BILLINGSTAD, NORWAY – Kitron's revenue for the third quarter was €179.2 million ($189.8 million), an increase of 8.3% compared to the €165.5 million ($175.3 million) in revenue for the same quarter last year.

For 2023 as a whole, the company projects revenues between €750 million and €800 million ($794 million to $847 million).

"In the third quarter of 2023, we have once again set a new benchmark for our performance with record third-quarter sales," said CEO Peter Nilsson. "The quarter underscores our resilience and capability, showcasing a period marked by robust profitability and the fourth consecutive quarter with more than 9% EBIT margin. As we have said before, we have expected our order backlog to normalize due to the gradually improving electronic component situation. However, our outlook holds steady, indicating a trend towards growth rather than a contraction."