BILLINGSTAD, NORWAY – Kitron reported third quarter revenue was $67 million, up 17% year-over-year.
Net profit was $2.1 million, a decrease of 17.3% compared to the same quarter last year. EBITDA was $5.3 million, an increase of 3%. Operating profit was $3.7 million, down 3%.
"Kitron continues to gain market share,” said Peter Nilsson, Kitron's CEO. “I see this as a validation of the operational improvements over the past years, which have strengthened competitiveness and efficiency. As mentioned before, our margins will wary from quarter to quarter, and the third quarter was affected by restructuring in Norway and a higher share of revenue of products with high material content and therefore lower contribution. However, we remain solidly on track for our 2017 guidance and our strategic ambitions."
The order backlog ended at $126.2 million, up 3% year-over-year. Orders received during the quarter were $67 million.
For 2017, Kitron expects revenue to grow to between $269.2 million $294.2 million.