizer was also affected by the semiconductor shortage, which influenced the order dynamics of the company's strongest customer group, the automotive industry. This contributed to a slightly lower order momentum in the third quarter, the company says in the report EBITDA for the first three quarters amounted to EUR -6.9 million, compared with EUR -7.9 million during the same period 2020. The Group excluding China achieved EBITDA of EUR 6.0 million. This corresponds to an operating profit improvement of EUR 6.2 million, excluding extraordinary expenses of EUR 1.8 million, which impacted earnings in the same period of the previous year. The economic forecasts of the major institutions point to a progressive slowdown in the global economy in the fourth quarter as a result of supply bottlenecks for electronic components, among other things, and higher energy and raw material prices. Schweizer therefore expects lower sales momentum in the fourth quarter.