Kitron ends record year with a solid quarter
EMS provider Kitron reported record fourth-quarter sales and strong profitability.
Kitron's revenue for the fourth quarter amounted to EUR 199.1 million, compared to 174.6 million last year. The EMS provider says that growth was particularly strong within the Electrification and Defence/Aerospace market sectors.
Fourth-quarter operating profit (EBIT) was EUR 18.0 million, compared to 15.9 million last year. EBITDA was EUR 22.8 million, compared to 19.6 million last year.
The order backlog ended at EUR 494 million, which is a decrease of 15€ compared to the previous year and a decrease of 2% from the preceding quarter, which according to Kitron reflects the European market sentiment. The exception to this trend however is Defence/Aerospace, where the order backlog has grown substantially over the past year and electrical grid critical infrastructure, where growth of over 50% is expected this year.
Profit after tax ended up at to EUR 12.3 million, compared to 9.8 million in the same quarter the previous year.
“In the final quarter of 2023, we continued our streak of growth with record fourth-quarter sales, while also reporting the fifth consecutive quarter of EBIT margins above 9 per cent. Our annual revenue crossed the EUR 775 million mark, reflecting an impressive year-over-year growth of 21 per cent. Looking ahead to 2024, we anticipate stable demand in the first half, with an expectation for it to pick up in the latter half,” Peter Nilsson, Kitron's CEO, in a press release.
For 2024, Kitron targets revenues between EUR 700 and 800 million and an operating profit (EBIT between EUR 60 and 74 million.
