Kitron: Q1 2023 - Record performance and strengthened outlook
28 Avril 2023 - 7:00AM
Kitron: Q1 2023 - Record performance and strengthened outlook
(2023-04-28) Kitron today reported first-quarter results showing
record levels for revenue and profits. The outlook for 2023 is
lifted due to strong demand and further easing of supply
constraints.
Kitron’s revenue for the first quarter was EUR 190.6 million,
compared to EUR 140.0 million last year. Compared to last year,
there was revenue growth within every market sector. Growth was
particularly strong within the Electrification market sector.
First-quarter operating profit (EBIT) was EUR 17.3 million,
compared to 7.9 million last year. EBITDA was EUR 21.4 million,
compared to 11.7 million last year.
The order backlog ended at EUR 586 million, an increase of 35
per cent compared to last year. Growth was particularly strong
within the market sectors Electrification and Defence &
Aerospace.
Peter Nilsson, Kitron’s CEO, comments:“This was the sixth
consecutive quarter of revenue and profitability growth, driven by
the increasing demand for electronics that incorporate automation,
mobility, connectivity, and autonomy in the Electrification,
Industry, and Defence & Aerospace sectors. We’re pleased that
high utilization has generated a record-high EBIT. We expect to
improve some units further during the second quarter as ramp-ups
continue and new business is added. Our strong order backlog
supports continued growth, and we expect the second quarter of 2023
to continue the current trajectory.”
Profitability expressed as EBIT margin was 9.1 per cent in the
first quarter, compared to 5.5 per cent in the same quarter last
year.
Profit after tax amounted to EUR 13.3 million, compared to 4.5
million in the same quarter the previous year. This corresponds to
earnings per share of EUR 0.07, up from 0.02 last year.
Improved Capital efficiency Operating cash flow in the first
quarter was EUR 10.4 million, compared to EUR -10.9 million in the
first quarter of 2022.
Net working capital was EUR 183.7 million, an increase of 4 per
cent compared to the same quarter last year. Net working capital as
a percentage of revenue was 23.7 per cent compared to 27.8 per cent
last year. Capital efficiency ratios have improved, and this trend
is expected to continue.
OutlookKitron updates its outlook for 2023, reflecting further
strengthening of the underlying business as well as the previously
announced change of presentation currency from NOK to EUR. A
positive megatrend drives the Electrification market sector, strong
growth is expected for the Defence/Aerospace sector over the coming
years, and demand continues to be robust in the Industry market
sector. On the supply side, the component situation is broadly
improving, although challenges remain in specific niches. For 2023,
Kitron now expects revenues between EUR 700 and 800 million.
Operating profit (EBIT) is expected to be between EUR 60 and 75
million.
Enclosed in PDF are the quarterly report and the presentation.
The interim report is presented today at 08:30 a.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/20230428_3
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, India, China and the United States. Kitron has about 3
200 employees, and revenues were EUR 641 million in 2022.
www.kitron.com
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
- Kitron 2023 Q1 report
- Kitron 2023 Q1 Presentation
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