Kitron Announces 19% Decline in Q3 Revenue
BILLINGSTAD, NORWAY – Kitron saw €145.1 million ($157.1 million) in revenue for the third quarter, down 19% from 2023's third quarter.
The company said its saw growth within the Defense/Aerospace and Medical devices market sectors, while other market sectors declined.
“The Nordic and US markets continue to show strength with close to double-digit growth, but the continued economic slowdown in Europe has softened regional demand," said CEO Peter Nilsson. "However, not all markets tell the same story. Some global segments remain resilient, and we observe a notable rebound in specific segments within China. We are meeting these shifts through program transfers between our sites to optimize our resources. Despite the headwinds presented by the current economic climate, we remain steadfastly optimistic about our long term growth prospects. Our commitment to operational excellence, cost competitiveness, and innovation positions us strongly to deliver sustainable performance in the quarters ahead."
For 2024, Kitron expects revenue to be between €635 million and €660 million ($687 million to $715 million).
