Strong growth in Electronics, significant framework agreement signed for the Metal Precision Technology Division
Sales increased slightly in the third quarter compared to the same period 2013. The operating profit of SEK -6 million was affected by continued lower volumes both in the Systems Integration and Metal Precision divisions. During the third quarter the Electronics division reported a strong growth of 14% but ramp-up costs for the operations in China affected operating profit negatively. In the Systems Integration division several of our customers have shown increased activity but the results of this did not yet materialize in the quarter and volumes were still lower than the same period last year. The restructuring program in the Metal Precision division continued as planned and full impact is expected in the fourth quarter. We have received positive signals from both the Defense segment and Oil& Gas. After the quarter end we have signed a significant framework agreement which will increase capacity utilization at the units in the Metal Precision division. The quarter started slowly with a difficult market situation but with an increased activity from our customers the quarter ended strong. Altogether, this has increased our ability to improve profitability in the coming quarters.
Leif Thorwaldsson, President and CEO
Third quarter of 2014
- Net sales were SEK 530 million (528)
- Operating profit totaled SEK -6 million (11)
- Profit/Loss after tax was SEK -10 million (7)
- Earnings per share after tax amounted to SEK -0.75 (-0.59)
- Cash flow after investments amounted to SEK -40 million (-26)
First nine months of 2014
- Net sales were SEK 1,617 million (1,655)
- Operating profit totaled SEK -36 million (22) including restructuring costs SEK 22 million
- Profit after tax was SEK -40 million (6) including restructuring costs SEK 22 million
- Earnings per share after tax amounted to SEK -3.12 (-0.46)
- Cash flow after investments amounted to SEK -83 million (-50)
- The equity/assets ratio was 34% (38) on September 30
For complete report, see attached file.
For more information, please contact:
Leif Thorwaldsson, President and CEO, Tel: +46 (0) 40 10 26 41
Åke Bengtsson, CFO, Tel: +46 (0) 40 10 26 42
PartnerTech AB (publ.) is obligated to make the disclosures in this report public pursuant to the Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for public disclosure at 8.30 am on October 23rd, 2014.
PartnerTech is a global industrial partner offering customized solutions throughout the product lifecycle, from product development to manufacturing and aftermarket services, in a number of market areas such as MedTech and Oil&Gas. With approximately 1,400 employees at its plants in Sweden, Norway, Finland, Poland, the UK, the United States and China, PartnerTech reports annual sales of more than SEK 2.2 billion. PartnerTech AB , the parent company, has its head office in Malmö, Sweden, and is listed on the Nasdaq OMX Stockholm Exchange. For more information www.partnertech.com.
