Kitron revises its outlook for 2H24
EMS provider Kitron is revising its outlook for the remainder of 2024. The company says that several customers have continued to reduce and postpone demand.
The outlook for Central and Eastern Europe (CEE) sites has not picked up as expected, Kitron states in a press release. Several major customers within the Electrification and Industry sectors have continued to reduce and postpone demand for the third and fourth quarters of 2024 – as destocking continues and end markets have not developed as expected.
To facilitate further growth for the Nordic sites, where demand is strong, and stabilise the load for the CEE sites, Kitron has planned several product transfers. Some of these transfers have been pushed to the first half of 2025.
Kitron expects revenues between EUR 140 and 150 million for the third quarter with an operating profit (EBIT) between EUR 8 and 10 million.
The full-year 2024 outlook has also been updated with revenues of between EUR 635 and 660 million and an EBIT between EUR 44 and 50 million – including EUR 4.8 million in restructuring costs in the first quarter.
In its previous full-year 2024 outlook, Kitron was targeting revenues between EUR 660 and 710 million with EBIT between EUR 53 and 60 million – including EUR 4.8 million in restructuring costs in the first quarter.
