Kitron: Maintaining strategic ambitions and outlook
(2020-03-18) Kitron will today host a combined webcast and conference call to present an update on the company's operations and progress towards the strategic and financial targets and ambitions presented at last year's Capital Markets Day.
While this is a planned strategic progress report, the company will also give an update on the short-term situation relating to the coronavirus.
“Over the past year, we have made excellent progress along the path we set last year towards 2025, integrating a new business in the US, opening a new factory in Poland and expanding our capacity in China. In the short term, we have taken strong actions to reduce risks related to the corona situation. Currently all our facilities are operating as normal. Based on what we currently know, we seem to be on track for our 2020 outlook. However, uncertainty might give higher volatility in the months to come. But so far, demand remains strong and stable,” said Peter Nilsson, CEO of Kitron.
Kitron will continue its growth strategy, while maintaining robust operating margins and capital discipline. The company maintains it outlined ambitions for 2025: revenue of NOK 5 billion, an EBIT margin of 7 percent and return on operating capital of 25 percent.
The capacity expansion carried out last year is considered sufficient to reach the 2025 revenue ambition.
Kitron will maintain its focus on current market sectors, and has identified three growth drivers for relevant markets:
- Long-term outsourcing trend continues
- Broad-based move to electrification
- Internet of Things drives product connectivity
These macro trends provide exciting growth opportunities characterized by complex, high-margin products and medium volumes.
So far, we have seen no major disruption to our business, neither internally nor with regards to suppliers or customers. Our facility in China was affected by the temporary restrictions imposed by the authorities, but it is currently back to normal capacity, and we will increase capacity going forward. All other facilities have been operating as normal. All tier-one suppliers in China have re-started operations. There has so far been no major disruptions to supply chains outside China. Moving forward, we are preparing for some component allocations and take actions to alleviate such a situation.
In general, it is difficult to evaluate the effects of this fast-changing situation, but Kitron has taken a number of actions to reduce risk and protect the capacity.
The presentation will be webcast at 10:00 am CET today and will be hosted by CEO Peter Nilsson and other members of group management. The webcast will be followed by a conference call.
The webcast does not require prior registration, but you will have to register in advance to take part in the conference call.
To register for the conference call, please send an email to: firstname.lastname@example.org
To follow the webcast, please use the following link: https://channel.royalcast.com/webcast/hegnarmedia/20200318_1
Enclosed in PDF is the presentation material for the event.
For further information, please contact:
Cathrin Nylander, CFO, tel: +47 900 43 284
Kitron is a leading Scandinavian electronics manufacturing services company for the Defence/Aerospace, Energy/Telecoms, Industry, Medical devices and Offshore/Marine sectors. The company is located in Norway, Sweden, Lithuania, Germany, Poland, China and the United States. Kitron had revenues of about NOK 3.3 billion in 2019 and has about 1 700 employees. www.kitron.com
This information is published in accordance with the requirements of the Oslo Børs Continuing Obligations for stock exchange listed companies.
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire
Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire
Nokia announces generational step in data center networking; new OS and tools give cloud builders unprecedented ability to adapt, automate and scale9.7.2020 18:00:00 CEST | Press release
Press Release Nokia announces generational step in data center networking; new OS and tools give cloud builders unprecedented ability to adapt, automate and scale Nokia improves data center networking for all cloud builders – webscale companies, service providers and enterprises – empowering them to rapidly design, deploy, adapt and automate data center network fabrics at massive scale to keep up with increasing business demand from 5G and Industry 4.0 Apple is an early adopter of the innovative technology, deploying the solution within its cloud operations in its data centers Nokia redefines openness, application development flexibility, robustness and operational tools for rapidly building and confidently operating data center networks at scale 9 July 2020 Espoo, Finland – Nokia has redefined data center fabrics with the launch of a new and modern Network Operating System (NOS) and a declarative, intent-based automation and operations toolkit. This will allow cloud and data center bu
