© Kitron Electronics Production | February 13, 2020
Solid financial improvements for Kitron
EMS provider Kitron could show off solid financial improvements, both for the fourth quarter and full year 2019.
Kitron's revenue in the fourth quarter amounted to NOK 889 million (EUR 88 5 million), compared to 739 million (EUR 73.5 million) in the same quarter last year, an increase of 20%. Revenue growth compared to the same quarter last year was particularly strong in the Defence/Aerospace sector. Organic growth, excluding the acquisition of the EMS division of API Technologies Corp., was 8%. Fourth quarter operating profit (EBIT) was NOK 54.2 million (EUR 5.3 million), compared to 42.3 million (EUR 4.2 million) last year. EBITDA was NOK 82.2 million (EUR 8.18 million), compared to 54.6 million (EUR 5.4 million) last year. Profit after tax amounted to NOK 34.0 million (EUR 3.38 million), compared to 27.7 million (EUR 2.75 million) in the same quarter the previous year. The order backlog ended at NOK 1.88 billion (EUR 187.2 million), an increase of 41% compared to last year. Organic order backlog growth, excluding the API acquisition, was 29%. "We continued to grow both our top line and operating margin in 2019. We also took major strategic steps to increase our capabilities in the US and China, as well as establishing a strong presence in Poland. I am also pleased that we are able to reduce our inventory and improve our working capital metrics. Moving into 2020, we feel confident that Kitron is well prepared for another good year,” says CEO Peter Nilsson, in a press release. Full year revenue of NOK 3.29 billion (EUR 327.64 million) gave an overall revenue growth of 26% for the year. Operating profit for the year ended at NOK 201.5 million (EUR 20 million), compared to 156.1 million (EUR 15.54 million) in 2018. Profit after tax was NOK 132.5 million (EUR 13.19 million), up from 110.3 million (EUR 10.98 million) in 2018.