BILLINSTAD, NORWAY – Kitron reported revenue in the first quarter was NOK 585 million (US$68.1 million), up 17.7% year-over-year. Growth was particularly strong in defense/aerospace, the firm says.

Net profit was NOK 21.6 million, an increase of 116% compared to the first quarter last year. Operating profit was NOK 30.9 million, up 50.7%. Operating profit (EBIT) was NOK 30.9 million, an increase of 51%.

"The order backlog is solid and the main production facilities are now updated and highly competitive, supporting our outlook for the rest of 2017," said CEO Peter Nilsson.

The order backlog ended at NOK 1.06 billion, an increase of 17% year-over-year. Orders received in the quarter were NOK 620 million.
For 2017, Kitron expects revenue to grow to between NOK 2 .15 and 2.35 billion.

Ed.: NOK 1 = US$0.1165

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