ARENDAL, NORWAY – Kitron today reported first quarter revenue was NOK 1.4 billion (US$153.1 million), up 52.3% year-over-year.

Revenue growth reflects the acquisition of BB Electronics, which was consolidated effective Jan. 1. Adjusted for this, organic revenue growth was 4%. Demand is strong, but revenue growth was limited by ongoing component shortages. Nevertheless, there was strong growth within the connectivity market sector, which partly reflects BB Electronics’ strong position within this sector.

Profit after tax amounted to NOK 44.4 million, nearly flat with the same period last year.

First quarter operating profit (EBIT) was NOK 78.1 million, an increase of 19.4% year-over-year. EBITDA was NOK 116.2 million, up 28.8%.

The order backlog ended at NOK 4.2 billion, growth of 105% compared to the first quarter of 2021. This is a record and is impacted by the acquisition of BB Electronics. Excluding BB Electronics, organic order backlog growth was 53%. This reflects a strong total demand situation but also includes revenue delays due to the component shortages.

“Very strong demand and the acquisition of BB Electronics led to record revenue and order backlog in the first quarter by a substantial margin,” said Peter Nilsson, CEO, Kitron. “However, the material supply situation continues to limit revenue growth and cause operational inefficiencies. Given these challenges, I am pleased Kitron delivered a solid first quarter, and I remain optimistic about the rest of 2022.”

Operating cash flow was negative NOK 106.9 million, compared to positive NOK 78.3 million in the first quarter of 2021.

For 2022, Kitron expects revenue between NOK 5.2 billion and 5.8 billion, including BB Electronics. Operating profit is expected to be between NOK 330 million and 430 million.

Growth is driven by the electrification, connectivity and industry market sectors. Currently, growth is constrained by the material supply situation.

Ed.: NOK 1 = US$0.11

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