SCHRAMBERG, GERMANY – The Schweizer Group reported third quarter sales amounted to €29.9 million (US$34.7 million), up 2.7% year-over-year.
Automotive accounted for a 68.2% share, compared to 76.6% in the same quarter of 2016. Total orders increased 33.5% to €41.4 million. Automotive increased demand 13% to €28.6 million.
The company’s third quarter EBITDA was €2.4 million, down 17.2% year-over-year, as a result of higher operating expenses of €1.8 million, up from €100,000 in 2016. The firm has two pending lawsuits, resulting in a €1.5 million increase of accruals as risk prevention.
"'The discussion about alternative drive technologies, in particular e-mobility, has shown increasing dynamism over the last months again,” said Marc Bunz, CFO of Schweizer Electronic. “This means a positive trend for us, as the focus on e-mobility and autonomous driving aroused increasing interest of customers in our power electronics PCBs. Based on the results and balance sheet figures of the third quarter, and considering the special effects, we confirm our forecast and expect an EBITDA margin of 7 to 8% for the total fiscal year 2017, whereby we anticipate reaching the lower end of the forecasted range."
The firm reported sales for the first nine months of 2017 up 5.4% to €91.8 million.
Ed.: €1 = US$1.16