Mycronic Releases Interim Report January-March 2023

Estimated reading time: 2 minutes

First quarter

• Order intake amounted to SEK 1,617 (1,441) million, an increase of 12 percent
• Net sales increased 7 percent to SEK 1,219 (1,135) million. Based on constant exchange rates, net sales increased 1 percent
• EBIT amounted to SEK 182 (206) million and the EBIT margin was 15 (18) percent
• Earnings per share were SEK 1.52 (1.69)

Outlook 2023

The Board of Directors’ opinion remains that consolidated net sales for 2023 will be at a level of SEK 5.5 billion.

CEO comments, Anders Lindqvist, President and CEO

We have had a good start to 2023 with order intake increasing 12 percent, driven by a strong performance in Pattern Generators. The other three divisions’ order intake was lower than in the corresponding period of the preceding year, attributable to continued weak demand in China. Net sales increased 7 percent, mainly due to positive currency effects. EBIT amounted to SEK 182 million which was in line with the previous year, adjusted for the divestment of AEi in February 2022.

Within Pattern Generators, the photomask market for semiconductors on mature design nodes remained positive during the first quarter of the year. Order intake was strong and the division received orders for eight systems: one Prexision 8 Evo, one FPS6100 and six SLXs. The success of the SLX entails that we have until March 31, 2023 received orders for 38 systems since the launch in October 2019.

Demand within High Flex remained healthy in Europe and North America, while it continued at a low level in China. In January, the division participated at the APEX trade show in San Diego, where there was a high level of activity. This is an indication of an increased investment interest in the electronics industry in the US and Mexico.

Within High Volume, investments among consumer electronics manufacturers have not yet recovered after the lifting of covid restrictions in China at the end of 2022. The electric vehicles industry continues to be a focus area, as does geographic expansion, with increased sales outside China. During the quarter, the division received an initial order from a foreign production facility belonging to a Chinese manufacturer of electric vehicles.

Demand within Global Technologies’ operations for electrical testing of printed circuit boards and substrates slowed during the quarter, with weak demand related to the consumer electronics industry. However, certain areas, such as electric vehicles and servers, noted continued healthy demand. In die bonding, the largest markets – data and telecom – remained weak, as did the Chinese market as a whole.

This is the first full year of our continued growth journey to achieve sales of SEK 10 billion no later than 2030. Our organic growth will be driven by sustainable innovation and focus on our customers. This is supplemented by a clear acquisition strategy, where we continuously and actively search attractive areas to add to and broaden our offering towards our customers. 

For 2023, it remains my assessment and that of the Board that Mycronic’s net sales will be at a level of SEK 5.5 billion.