Kitron revises outlook for second half 2024

(2024-09-22) Reference is made to the outlook given in Kitron's second-quarter report.

The outlook for Central and Eastern Europe (CEE) sites has not picked up as expected. Several major customers within the market sectors Electrification and Industry have continued to reduce and postpone demand for the third and fourth quarters of 2024 as destocking continues and end markets have not developed as expected. 

To facilitate further growth for the Nordic sites, where demand is strong, and stabilize the load for the CEE sites, several product transfers have been planned. Some of these transfers have been pushed to the first half of 2025.

For the third quarter, revenues are expected to be between EUR 140 and 150 million with an operating profit (EBIT) between EUR 8 and 10 million. 

The full-year 2024 outlook is updated with revenues of between EUR 635 and 660 million with EBIT between EUR 44 and 50 million, including EUR 4.8 million in restructuring costs in the first quarter.

The previous outlook for the full year 2024 was revenues between EUR 660 and 710 million with EBIT between EUR 53 and 60 million, including EUR 4.8 million in restructuring costs in the first quarter.

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: [email protected]

Kitron is a leading Scandinavian electronics manufacturing services company for the Connectivity, Electrification, Industry, Medical devices and Defence/Aerospace sectors. The group is located in Norway, Sweden, Denmark, Lithuania, Germany, Poland, the Czech Republic, India, Malaysia, China and the United States. Kitron has about 2 500 employees, and revenues were EUR 775 million in 2023.

www.kitron.com

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act