BILLINGSTAD, NORWAY – Kitron reported third quarter revenue of nearly NOK 1.1 billion (US$114.6 milion), up 43% year-over-year. Growth was driven by medical devices and defense/aerospace and adjusted for currency effects was 35%.

Profit after tax amounted to NOK 60.9 million, up 147.6% compared to the third quarter of 2019. Operating profit was NOK 90.5 million, up 128.5% year-over-year. EBITDA was NOK 115.7 million, an increase of 93.8%.

The order backlog ended at NOK 1.9 billion, up 18% compared to the same period last year. The order backlog increased within all market sectors except offshore/marine. Growth is particularly strong in the industry sector.

"The strong performance in the first half of 2020 continues over the rest of the year,” said Peter Nilsson, Kitron's CEO. “A 43% growth in the third quarter and revenue over NOK 1 billion is a record for Kitron.

“The third quarter is characterized by exceptional revenues in medical devices. The remarkable performance of Kitron employees and partners has made this possible.

“Extraordinary operational execution generated a solid EBIT margin of 8.6%. Earnings per share more than doubled compared to last year. Once again, we increased our full-year outlook based on strong demand in several sectors.”

Operational cash flow ended the quarter at negative NOK 3.2 million, compared to NOK 19.2 million in the third quarter of 2019.

For 2020, Kitron has previously indicated a revenue outlook of between NOK 3.5 billion and NOK 3.8 billion. Revenue is now expected to be between NOK 3.85 billion and NOK 4 billion.

Demand within the medical devices sector was particularly strong in the second and third quarter, driven by the Covid-19 pandemic. This is expected to normalize in the fourth quarter and going forward.

Ed.: NOK 1 = US$0.11

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