BILLINGSTAD, NORWAY – Kitron reported second quarter revenue of NOK 667 million ($82.4 million), up 3% year-over-year.

Net profit for the quarter was NOK 34.5 million, an increase of 10% compared to the same period last year. Operating profit (EBIT) was NOK 45 million, nearly flat with the same quarter in 2017.

"This is the highest second quarter revenue in Kitron's history,” said Peter Nilsson, Kitron's CEO. “In general, the financial results increase our confidence in the 2018 outlook and our strategic ambitions, which include revenues of NOK 3 billion and an EBIT margin of 7% in 2020. It is especially gratifying that we make progress in the face of industry-wide issues with component availability. This is a testament to our robust supply chain. The second quarter showed record levels of future prospects: growth of 60% compared to last year in the new quote pipeline."

The firm’s order backlog increased 12% year-over-year. Operating cash flow was NOK 42.7 million, compared to NOK 63.1 million in the second quarter 2017.

The increase in working capital is partly related to a deliberate and temporary inventory buildup to avoid supply disruptions in the face of previously reported electronic component shortages.

For 2018, Kitron expects revenue to grow to between NOK 2.5 billion and 2.7 billion.

Ed.: NOK 1 = US$0.12


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