BILLINGSTAD, NORWAY – Kitron posted fourth quarter revenue of NOK 668 million ($86 million), an increase of 17% year-over-year.

Net profit was NOK 29.6 million, up 16.5% year-over-year. EBITDA was NOK 56.9 million, up 24% compared to the fourth quarter of 2016. Operating profit was NOK 43.1 million, up 26%.

Kitron ended the quarter with an order backlog of NOK 1.306 billion, up 28% compared to the same quarter in 2016. Orders received during the quarter were NOK 941 million.

"We ended 2017 on a positive note in the fourth quarter,” said Peter Nilsson, Kitron's CEO. “Strong growth, improved profitability and improved capital efficiency indicate we are on track toward our strategic targets. It is especially gratifying that the improvements continue despite component availability being a challenge for the industry in 2017. This demonstrates the importance of Kitron's strong supply chain."

Full year revenue was NOK 2.44 billion, up 16% year-over-year. Profit after tax was NOK 99 million, up 32.7%. Operating profit was NOK 148.7 million, an increase of 26.2%.

For 2018, Kitron expects revenue to grow to between NOK 2.5 billion and NOK 2.7 billion.

Ed.: NOK 1 = US$0.13