BILLINGSTAD, NORWAY – Kitron has lowered its revenue forecast for the second half of 2024 after a reduction in orders from customers.

The company now expects revenue between €635 million and €660 million ($706.4 million and $734.2 million) for 2024, after a previous projection of €660 million to €710 million ($734.2 million to $789.8 million).

The company said several major customers within the Electrification and Industry market sectors have continued to reduce and postpone their demand for the third and fourth quarters as destocking continues and end markets have not developed as expected.