Beyond the Board: The Future of Innovation—Why the Electronics Industry Needs You
American Made Advocacy: New Congress, New Opportunities
The Government Circuit: News on Defense Electronics, Europe, and Sustainability
Kitron's Q3 Results Reflect Global Market Dynamics
October 25, 2024 | KitronEstimated reading time: 1 minute
Kitron reported quarterly figures that are impacted by challenging markets but also demonstrate actions taken to adapt to market shifts by leveraging the group’s global capabilities.
Kitron's revenue for the third quarter was EUR 145.1 million, compared to 179.2 million last year. There was growth within the Defence/Aerospace and Medical devices market sectors, while other market sectors declined.
Operating profit (EBIT) was EUR 10.7 million, compared to 16.2 million last year. EBITDA was EUR 15.3 million, compared to 20.7 million last year.
Profitability expressed as EBIT margin was 7.4 per cent, compared to 9.0 per cent last year.
The order backlog ended at EUR 457.7 million, a decrease of 9 per cent compared to last year but an increase of 1 per cent from the preceding quarter.
Peter Nilsson, Kitron's CEO, comments:
“The Nordic and U.S. markets continue to show strength with close to double-digit growth, but the continued economic slowdown in Europe has softened regional demand. However, not all markets tell the same story. Some global segments remain resilient, and we observe a notable rebound in specific segments within China. We are meeting these shifts through program transfers between our sites to optimize our resources. Despite the headwinds presented by the current economic climate, we remain steadfastly optimistic about our long term growth prospects. Our commitment to operational excellence, cost competitiveness, and innovation positions us strongly to deliver sustainable performance in the quarters ahead.”
Profit after tax amounted to EUR 6.1 million, compared to 9.7 million in the same quarter the previous year. This corresponds to earnings per share of EUR 0.03, compared to 0.05 last year.
Capital efficiency temporarily affected by lower revenue
Operating cash flow in the third quarter was EUR 2.2 million, compared to 2.5 million in the same quarter last year.
Net working capital was EUR 183 million, a decrease of 8 per cent compared to the same quarter last year. Net working capital as a percentage of revenue was 31.0 per cent compared to 26.7 per cent last year.
Outlook
For 2024, Kitron expects revenue to be between EUR 635 and 660 million with an operating profit (EBIT) between EUR 44 and 50 million, including EUR 4.8 million in restructuring costs in the first quarter.
Share on:
Suggested Items
Eltek Reports Full Year and Q4 2024 Financial Results
03/13/2025 | EltekEltek Ltd., a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), today announced its financial results for the full year and fourth quarter ended December 31, 2024.
Apple’s Year-End Production Peak and China’s Subsidy Policies Drive 9.2% QoQ Growth in 4Q24 Smartphone Production
03/11/2025 | TrendForceTrendForce reports that global smartphone production in the last quarter of 2024 reached 334.5 million units, reflecting a 9.2% QoQ increase, driven by Apple’s peak production season and consumer subsidies from local Chinese governments.
IDC Adjusts PC and Tablet Forecasts but Still Expects Commercial Demand to Provide Growth
03/04/2025 | IDCIn the wake of the USA’s tariffs on China as well as a weakening market sentiment, mostly in the consumer space, IDC has reduced its traditional PC forecast in 2025 and beyond. Global PC volume is now expected to reach 273 million in 2025, still growing +3.7% over the prior year though this is a slight reduction from the prior forecast.
HANZA Completes Leden Group Oy Acquisition; Broadens Customer Base and Strengthens Mechanical Expertise
03/03/2025 | HANZAHANZA AB has completed the acquisition of the Finnish billion SEK company Leden Group Oy, a leading player in advanced mechanical manufacturing.
Wistron Announces 2024 Financials and BOD Results
02/27/2025 | WistronWistron Corp. held a Board of Directors meeting and announced its financial results for 2024. The company reported consolidated revenue of NTD 1,049 billion, operating income of NTD 38,980 million, profit before tax (PBT) of NTD 40,057 million, and profit after tax (PAT) of NTD 17,439 million, with earnings per share (EPS) of NTD 6.11.