Standard of Excellence: Speed vs. Quality in Customer Service
Knocking Down the Bone Pile: Revamp Your Components with BGA Reballing
Global Sourcing Spotlight: Balancing Speed and Flexibility Without Sacrificing Control
Kitron: Posts Q4 2023 Results; Solid End to Record Year
February 14, 2024 | KitronEstimated reading time: 1 minute
Kitron reported record fourth-quarter sales and strong profitability, with margins consistently reaching the company's long-term target.
Kitron's revenue for the fourth quarter was EUR 199.1 million, compared to 174.6 million last year. Growth was particularly strong within the Electrification and Defence/Aerospace market sectors.
Fourth-quarter operating profit (EBIT) was EUR 18.0 million, compared to 15.9 million last year. EBITDA was EUR 22.8 million, compared to 19.6 million last year.
Profitability expressed as EBIT margin was 9.1 per cent in the fourth quarter, in line with the same quarter last year.
The order backlog ended at EUR 494 million, a decrease of 15 per cent compared to the previous year and a decrease of 2 per cent from the preceding quarter, reflecting European market sentiment. The exception to this trend is Defence/Aerospace, where the order backlog has grown substantially over the past year and electrical grid critical infrastructure, where growth of over 50 per cent is expected this year.
Peter Nilsson, Kitron's CEO, comments:
“In the final quarter of 2023, we continued our streak of growth with record fourth-quarter sales, while also reporting the fifth consecutive quarter of EBIT margins above 9 per cent. Our annual revenue crossed the EUR 775 million mark, reflecting an impressive year-over-year growth of 21 per cent. Looking ahead to 2024, we anticipate stable demand in the first half, with an expectation for it to pick up in the latter half.”
Profit after tax amounted to EUR 12.3 million, compared to 9.8 million in the same quarter the previous year. This corresponds to earnings per share of EUR 0.06, up from 0.05 last year. For the full year 2023, earnings per share were EUR 0.26, up from 0.14 in 2022.
Stable capital efficiency
Operating cash flow in the fourth quarter was EUR 33.4 million, compared to 7.1 million in the fourth quarter of 2022. Full-year operating cash flow was EUR 59.0 million compared to 18.2 million in 2022.
Net working capital was EUR 193.8 million, an increase of 5.5 per cent compared to the same quarter last year. Net working capital as a percentage of revenue was 24.4 per cent compared to 26.1 per cent last year.
Dividend
The board proposes an ordinary dividend of NOK 0.75 per share (NOK 0.50).
Outlook
For 2024, Kitron reiterates the outlook given at the Capital Markets Day in December and expects revenues between EUR 700 and 800 million. Operating profit (EBIT) is expected to be between EUR 60 and 74 million.
Share on:
Testimonial
"Our marketing partnership with I-Connect007 is already delivering. Just a day after our press release went live, we received a direct inquiry about our updated products!"
Rachael Temple - AlltematedSuggested Items
Firefly Aerospace Announces Strategic Acquisition of SciTec to Advance National Security Capabilities
10/07/2025 | Firefly AerospaceFirefly Aerospace, a market leading space and defense technology company, has entered into a definitive agreement to acquire SciTec, Inc., a leader in advanced national security technologies, for approximately $855 million through a combination of $300 million in cash and $555 million in Firefly shares issued to SciTec owners at a price of $50 per share.
High-Tech Hill Technology Park Opens: Four New Factories Launched
09/26/2025 | TeltonikaThe ambitious vision announced in late 2020 to build a world-class technology park in Liepkalnis, Vilnius, has become a reality. AGP Investments, led by entrepreneur Arvydas Paukštys, together with high-tech leaders Teltonika and TLT, today inaugurated four new factories at the Vilnius High-Tech Hill Technology Park.
U.S. Manufacturing Jobs Decline Amid Tariffs and Immigration Crackdown
09/17/2025 | I-Connect007 Editorial TeamManufacturers in the U.S. are cutting jobs even as President Donald Trump pushes policies he says will revitalize the industry. Employers shed 12,000 manufacturing jobs in August, while payrolls in the sector have fallen by 42,000 since April, according to a new analysis from the Center for American Progress (CAP) based on government labor data.
Defense Speak Interpreted: If CHIPS Cuts Back, What Happens to Electronics Packaging Funds?
09/02/2025 | Dennis Fritz -- Column: Defense Speak InterpretedIn my May column, I examined the topic of the CHIPS Act and its current status as a U.S. government program. I found that CHIPS activities continue, but some corporations have delayed or canceled them because of budget cuts or corporation-specific problems. However, CHIPS integrated circuits—mostly administered by the Department of Commerce—don’t fully drive the electronics interconnection activity being funded by the government. Let’s cover the progress/status of other programs:
Ecolab to Acquire Ovivo’s Electronics Ultra-Pure Water Business
08/15/2025 | EcolabEcolab Inc. has entered into a definitive agreement to acquire Ovivo’s Electronics business, a leading and fast-growing global provider of breakthrough ultra-pure water technologies for semiconductor manufacturing.