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© batman2000-dreamstime.com Electronics Production | October 23, 2013

Mixed quarter for Kitron

Norwegian EMS-provider Kitron reported that a strong order intake during the quarter has increased the order backlog to last year's level. A decline in revenues led to lower profitability compared to last year.
Kitron's revenues amounted to NOK 346.6 million (EUR 42.54 million), compared to NOK 365.8 million (EUR 44.89 million)in the third quarter 2012.

EBIT was reduced from NOK 15.4 million (EUR 1.89 million) to NOK 7.6 million (EUR 930'000). Net profit amounted to NOK 3.2 million (EUR 390'000), a decrease from NOK 5.1 million (EUR 625'000). Operating cash flow for the third quarter was minus NOK 33.5 million (EUR 4.11 million), compared to minus NOK 15.4 million (EUR 1.89 million) during the third quarter last year.

"This was a mixed quarter for Kitron. Revenue and earnings were lower, but the order intake strengthened, laying the foundation for growth going forward. We remain committed to our strategy of expanding in selected markets while continuing our operational improvement programs," commented interim CEO, Dag Songedal.

Outlook

Kitron's markets are mainly Norway and Sweden, but most customers of Kitron sell their products on international markets, which are still affected by the turbulence in the US and the European markets, even though Kitron sees some growth from the existing customers. This, together with ramp-up of manufacturing for new customers and an increased backlog, indicates growth going into 2014. For the second half year of 2013 the revenue is expected to be at the same level as same period of 2012.

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