NEOCOM MULTIMEDIA : Résultats 2019 – Dividende et PerspectivesEuronext Paris FR0004157543 MLNEO Communiqué du 9 juillet 2020 Résultats 2019 – Dividende et Perspectives9.7.2020 15:29:42 CEST | Press release
La société NEOCOM MULTIMEDIA (FR0004157543 MLNEO) a mis en paiement il y a quelques jours son dividende de 0.32 euros par action relatif à l’exercice 2019, décidé lors de l’assemblée générale du 25 juin dernier qui s’est tenue à huis clos. L’opérateur télécom a enregistré au cours de l’exercice 2019 un chiffre d’affaires proche de 22 M euros contre 26.4 M euros pour l’exercice précédent, soit une baisse de 17 %. Celle-ci est liée principalement à l’activité commerciale (baisse et arrêt de certains clients) qui n’impacte que dans une moindre mesure la marge brute, comparée aux activités éditoriales plus rentables qui se sont maintenues. Au niveau opérationnel, l’exercice enregistre une légère hausse avec un résultat d’exploitation à 1 273 K euros contre 1 192 K euros pour 2018, du fait également d’un allégement de la masse salariale. Compte tenu des autres résultats financier et exceptionnel peu significatifs, et après prise en compte d’une charge d’impôt de 383 K euros pour 2019 contre
STMicroelectronics and Fingerprint Cards Cooperate to Develop and Launch an Advanced Biometric Payment Card Solution9.7.2020 15:00:00 CEST | Press release
Co-development of Biometric System-on-Card (BSoC) platform to offer an efficient and competitive solution to card manufacturers for the banking market Advanced features to enhance consumer convenience and securityCombines latest generation of STPay secure-payment technology with Fingerprints’ biometric solution expertise Göteborg, Sweden and Geneva, Switzerland - World-leading biometric company Fingerprint Cards AB (Fingerprints) has teamed with STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, to develop an advanced Biometric System-on-Card (BSoC) solution based on fingerprint-recognition technology, addressing the market demand to enhance contactless payment-card security and convenience. The BSoC integration combines ST’s latest-generation secure-payment technology based on the ST31/STPay chipset and STM32 general-purpose microcontrollers with Fingerprints’ next-generation T-Shape sensor module to provide
RESULT OF USD TENDER OPERATION9.7.2020 15:00:00 CEST | Press release
RESULT OF USD TENDER OPERATION JULY 9, 2020 Auction date July 9, 2020 Settlement dateJuly 13, 2020Maturity dateOctober 5, 2020Term84 daysOffered volumeUSD 10 billionMarginal interest raten/aPer cent of allotment at marginal interest raten/aTotal bid amountUSD 0 billionAllotmentUSD 0 billion
Update: USD TENDER OPERATION ANNOUNCEMENT9.7.2020 13:30:00 CEST | Press release
USD TENDER OPERATION ANNOUNCEMENT JUL 09, 2020 Transaction type: Reverse TransactionOperation type:Liquidity providingTender date:JUL-09-2020Time for submission of bids14.00-14.30 (CEST)Start date:JUL-13-2020Maturity date:OKT-05-2020Duration:84 daysOffered volume:10.0 bln Min bid amount: 100 mlnMaximum bid amount: 4.0 blnMax number of bids:10Lowest interest supplement:0.25 percentage pointsMin bid rate:0.32 %Allocation time:15.00 (CEST) on Tender date Approved counterparties are invited to submit bids to the Riksbank, tel +46 8 6966970 by 14.30 (CEST) pm on Jul 9, 2020. Confirmation of bids to e-mail: https://www.globenewswire.com/Tracker?data=n95w75utTQsLhotPy52ty3xzHF-mU33UtdobUjUHPHbKrTbsK46lD3x0a5wjeEH4dMz9S1Iu-bGG_xgH_VZ_qg== email@example.com
Mandalay Resources Corporation Announces Production and Sales Results for the Second Quarter of 20209.7.2020 13:00:10 CEST | Press release
TORONTO, July 09, 2020 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) announced today its production and sales results for the second quarter of 2020. In the second quarter of 2020, Mandalay produced a consolidated 24,752 saleable ounces of gold equivalent and sold 24,916 ounces of gold equivalent. Dominic Duffy, President and Chief Executive Officer of Mandalay, commented, “Both operations continued their strong start to the year with a quarter-over-quarter improvement in total ounces of gold equivalent sold. The second quarter production results were the Company’s best quarterly consolidated gold production since the fourth quarter of 2017.” Mr. Duffy continued, “At Costerfield, the excellent results continued from the Youle vein, with the site producing 13,502 gold equivalent ounces. Antimony provided another solid quarter with 933 tonnes sold, the Company’s highest tonnes sold since the second quarter of 2016. The plant pro