Kitron: Q2 2022 - Record revenue, order backlog and profits
12 Juillet 2022 - 12:50PM
Kitron: Q2 2022 - Record revenue, order backlog and profits
(2022-07-12) Kitron today reported record numbers for revenue,
order backlog and profits.
Kitron's revenue for the second quarter was NOK 1 580 million,
compared to NOK 994 million last year.
Second-quarter operating profit (EBIT) was NOK 100.2 million,
compared to 73.1 million last year. EBITDA was NOK 142.7 million,
compared to 97.5 million last year.
The order backlog ended at NOK 4 879 million, an increase of 113
per cent compared to last year. This reflects a strong total demand
situation and built-up demand from supply chain delays. The order
backlog increased within all market sectors.
Peter Nilsson, Kitron's CEO, comments:"Demand remains very
strong, leading us to raise our revenue outlook for the year. The
supply chain delays saw some relief during the second quarter,
contributing to record revenues and a positive margin trend
compared to the first quarter. We expect the component market
deliveries to continue to show improvement over the rest of the
year, leading to a more favorable outlook on the introduction and
ramp-up of several electrification projects.”
Profitability expressed as EBIT margin was 6.3 per cent in the
second quarter, compared to 7.4 per cent in the same quarter last
year. The EBIT margin is improved from the preceding quarters but
still affected by cost increases and inefficiencies caused by
supply chain delays.
Profit after tax amounted to NOK 66.3 million, compared to 48.6
million in the same quarter the previous year. This corresponds to
earnings per share of NOK 0.34, up from 0.27 last year.
Operating cash flow was NOK 21.7 million, compared to NOK 109.3
million in the second quarter of 2021.
Net working capital was NOK 1 790 million, an increase of 73 per
cent compared to the same quarter last year, partly reflecting the
acquisition of BB Electronics. Net working capital as a percentage
of revenue was 26.9 per cent compared to 25.8 per cent last year
and 29.9 per cent the preceding quarter. Further reduction is
expected as improvement programs deliver on advancements in the
supply chain, resource management, cash and deliverables.
OutlookFor 2022, Kitron has previously indicated a revenue
outlook of between NOK 5 200 and 5 800 million and operating profit
(EBIT) between NOK 330 million and 430 million.
Entering the the second half of 2022, Kitron sees strong demand
from customers and continued ease of supply chain constraints.
Profitability is improving compared to the first quarter, when
rapid cost increases challenged the company. Kitron therefore
raises its revenue outlook to between NOK 5 700 and 6 100 million.
Operating profit is expected to be between NOK 330 million and NOK
400 million.
Enclosed in PDF are the quarterly report and the presentation.
The interim report is presented today at 2 p.m. CEST. The
presentation will be given in English by CEO Peter Nilsson and CFO
Cathrin Nylander, and will be webcast at the following link:
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20220712_2
For further information, please contact:
Peter Nilsson, President and CEO, tel. +47 94 84 08 50Cathrin
Nylander, CFO, tel: +47 900 43 284E-mail:
investorrelations@kitron.com
Kitron is a leading Scandinavian electronics manufacturing
services company for the Connectivity, Electrification, Industry,
Medical devices and Defence/Aerospace sectors. The group is located
in Norway, Sweden, Denmark, Lithuania, Germany, Poland, the Czech
Republic, China and the United States. Included the acquisition of
BB Electronics in January 2022, Kitron has about 2 800 employees,
and pro forma revenues were about NOK 5 billion in 2021.
www.kitron.com
This information is made public by the Company pursuant to the
EU Market Abuse Regulation article 5, as supplemented by Commission
Delegated Regulation (EU) 2016/1052, and is subject to the
disclosure requirements pursuant to Section 5-12 the Norwegian
Securities Trading Act.
- Kitron 2022 Q2 Report
- Kitron 2022 Q2 Presentation
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