BILLINGSTAD, NORWAY – Kitron reported fourth quarter revenue was NOK 992 million (US$117.3 million), an increase of 12% year-over-year. Growth adjusted for currency effects was 7%.

Revenue growth compared to the same quarter last year was particularly strong in the industry market sector. As expected, the medical sector normalized after extraordinarily high activity in the second and third quarter.

Profit after tax amounted to NOK 47.1 million, up 38.5% compared to the fourth quarter of 2019. Operating profit was NOK 75.7 million, up 40%.

Operating cash flow was NOK 132.2 million, compared to 97.2 million in the fourth quarter of 2019, recovering significantly from being temporarily challenged by the unusually strong growth in the second and third quarter.

The order backlog ended at over NOK 2 billion, growth of 6% compared to the same period the year before. The order backlog increased the most within energy/telecom and industry.

“On top of a strong underlying trend for Kitron in 2020, the Covid-19 pandemic created a temporary demand surge within the medical devices market sector, leading to unusually strong growth and high margins,” said CEO Peter Nilsson. “In 2021, we see a more normalized market and expect to follow our long-term growth and margin trajectory. Looking ahead, we see exciting business opportunities related to megatrends within electrification and connectivity.”

The company posted 2020 revenue of NOK 3.96 billion, up 20% compared to 2019. Profit after tax was NOK 213.1 million, up 60.8%. Operating profit for the year was NOK 312.6 million, an increase of 55.1%.

For 2021, Kitron expects revenue between NOK 3.9 and 4.2 billion. The outlook for 2021 implies Kitron is back on its long-term trajectory for revenue and profitability after exceptional growth in 2020, largely driven by Corona-related demand within the medical devices sector. Growth is driven by defense/aerospace, electrification and connectivity within energy/telecom and industry sectors. Medical devices is expected to be normalized and in line with previous years.

Ed.: NOK 1 = US$0.12

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