Brief: Kitron Q2 EBIT Up At NOK 88.0 Mln

Kitron ASA

10/07/2020 11:52

July 10 (Reuters) - Kitron ASA  KITR.OL :
    * REG-KITRON: Q2 2020 – RECORD PERFORMANCE
    * REPORTED STRONG GROWTH AND RECORD PROFIT FOR Q2 DRIVEN BY
DEFENSE/AEROSPACE, MEDICAL DEVICES AND INDUSTRY SECTORS.
    * REVENUE FOR Q2 WAS NOK 1 041 MLN, AN INCREASE OF 21 PER
CENT
COMPARED TO LAST YEAR.
    * Q2 PROFITABILITY EXPRESSED AS EBIT MARGIN WAS 8.5 PER CENT
IN
Q2, COMPARED TO 6.6 PER CENT IN SAME QUARTER LAST YEAR.
    * Q2 OPERATING PROFIT (EBIT) WAS NOK 88.0 MLN, COMPARED TO
56.4
MLN LAST YEAR
    * Q2 PROFIT AFTER TAX AMOUNTED TO NOK 64.3 MLN, COMPARED TO
36.3
MLN IN SAME QUARTER PREVIOUS YEAR
    * DEMAND IS EXPECTED TO CONTINUE TO BE STRONG IN
DEFENCE/AEROSPACE, INDUSTRY AND MEDICAL DEVICES SECTORS
    * OUR Q3 IS EXPECTED TO BE PARTICULARLY STRONG AND Q4 SHOULD
SETTLE ON A MORE NORMALIZED LEVEL
    * DEMAND WITHIN MEDICAL DEVICES SECTOR IS EXPECTED TO BE
PARTICULARLY STRONG DURING Q3 AND NORMALIZE IN Q4
    * OUR THIRD AND Q4 OUTLOOK LEAVES US CONFIDENT IN REACHING
OUR
UPGRADED FULL YEAR 2020 TARGETS
    * FOR 2020, KITRON HAS PREVIOUSLY INDICATED A REVENUE
OUTLOOK OF
BETWEEN NOK 3 300 AND 3 700 MLN AND EBIT MARGIN BETWEEN 6.4 AND
7.0 PERCENT
    * 2020 EBIT MARGIN IS EXPECTED TO BE BETWEEN 6.7 AND 7.5 PER
CENT
    * 2020 REVENUE IS NOW EXPECTED TO BE BETWEEN 3 500 AND 3 800
MLN

Source text for Eikon:  ID:nGNE6NMT94 
Further company coverage:  KITR.OL 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 778 51 10;))