Kitron: Q1 2016 - Continued growth, solid order backlog
(Thomson Reuters ONE) -
(2016-04-22) Kitron ASA today reported growth in revenue and order backlog, as
well as continued improvement in underlying profitability.
Kitron's revenue in the first quarter amounted to NOK 497 million, an increase
from 471 million in the first quarter last year.
Operating profit (EBIT) was NOK 20.5 million, compared 20.8 million last year,
with one-offs masking an underlying improvement.
Net profit amounted to NOK 10.0 million, a decrease from 13.6 million. This
corresponds to earnings per share of NOK 0.06, compared to NOK 0.08 last year.
The main reason for the change was non-cash currency effects on intra-group
financial loans.
Peter Nilsson, Kitron's CEO, comments:
"We continue to grow our sales, and our order book is solid. Orders from the
Industry market sector were particularly strong, and we also continue to secure
key defence orders. While one-off effects and change in net finance cause a
decrease in profit, the underlying positive trend towards stronger margins and
profits remains intact."
* Revenue continues to grow
* Underlying profitability improved
* Solid order backlog
* Key defence order
Revenue continues to grow
Kitron's revenue in the first quarter was 6 per cent higher than last year. The
Industry market sector performed particularly well, with a revenue growth of 35
per cent. As in preceding quarters, revenue within Offshore/Marine continues to
fall due to the general downturn in the oil service market.
Underlying profitability improved
Profitability expressed as EBIT as a percentage of revenue was 4.1 per cent for
the quarter, compared to 4.4 per cent in the first quarter of 2015
In the quarter one-off costs of NOK 5 million have been booked related to a
contemplated acquisition process that ultimately was deemed not to be in the
best interest of Kitron's shareholders and therefore terminated. In first
quarter of 2015 there was a one-off related to buy-out of pension liabilities
having a positive effect of NOK 3.5 million. Adjusted for this, the underlying
profit (EBIT) is increased from NOK 17.3 million (3.7 per cent) in the first
quarter 2015 to NOK 25.5 million (5.1 per cent) in the first quarter 2016.
The completed factory move in Norway has had a negative impact on efficiency and
profitability in the first quarter.
Solid order backlog
The order backlog ended at NOK 902 million, an increase from 855 million a year
ago. Growth in order backlog was especially strong in the Industry market
sector, with an increase of 56 per cent.
Key defence order
On 31 March it was announced that Kitron has been selected as an international
source for manufacturing of a sub-assembly related to the JSF Radar system
developed by Northrop Grumman Corporation for the F-35 Lightning II. The
contract has a potential value of more than NOK 500 million over the serial
production lifespan of the F-35 program.
Outlook
For 2016, Kitron expects revenue of between NOK 2 050 and 2 250 million and EBIT
margin of 5.3 to 6.3 per cent. The growth is driven by increased demand in the
Industry and Defence/Aerospace sectors. The profitability increase is driven by
cost reduction activities and improved efficiency.
Enclosed in PDF are the quarterly report and the presentation.
The interim report is presented today at 8:30 a.m. CEST at Kitron ASA's head
office, Olav Brunborgs vei 4, Billingstad.
The presentation will be given in English by CEO Peter Nilsson and CFO Cathrin
Nylander, and will be distributed through webcast at the same time at the
following link:
http://webtv.hegnar.no/presentation.php?webcastId=33048315
For further information, please contact:
Peter Nilsson, CEO, Tel: +47 948 40 850
Cathrin Nylander, CFO, Tel: +47 900 43 284
E-mail: investorrelations(at)kitron.com
Kitron is one of Scandinavia's leading electronics manufacturing services
companies for the Defence/Aerospace, Energy/Telecoms, Industry, Medical
equipment and Offshore/Marine sectors. The company is located in Norway, Sweden,
Lithuania, Germany, China and the United States. Kitron had revenues of about
NOK 1.95 billion in 2015 and has about 1 250 employees. www.kitron.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act).
Kitron Presentation Q1 2016:
http://hugin.info/197/R/2005845/741024.pdf
Kitron Report Q1 2016:
http://hugin.info/197/R/2005845/741023.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Kitron ASA via GlobeNewswire
[HUG#2005845]
Unternehmensinformation / Kurzprofil:
Datum: 22.04.2016 - 08:01 Uhr
Sprache: Deutsch
News-ID 465817
Anzahl Zeichen: 5495
contact information:
Town:
Oslo
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 218 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Kitron: Q1 2016 - Continued growth, solid order backlog"
steht unter der journalistisch-redaktionellen Verantwortung von
Kitron ASA (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
