© Kitron Electronics Production | July 14, 2020
Kitron reports record performance during the pandemic
EMS provider Kitron reports strong growth and record profit for the second quarter driven by Defense/Aerospace, Medical devices and Industry sectors.
Kitron's revenue for the second quarter was NOK 1,041 million (EUR 97.06 million), an increase of 21% compared to last year. Growth adjusted for currency effects was 11% Profitability expressed as EBIT margin was 8.5% in the second quarter, compared to 6.6% in the same quarter last year. The order backlog ended at NOK 2,102 million (EUR 195.94 million), an increase of 45% compared to last year. "This was a record quarter for Kitron in terms of revenue, profitability and order backlog. Revenue is driven by a robust underlying demand within Defense/Aerospace, Medical and Industry Sectors. Strong performance in all Kitron sites contributed to the profitability of 8.5 per cent. Our third and fourth quarter outlook leaves us confident in reaching our upgraded full year 2020 targets. Our third quarter is expected to be particularly strong and the fourth quarter should settle on a more normalized level,” says Peter Nilsson, Kitron's CEO, in a press release. Kitron's revenue in the second quarter amounted to NOK 1,041 million(EUR 97.06 million), compared to 860 million (EUR 80.17 million) in the same quarter last year. There was growth within the Defence/Aerospace, Industry and Medical devices sectors. Second quarter operating profit (EBIT) was NOK 88.0 million (EUR 8.2 million), compared to 56.4 million (EUR 5.2 milllion) last year. EBITDA was NOK 113.8 million (EUR 10.6 million), compared to 75.1 million (EUR 6.9 million) last year. Profit after tax amounted to NOK 64.3 million (EUR 5.99 million), compared to 36.3 million (EUR 3.38 million) in the same quarter the previous year. Kitron says it expects demand to continue to be strong in Defence/Aerospace, Industry and Medical devices sectors. Demand within the Medical devices sector is expected to be particularly strong during the third quarter and normalise in the fourth quarter.