BILLINSTAD, NORWAY – Kitron reported first quarter revenue of NOK 938 million (US$112.5 million), up 7% year-over-year. Growth adjusted for foreign exchange effects in consolidation was 9%.

First quarter profit after tax was NOK 43.4 million, up 6.1% year-over-year. Operating profit was NOK 65.4 million, an increase of 12% compared to the same quarter last year. EBITDA was NOK 90.2 million, up 9%.

Operating cash flow was NOK 78.3 million, compared to 102.4 million in the first quarter of 2020.

The order backlog ended at NOK 2.06 billion, virtually unchanged from last year. The order backlog increased within the Electrification, Connectivity and Industry sectors. As expected, the order backlog within Medical devices declined. Adjusted for changes in currency rates, the order backlog increase was 8% compared to last year.

“We continue to capitalize on two of the most fundamental changes in the global economy: the move to renewable energy and electrification and the rapid growth in machine-to-machine communications,” said CEO Peter Nilsson. “The demand is very strong. However, as the general material supply situation is challenging, Kitron’s operations will have to be flexible to deliver the demand. In general, the first quarter demonstrates that Kitron’s growth follows the strategic path we outlined at our capital markets presentation in March.”

In the first quarter, there was strong revenue growth within the Electrification, Connectivity and Industry sectors, while revenue declined within Defense/Aerospace. As expected, revenue within Medical devices has gradually been normalized after the pandemic-related demand surge during 2020.

For 2021, Kitron expects revenue between NOK 3.9 billion and NOK 4.2 billion. The outlook implies Kitron is back on its long-term trajectory for revenue and profitability after exceptional growth in 2020, largely driven by Covid-related demand within the Medical devices sector. Growth is driven by Connectivity, Electrification, and Industry sectors. The Medical devices sector is expected to be normalized and in line with previous years. The outlook for Defense/Aerospace is slightly down.

Ed.: NOK 1 = US$0.12

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