Kitron ASA
(2024-10-24) Kitron today reported quarterly figures affected by a difficult market, but demonstrating steps taken to leverage the group’s global capabilities and adapt to market changes. I am.
Kitron’s revenue for the third quarter was 145.1 million euros, compared to 179.2 million euros in the same period last year. Growth was seen in the defense/aerospace and medical equipment market sectors, while other market sectors declined.
Operating profit (EBIT) amounted to 10.7 million euros (previous year: 16.2 million euros). EBITDA was 15.3 million euros, compared to 20.7 million euros last year.
Profitability expressed as EBIT margin was 7.4%, compared to 9.0% last year.
The order backlog ended at €457.7 million, down 9% year-on-year, but up 1% from the previous quarter.
Peter Nilsson, CEO of Kitron, commented:
“While the Nordic and US markets continue to perform well with near double-digit growth, regional demand is slowing due to the continued economic slowdown in Europe. That’s not to say that some segments of the world remain resilient, and certain segments within China have seen significant recovery. We are responding to these changes by moving our programs between operational excellence, cost competitiveness and innovation, despite headwinds from the current economic climate. Our commitment to this position puts us in a strong position to deliver sustainable performance in the coming quarters.”
Profit after tax amounted to 6.1 million euros, compared with 9.7 million euros in the same period last year. This corresponds to earnings per share of €0.03 (last year: €0.05).
Capital efficiency will be temporarily affected due to decreased revenue
Operating cash flow for the third quarter was 2.2 million euros, compared to 2.5 million euros in the same period last year.
Net working capital was 183 million euros, down 8% compared to the same period last year. Net working capital as a percentage of revenue was 31.0% compared to 26.7% last year.
outlook
Kitron expects 2024 sales of 635 million to 660 million euros and operating profit (EBIT) of 44 million to 50 million euros, including first-quarter restructuring costs of 4.8 million euros. Contains euro.
The quarterly report and presentation materials are enclosed in PDF format. The interim report will be released today at 8:30am CEST by CEO Peter Nilsson and CFO Kathryn Nylander. It will be webcast at the following link:
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https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20241024_3
For more information, please contact us below.
Peter Nilsson, President and CEO, Tel: +47 94 84 08 50
Cathrin Nylander, CFO, Phone: +47 900 43 284
Email: investorrelations@kitron.com
Kitron is a Scandinavian electronics manufacturing services company serving the connectivity, electrification, industrial, medical device, and defense/aerospace sectors. The group operates in Norway, Sweden, Denmark, Lithuania, Germany, Poland, Czech Republic, India, Malaysia, China and the United States. Kitron has approximately 2,500 employees and had revenues of 775 million euros in 2023.
www.kitron.com
This information is subject to disclosure requirements under Section 5-12 of the Norwegian Securities Exchange Act.
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