BILLINGSTAD, NORWAY -- Kitron reported fourth quarter revenue of EUR 199.1 million ($213.6 million), up from 174.6 million last year, on higher demand for electrification and defense/aerospace.

Fourth-quarter operating profit (EBIT) was EUR 18 million, compared to 15.9 million last year. EBITDA was EUR 22.8 million, compared to 19.6 million last year.

Profit after tax amounted to EUR 12.3 million, compared to 9.8 million in the same quarter the previous year.

Profitability expressed as EBIT margin was 9.1 per cent in the fourth quarter, in line with the same quarter last year.

Backlogs as of Dec. 31 were EUR 494 million, down 15% from previous year and down 2% sequentially, reflecting European market sentiment. The exception to this trend is defense/aerospace, where backlog have grown substantially over the past year and electrical grid critical infrastructure, where growth of over 50% is expected this year.

In a press release, Peter Nilsson, CEO, Kitron, said: “In the final quarter of 2023, we continued our streak of growth with record fourth-quarter sales, while also reporting the fifth consecutive quarter of EBIT margins above 9%. Our annual revenue crossed the EUR 775 million mark, reflecting an impressive year-over-year growth of 21%. Looking ahead to 2024, we anticipate stable demand in the first half, with an expectation for it to pick up in the latter half.”

Operating cash flow in the fourth quarter was EUR 33.4 million, compared to 7.1 million in the fourth quarter of 2022. Full-year operating cash flow was EUR 59.0 million compared to 18.2 million in 2022.

Net working capital was EUR 193.8 million, an increase of 5.5% compared to the same quarter last year. Net working capital as a percentage of revenue was 24.4% compared to 26.1% last year.

For 2024, Kitron reiterated its December outlook and expects revenues between EUR 700 million and 800 million. Operating profit (EBIT) is expected to be between EUR 60 million and 74 million.

1 EUR = 1.07287 USD

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