BILLINSTAD, NORWAY – Kitron reported fourth quarter revenue was NOK 739 million ($85.5 million) an increase of 11% year-over-year. Order backlogs increased 16%.

Revenue growth compared to the same quarter last year was strong in the industrial sector, offsetting a decline in defense/aerospace. Demand within defense/aerospace will fluctuate, and growth is expected to resume at the end of 2019, Kitron said. Marine/offshore is growing, albeit from a low level, the firm added.

"Organic growth was strong, leading to all-time high revenue,” said Cathrin Nylander, Kitron's CFO and acting CEO. “At the same time, we announced the acquisition of the EMS division of API Technologies Corp., illustrating our targeted approach to mergers and acquisitions and answering customer demand for a stronger presence in the US market. We expect further progress in 2019, and in March we will announce longer-term ambitions at a capital markets day."

Profit after tax amounted to NOK 27.7 million, down 6.4% year-over-year. Fourth quarter operating profit was NOK 42.3 million, down 1.9%. EBITDA was NOK 54.6 million, a decrease of 4% year-over-year.

Full-year revenue of NOK 2.62 billion was up 7.5% compared to 2017. Profit after tax was NOK 110.3 million, up 11.4%. Operating profit ended 2018 at NOK 156.1 million, an increase of 5%.

For 2019, Kitron expects revenue to grow to between NOK 2.9 billion and 3.2 billion.

Ed.: NOK 1 = US$0.12