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© kitron Electronics Production | April 28, 2017

Kitron: 1Q/2017 - Revenue growth and improved profitability

Kitron's revenue in the first quarter amounted to NOK 585 million, compared to NOK 497 million in the same quarter last year. Operating profit (EBIT) was NOK 30.9 million (20.5 million).
Net profit amounted to NOK 21.6 million, an increase from NOK 10.0 million.

Peter Nilsson, Kitron's CEO, comments: "While growth, both on the top and bottom line, was unusually strong this particular quarter, the main message is that the quarterly figures confirm the underlying progress that Kitron has made over the past couple of years. The order backlog is solid and the main production facilities are now updated and highly competitive, supporting our outlook for the rest of 2017."

Kitron's revenue for the first quarter increased by 18 percent compared to the same period last year. Adjusted for foreign exchange effects, the increase was 23 percent. Growth compared to the same quarter last year was particularly strong in the Defence/Aerospace market sector. Industry and Energy/Telecoms also recorded solid growth.

Operating profit (EBIT) for the first quarter was NOK 30.9 million, an increase of 51 percent. Profitability expressed as EBIT margin was 5.3 percent, compared to 4.1 percent in the first quarter of 2016. EBITDA was NOK 42.7 million, an increase of 36 percent compared to last year.

The order backlog ended at NOK 1'059 million, an increase of 17 percent compared to last year. Orders received in the quarter were NOK 620 million.

Outlook

For 2017, Kitron expects revenue to grow to between NOK 2'150 and 2'350 million. The EBIT margin is expected to be between 5.6 and 6.4 percent. The growth is primarily driven by customers in the Industry sector. The profitability increase is driven by cost reduction activities and improved efficiency.
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NOK 1 = EUR 0.10700

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November 14 2017 8:30 PM V8.8.9-2