BILLINGSTAD, NORWAY – Kitron saw record revenue of €190.6 million for the first quarter, an increase of 36% compared to the €140 million in revenue for the same quarter last year.

Compared to last year, there was revenue growth within every market sector, and was particularly strong within the Electrification market sector.

"This was the sixth consecutive quarter of revenue and profitability growth, driven by the increasing demand for electronics that incorporate automation, mobility, connectivity, and autonomy in the Electrification, Industry, and Defence & Aerospace sectors," said CEO Peter Nilsson. "We’re pleased that high utilization has generated a record-high EBIT. We expect to improve some units further during the second quarter as ramp-ups continue and new business is added. Our strong order backlog supports continued growth, and we expect the second quarter of 2023 to continue the current trajectory."

The company continues to see positive trends in the Electrification, Defence/Aerospace and Industry market sectors, and on the supply side, the component situation is broadly improving, although challenges remain in specific niches. For 2023, Kitron now expects revenues between €700 million and €800 million.

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