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Kitron: Q3 2020 - Record performance continues

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(2020-10-21) Kitron today reported strong growth and record profit for the third quarter driven by the Medical devices, Defence/Aerospace and Industry sectors.

Kitron's revenue for the third quarter was NOK 1 054 million, an increase of 43 per cent compared to last year. Growth adjusted for currency effects was 35 per cent.

Profitability expressed as EBIT margin was 8.6 per cent in the third quarter, compared to 5.4 per cent in the same quarter last year.

The order backlog ended at NOK 1 863 million, an increase of 18 per cent compared to last year.

Peter Nilsson, Kitron's CEO, comments:
"The strong performance in the first half of 2020 continues over the rest of the year.
A 43 per cent growth in the third quarter and revenue over NOK 1 billion is a record for Kitron.
The third quarter is characterized by exceptional revenues in medical devices. The remarkable performance of Kitron employees and partners has made this possible.
Extraordinary operational execution generated a solid EBIT margin of 8.6 per cent. Earnings per share is more than doubled compared to last year. Once again, we increase our full year outlook based on strong demand in several sectors.”

Record revenue
Kitron's revenue in the third quarter amounted to NOK 1 054 million, compared to 738 million in the same quarter last year. There was strong growth within the Defence/Aerospace and Industry sectors and very strong growth within the Medical devices sector.

Strong order backlog
The order backlog ended at NOK 1 863 million, compared to 1 572 million last year. The order backlog increased within all market sectors except Offshore/Marine. Growth is particularly strong in the Industry sector

Improved profitability
Third quarter operating profit (EBIT) was NOK 90.5 million, compared to 39.6 million last year. EBITDA was NOK 115.7 million, compared to 59.7 million last year. Profit after tax amounted to NOK 60.9 million, compared to 24.6 million in the same quarter the previous year. This corresponds to earnings per share of NOK 0.34, up from 0.14 last year.

The strong growth has challenged operational cash flow, which ended at negative NOK 3.2 million, compared to 19.2 million in the third quarter of 2019.

Capital efficiency ratios improved
Net working capital was NOK 1 134 million, an increase of 28 per cent compared to the same quarter last year. However, capital efficiency ratios improved. Cash conversion cycle improved from 116 days to 96 days, and net working capital as a percentage of revenue was 25.1 per cent, compared to 29.5 per cent last year. Capital ratios are expected to improve further.

Dividend distribution
After the end of the third quarter, and pursuant to the authorisation granted by the general meeting, the Board of Directors has resolved a dividend of NOK 0.50 per share (see separate stock exchange notice dated 20 October 2020 for further details).

Outlook
For 2020, Kitron has previously indicated a revenue outlook of between NOK 3 500 and 3 800 million and EBIT margin between 6.7 and 7.5 percent.

Due to increased growth in the Defence/Aerospace, Industry and Medical devices sectors, overall profitability improvement and favorable currency, revenue is now expected to be between NOK 3 850 and 4 000 million and EBIT margin is expected to be between 7.6 and 7.8 per cent.

As previously reported, demand within the Medical devices sector, driven by the Corona pandemic, has been particularly strong in the second and third quarter. This is expected to normalize in the fourth quarter and going forward.

Enclosed in PDF are the quarterly report and the presentation. The interim
report is presented today at 8:30 a.m. CEST. 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/20201021_1

For further information, please contact:
Peter Nilsson, President and CEO, tel. +47 94 84 08 50
Cathrin Nylander, CFO, tel: +47 900 43 284
E-mail: investorrelations@kitron.com

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 subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act. 

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