BILLINGSTAD, NORWAY – Kitron reported first quarter revenue of NOK 878 million (US$83.1 million), an increase of 8% year-over-year. Growth adjusted for foreign exchange effects in consolidation was 3%.

Revenue growth compared to the same quarter last year was particularly strong in the Defense/Aerospace sector.

Profit after tax amounted to NOK 40.9 million, up 9% year-over-year. Operating profit was NOK 58.4 million, up 14%, while EBITDA was NOK 82.7 million, an increase of 20.6% year-over-year.

The order backlog ended at NOK 2.1 billion, up 41% compared to the same quarter in 2019. The order backlog increase was particularly strong in the Defense/Aerospace, Energy/Telecoms and Medical devices market sectors. The increased order backlog in the Medical devices sector is partly related to the corona pandemic.

“The first quarter 2020 has been a record quarter for Kitron in regard to revenue, profit, and order backlog,” said CEO Peter Nilsson. “Kitron has been quick to adjust to the global environment caused by the outbreak of the corona pandemic. A number of actions have been in place since late February to minimize risk to our employees and our capacity. All Kitron sites are up and running at normal or high load. We can see the demand outlook has changed compared to expectations coming into this year. Growth is stronger within medical devices, warehouse automation and defense communication. Growth is weaker to flat for products where demand is more directly driven by end consumer. All in all, we uphold our outlook for 2020.”

Operating cash flow was NOK 102.4 million, compared to 25.4 million in the first quarter of 2019.

For 2020, Kitron expects revenue to grow to between NOK 3.3 billion and 3.7 billion. Growth is driven by the Defense/Aerospace and Medical devices sectors. Profitability is mainly driven by growth and operational improvements in Norway, China and the US.

Ed.: NOK 1 = US$0.095

• Prev
• Next