-
- News
- Books
Featured Books
- smt007 Magazine
Latest Issues
Current IssueComing to Terms With AI
In this issue, we examine the profound effect artificial intelligence and machine learning are having on manufacturing and business processes. We follow technology, innovation, and money as automation becomes the new key indicator of growth in our industry.
Box Build
One trend is to add box build and final assembly to your product offering. In this issue, we explore the opportunities and risks of adding system assembly to your service portfolio.
IPC APEX EXPO 2024 Pre-show
This month’s issue devotes its pages to a comprehensive preview of the IPC APEX EXPO 2024 event. Whether your role is technical or business, if you're new-to-the-industry or seasoned veteran, you'll find value throughout this program.
- Articles
- Columns
Search Console
- Links
- Events
||| MENU - smt007 Magazine
Kitron Announces Record Revenue, Order Backlog and Profits in Q2 2022
July 15, 2022 | KitronEstimated reading time: 1 minute
Kitron 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.
Outlook
For 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.
Suggested Items
Incap Releases Unaudited Business Review for January–March 2024
05/08/2024 | IncapRevenue for the first quarter 2024 amounted to EUR 51.4 million (1–3/2023: EUR 72.2 million). Year-on-year the revenue decreased 29.3%, as expected.
Schweizer Electronic: Business Development in Q1 2024
05/08/2024 | Schweizer Electronic AGThe sales of the SCHWEIZER Group amounted to EUR 39.2 million in the first quarter of 2024 (Q1 2023: EUR 37.1 million). This corresponds to an increase of +5.5 percent compared to the same quarter of the previous year.
Key Tronic Announces Results for Q3 of Fiscal Year 2024
05/08/2024 | Globe NewswireFor the third quarter of fiscal year 2024, Key Tronic reported total revenue of $140.5 million, compared to $164.6 million in the same period of fiscal year 2023.
Fabrinet Announces Q3 Fiscal Year 2024 Financial Results
05/07/2024 | FabrinetFabrinet, a leading provider of advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, today announced its financial results for its third fiscal quarter ended March 29, 2024.
Tablet Shipments Show Signs of Recovery in Q1 2024
05/06/2024 | IDCAfter more than two years of decline, worldwide tablet shipments posted modest year-over-year growth of 0.5% in the first quarter of 2024 (1Q24), totaling 30.8 million units, according to preliminary data from the International Data Corporation (IDC) Worldwide Quarterly Personal Computing Device Tracker.