EINDHOVEN, THE NETHERLANDS – Neways reported first quarter net revenue was $115.9 million, up 9.5% year-over-year, with growth in semiconductor, automotive and defense sectors.

Sales in industrial and medical sectors were stable, the electronics manufacturer says.

During the period, orders increased 13.1% year-over-year to $221.6 million, compared to $190.5 million at the end of March 2016 and $205.9 million at year-end 2016. The book-to-bill ratio was 1.10.

“We saw a busy, good start of the year. Order intake and turnover showed healthy growth, which was partly driven by increased early stage involvement in development and co-engineering of electronic components and control systems,” said CEO Huub van der Vrande.

"In the quarter, we also continued the rollout of our group-wide improvement program Up to the Next Level, which has resulted in further improvements of operational processes and efficiency gains. These improvements were offset by higher staff costs, due to the increase in engineering activities and related team expansion, as well as high utilization of our production staff flex pool. We will monitor these developments and the effects they have on the business closely. For the full year 2017, we reiterate our outlook and expect to record a higher net turnover and operating result compared to 2016.”

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