BILLINGSTAD, NORWAY – Kitron reported fourth quarter revenue of NOK 889 million (US$96.1 million), an increase of 20% year-over-year. Organic growth, excluding the acquisition of the EMS division of API Technologies, was 8%.

Revenue growth was particularly strong in the Defense/Aerospace sector.

Profit after tax amounted to NOK 34 million, up 22.7% year-over-year. Operating profit was NOK 54.2 million, up 28.1%. EBITDA was NOK 82.2 million, up 50.5%.

The order backlog ended at NOK 1.9 billion, up 41% compared to the fourth quarter of 2018. Organic order backlog growth, excluding the API acquisition, was 29%.

Full-year revenue was NOK 3.3 billion, up 26% compared to 2018. Profit after tax was NOK 132.5 million, an increase of 20.1%. Operating profit was NOK 201.5 million, up 29%.

"We continued to grow both our top line and operating margin in 2019,” said CEO Peter Nilsson. “We also took major strategic steps to increase our capabilities in the US and China, as well as establishing a strong presence in Poland. I am also pleased we are able to reduce our inventory and improve our working capital metrics. Moving into 2020, we feel confident Kitron is well prepared for another good year.”

For 2020, Kitron expects revenue between NOK 3.3 billion and NOK 3.7 billion.

Ed.: NOK 1 = US$0.11

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