Kitron: Q4 2024 - Profitable execution in a shifting market

(2025-02-13) Kitron today reported fourth-quarter revenue at EUR 160.6 million, operating profit (EBIT) was EUR 11.8 million and profitability expressed as EBIT margin was 7.3 per cent.
Though fourth-quarter results still reflect the softer market, they also demonstrate the effect of restructuring efforts and a steadily improving order backlog.

The order backlog ended at EUR 472 million. This is the third quarter in a row with a growing order backlog, a trend that has continued into 2025.

Peter Nilsson, Kitron's CEO, comments:
“2024 was a year of decisive action and resilience. While we faced headwinds in some markets, our commitment to efficiency and strong execution led to successful restructuring efforts during the first quarter. Although de-stocking continues to affect some sub-sectors, we expect that most of this should be cleared up by mid-2025. In January 2025, the order backlog grew further to EUR 505 million. With an optimized operational base, strategic contract wins, an aggressive stance on M&A, and market recovery on the horizon, Kitron is well-positioned to deliver on growth and profitability.”

Kitron's revenue for the fourth quarter was EUR 160.6 million, in line with the guidance given at the Capital Markets Presentation in December. This compares with 199.1 million in the fourth quarter last year and 145.1 million in the third quarter this year. The best performing market sector was Defence/Aerospace.

Fourth-quarter operating profit (EBIT) was EUR 11.8 million, slightly above the midpoint of the guidance given at the Capital Markets Presentation in December. This compares with 18.0 million in the fourth quarter last year and 10.7 million in the third quarter this year.

Profit after tax amounted to EUR 4.9 million, compared to 12.3 million in the same quarter the previous year. This corresponds to earnings per share of EUR 0.02, down from 0.06 last year. For the full year 2024, earnings per share were EUR 0.14, down from 0.26 in 2023.

Dividend
The board proposes an ordinary dividend of NOK 0.35 per share (NOK 0.75).

Outlook
For 2025, Kitron reiterates the outlook given at the Capital Markets Presentation in December and expects revenues between EUR 600 and 700 million. Operating profit (EBIT) is expected to be between EUR 42 and 63 million.

Enclosed in PDF are the quarterly report and the presentation. The interim report is presented today at 8.30 a.m. CET by CEO Peter Nilsson and CFO Cathrin Nylander. It will be webcast at the following link:

https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20250213_9

For further information, please contact:
Peter Nilsson, President and CEO, tel. +47 94 84 08 50
Cathrin Nylander, CFO, tel. +47 900 43 284
E-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 has operations located in Norway, Sweden, Denmark, Lithuania, Germany, Poland, the Czech Republic, India, Malaysia, China and the United States. Kitron has about 2 400 employees, and revenues were EUR 647 million in 2024.

www.kitron.com

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

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