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© stevanovicigor dreamstime.com Electronics Production | February 11, 2016

Improved profitability for Kitron during Q4

Kitron ASA has recorded its seventh consecutive quarter of improved profits, along with revenue growth, and a strong operational cash flow.
Kitron's revenues in the fourth quarter of 2015, amounted to NOK 525 million, an increase from 476 million in the fourth quarter of 2014. Operating profit (EBIT) was NOK 33.6 million, compared to 14.3 million last year.

Net profit amounted to NOK 22.6 million, an improvement from 17.3 million. Operating cash flow was NOK 87.8 million, compared to 12.9 million in the fourth quarter of 2014.

The order backlog was NOK 976 million, an increase of 12 percent compared to the same time last year.

"In the fourth quarter we continued to strengthen revenue, profit and orders. Also, the actions we have taken to improve operating cash flow have paid off, and I am very pleased that Kitron is now able to pay our shareholders a very competitive dividend," commented Peter Nilsson, Kitron's CEO.

Revenue in the market sector Defence/Aerospace increased by 16.2 percent in the fourth quarter, driven by rollout of military communications equipment orders announced in the previous quarter. Medical equipment increased by 9.5 percent driven by announced contracts and increased demand from existing customers. Energy/Telecoms was ere up 28.3 percent, driven by growth in North America for existing customers. Offshore/Marine was down 27.3 percent compared to the fourth quarter of 2014 due to a very weak market, as previously noted.

Full year improvement

Full year revenue of NOK 1'952 million gave an overall revenue growth of 11 percent for the year. Operating profit for the year ended at NOK 102.7 million, compared to 30.0 million in 2014, resulting in an EBIT margin of 5.3 percent for the year, up from 1.7 percent in 2014.

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NOK 1 = EUR 0.10364 (Oanda 11/02-16)

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