BILLINGSTAD, NORWAY – Kitron announced record revenue of €206.3 million ($230.8 million) for the second quarter, an increase of 31% compared to the second quarter of last year.

For the first half of the year, the company reported a 31% year-on-year revenue increase to €396.9 million ($444 million).

Kitron's Electrification sector saw revenue increase 30.4% for the quarter, its Industry sector's revenue increased 16%, and its Defence & Aerospace sector's revenue increased 7.5%. The company's Connectivity and Medical Devices sectors saw revenue decrease 2.3% and 2.6%, respectively.

“Our second quarter 2023 performance is once again record-breaking, demonstrating our adaptability in a challenging economic landscape," said CEO Peter Nilsson. "We also see new business opportunities, for instance driven by the electrification megatrend and by a growing trend of capacity diversification outside of China. We are now investing in new facilities in the Czech Republic and Malaysia to seize these opportunities."

For the full year, the company has raised revenue projections to between €750 and €800 million ($839 million and $895 million).

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