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© kitron Electronics Production | July 14, 2017

Strong growth and milestone EBIT margin of 7% for Kitron

Norwegian EMS provider Kitron reports strong revenue growth during the company’s second quarter of 2017 – the company also reached an important margin goal.
Kitron's revenue in the second quarter amounted to NOK 649 million (EUR 68.95 million), a 16% underlying growth compared to 563 million (EUR 59.81 million) in the same quarter last year.

Profitability expressed as EBIT margin was 7.0%, compared to 5.9% in the second quarter of 2016, an EBIT growth of almost 38%.

"The EBIT margin is in line with the long-term target that we presented at the Kitron Capital Markets Day in February 2016, and this is the first quarter in which we have achieved this ambition. While the margin will vary from quarter to quarter, this is an important milestone in the improvement process that has been under way the past couple of years. We also deliver on growth and capital efficiency, and at the same time we are investing in capacity and capabilities in order to improve our competitiveness further,” Peter Nilsson, Kitron's CEO, comments in a press release.

“We're seeing growth in general with our customers. Together with new business awards Kitron demonstrates stronger growth than the industry in general. The strong first six month report of 2017 presented today proves that Kitron creates value for its customers and has a strong platform for further growth," Peter Nilsson continues.

The growth compared to the same quarter last year was particularly strong in the Industry market sector. Defence/Aerospace and Energy/Telecoms also recorded solid growth.

Operating profit (EBIT) was NOK 45.5 million (EUR 4.83 million), compared to 33.1 million (EUR 3.51 million) last year, an increase of 37%. EBITDA was NOK 59.0 million (EUR 6.26 million), an increase of 31% compared to last year. Net profit amounted to NOK 31.4 million (EUR 3.33 million), an increase from 21.4 million (EUR 2.27 million).

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July 08 2017 11:27 AM V8.5.6-1