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SENASTE
Scanfil reported 1% above our net sales forecast in Q1. Operating profit was even 10% above our estimates in Q1. Capacity utilization ratios have been in a good level in Q1. Guidance was same as published on 12 April 2023. Full year 2023 revenue guidance midpoint indicates 8% y/y revenue growth in 2023. Operating profit guidance midpoint gives 6.6% EBIT margin for 2023 (consensus 6.4%). The main reason for a good development has been European energy efficiency and the green transition customer segments. The company will also get more capacity online in Atlanta and in Sieradz sites in Q3 2023. Overall, operating profit margin improvement seen in Q1 2023 looks sustainable.
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