BILLINGSTAD, NORWAY – Kitron reported first quarter revenue up 11% year-over-year to $83.3 million.

Net profit was $3.3 million, an increase of 18.2% compared to the first quarter of 2017. Operating profit was nearly $5 million, up 26%. EBITDA was $6.8 million, an increase of 24% compared to the same period last year.

"We’re seeing demand increase in all regions and most market sectors,” said Kitron’s CEO Peter Nilsson. “The solid growth and improved profitability in the first quarter indicate we are on track for our 2018 outlook and our strategic ambitions. Service sales accounted for close to 9% of revenue in the quarter. In the first quarter, Kitron won more than 30 new programs, worth more than NOK 230 million of annualized revenue, compared to NOK 75 million in the same quarter last year. 70% of the programs came from existing customers, while the other 30% came from new customers."

Order backlog increased 10% on a comparable basis. After adjustment for the introduction of the new IFRS 15 accounting rules, the order backlog ended at $131.1 million.

For 2018, Kitron expects revenue to grow to between $319.8 million and $345.3 million.

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