Kitron: Q4 2022 - Record revenue, profits and order backlog
February 15 2023 - 1:00AM
Kitron: Q4 2022 - Record revenue, profits and order backlog
(2023-02-15) Kitron today reported fourth-quarter results
showing record levels for revenue, profits and order backlog,
driven by a strong market and better component availability.
Kitron’s revenue for the fourth quarter was NOK 1 813 million,
compared to NOK 949 million last year. The revenue growth reflects
underlying growth for all business units, including
acquisitions.
Fourth-quarter operating profit (EBIT) was NOK 165.0 million,
compared to 52.3 million last year. EBITDA was NOK 203.2 million,
compared to 78.4 million last year.
The order backlog ended at NOK 6 098 million, an increase of 116
per cent compared to last year. All market sectors show growth.
Peter Nilsson,
Kitron’s CEO,
comments:“We are pleased to report positive
quarter-over-quarter growth in 2022, thanks to the alleviation of
supply constraints. This has allowed us to ramp up production and
meet the surging demand from our clients, leading to improved
operational efficiency and robust margins in the fourth quarter.
Our diverse market sectors continue to experience strong demand,
and we anticipate this positive trend to persist in 2023. We are
seeing heightened activity among numerous customers, particularly
in the defence sector, as they drive growth and expansion.”
Profitability expressed as EBIT margin was 9.1 per cent in the
fourth quarter, compared to 5.5 per cent in the same quarter last
year.
Profit after tax amounted to NOK 101.2 million, compared to 40.0
million in the same quarter the previous year. This corresponds to
earnings per share of NOK 0.52, up from 0.20 last year.
Strong turnaround in
second half of yearFull-year revenue of NOK 6 487
million gave an overall increase in revenue of 75 per cent for the
year. The revenue growth reflects underlying growth for all
business units, including acquisitions.
Operating profit (EBIT) for the year ended at NOK 459.6 million,
compared to NOK 240.8 million in 2021, resulting in an EBIT margin
of 7.1 per cent, compared to 6.5 per cent. Profit after tax was NOK
287.1 million, up from NOK 152.8 million, corresponding to NOK 1.46
earnings per share, compared to NOK 0.85 in 2021.
Capital efficiency ratios improving Operating
cash flow in the fourth quarter was NOK 63.1 million, compared to
NOK 9.0 million in the fourth quarter of 2021. For the full year,
operating cash flow was NOK 117.0 million compared to 126.3 million
in 2021.
Net working capital was NOK 1 930 million, an increase of 57 per
cent compared to the same quarter last year. Net working capital as
a percentage of revenue was 26.1 per cent compared to 31.7 per cent
last year. Capital efficiency ratios are now improving. Our focus
continues to be on improving the supply situation, as well as
managing resources, cash and deliverables.
Dividend The board proposes an ordinary
dividend of NOK 0.50 per share (NOK 0.25).
OutlookDemand continues to be strong, and the
EBIT margin and capital efficiency are improving. For 2023, Kitron
expects revenues between NOK 6 700 and 7 300 million. Operating
profit (EBIT) is expected to be between NOK 450 and 550 million.
Revenue and EBIT are now expected to be in the higher end of the
ranges.
Enclosed in PDF are the quarterly report and the presentation.
The interim report is presented today at 08:30 a.m. CET. 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/20230215_4
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 2
800 employees, and revenues were about NOK 6.5 billion in 2022.
www.kitron.com
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
- Kitron 2022 Q4 Report
- Kitron 2022 Q4 Presentation
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