BILLINGSTAD, NORWAY – Kitron reported third quarter revenue of NOK 563 million (US$68.5 million), an increase of 5% year-over-year.

Net profit was NOK 21.8 million, up 33% compared to the third quarter of 2017. Operating profit was NOK 30 million, up 2.7%. EBITDA was NOK 42.7 million, nearly flat with last year.

The order backlog increased 27% on a comparable basis.

"We continued on our growth path in the third quarter, delivering the highest third quarter revenue in the company's history,” said Peter Nilsson, Kitron's CEO. “I am especially pleased that we were able to do this in the face of industry-wide problems with component availability and some postponed customer programs. The excellent order intake during the quarter strengthens our confidence in the coming months and quarters. We maintain our 2018 outlook and our strategic targets for 2020."

In July, Kitron announced plans to expand its Eastern European presence through a facility in northern Poland. Production at the 8,000 m² facility is now scheduled to begin in the fourth quarter of 2019.

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

Ed.: NOK 1 = US$0.12

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