BILLINGSTAD, NORWAY – Kitron reported fourth quarter revenue of $68.4 million, an increase of 8.6% year-over-year.

Net profit amounted to more than $3 million, up 12.4% compared to the same period in 2015.

Operating profit was $4.1 million, up 1.5% year-over-year.

"We had solid growth in revenue and order backlog in the fourth quarter, pointing the way to expected growth in 2017,” said CEO Peter Nilsson. “We relocated our facility in Sweden during the fourth quarter, concluding major upgrades of our main facilities in Lithuania, Norway and Sweden over the past three years.”

Total 2016 revenue was $251 million, up 7% year-over-year.

For 2017, Kitron expects revenue between $257.8 million and $281.8 million.

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