BILLINGSTAD, NORWAY – Kitron reported third quarter revenue of NOK 738 million (US$80.3 million), up 31% year-over-year. Organic growth, excluding the acquisition of the EMS division of API Technologies, was 21%.

All market sectors grew. In absolute numbers, third quarter revenue growth compared to the same quarter last year was particularly strong in the defense/aerospace and offshore/marine market sectors.

Profit after tax amounted to NOK 24.6 million, an increase of 12.8% year-over-year.

Operating profit (EBIT) was NOK 39.6 million, an increase of 32%, while EBITDA was NOK 59.7 million, up 39.8%.

The order backlog ended at NOK 1.6 billion, up 40% compared to the third quarter in 2018.

“Our business grew robustly in the third quarter, and we ended the quarter with a very strong order backlog,” said Peter Nilsson, Kitron's CEO. “We also completed the construction of our new factory in Poland, where production is ramping up during the fourth quarter. We will focus on working capital efficiency and further margin improvements as we move into 2020.”

Operating cash flow during the quarter was NOK 19.2 million.

For 2019, Kitron expects revenue to grow to between NOK 3.2 billion and NOK 3.4 billion.

Ed.: NOK 1 = US$0.11

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