BILLINGSTAD, NORWAY -- Kitron reported third quarter revenue of EUR 145.1 million ($168,5 million), down 19% from last year.

Strong growth within the defense/aerospace sector was offset by lower shipments for electrification and industrial customers.

EBIT margin was 7.4%, down 160 basis points. Net profit was fell 37% to EUR 6.1 million (EUR 9.7 million),

Kitron’s revenue for the first three quarters was EUR 486.6 million, down 16% compared to last year. EBITDA was EUR 15.3 million, down EUR 5.4 million or 26%. Operating profit (EBIT) for fell to EUR 10.7 million from EUR 16.2 million.

Backlog ended at EUR 457.7 million, down 9% from last year but up 1% sequentially.

Destocking continues and end-markets have not developed as expected, affecting Kitron's sites in Central and Eastern Europe (CEE). Several product transfers have been planned to facilitate further growth for the Nordic sites, where demand is strong, and stabilize the load for the CEE sites. These will continue into the first half of 2025.

Through September, Kitron has reduced fulltime headcount 19%, to 2,474,

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