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© designersart dreamstime.com Electronics Production | October 20, 2015

Kitron posts improved profit for the sixth consecutive quarter

Kitron just reported the company's the sixth consecutive quarter of improved profits, due to a combination of growing revenue and improved margins.
Kitron's revenue in the third quarter amounted to NOK 468 million (EUR 50.8 million), an increase from 382 million (EUR 41.4 million) in the third quarter last year, reflecting both underlying growth and currency effects.

Operating profit (EBIT) was NOK 26.3 million (EUR 2.85 million), compared to 6.9 million (roughly EUR 700'000) last year.

Net profit after tax amounted to NOK 22.8 million (EUR 2.47 million), an improvement from 4.8 million (roughly EUR 520'000).

"Once again we are able to demonstrate that Kitron is on the right track. This quarter we combined strong growth, improved profitability and important new orders, particularly in the Defence and Aerospace sector. In the coming quarters, we plan to build on the improvements in our underlying margins while also aiming for top-line growth," comments Peter Nilsson, CEO of Kitron.

The order backlog ended at NOK 916 million (EUR 99.4 million), an increase from 807 million (EUR 87.59 million) a year ago. Significant defence orders awarded in the quarter further strengthened Kitron's position within the Defence/Aerospace sector. In particular the expansion of the footprint in the F35 program secures this position for the future.

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