BILLINGSTAD, NORWAY – Kitron reported third quarter revenue of $57.6 million, up 23% year-over-year.

Net profit was $2.8 million, an increase of 375% compared to the same quarter last year. This was the firm’s sixth consecutive quarter of improved profits.

Operating profit (EBIT) was $3.2 million, up 281% year-over-year on increased revenue and stronger demand for technical services.

“This quarter we combined strong growth, improved profitability and important new orders, particularly in the Defense and Aerospace sector,” said CEO Peter Nilsson. “In the coming quarters, we plan to build on the improvements in our underlying margins, while also aiming for top-line growth.”

Defense/Aerospace sector revenue increased 71% during the quarter.

Order backlogs ended at $112.7 million, an increase from $99 million a year ago.

For 2015, Kitron expects growth and profitability improvement on increased demand in the US and Norwegian defense markets, and higher energy/telecom and industrial demand. Revenues from the offshore/marine segment will decrease as a result of a deteriorating Norway oil market.

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