Q1 2020 Kitron ASA Earnings Call Transcript
Welcome to the 2020 First Quarter Report from Kitron. I'm Peter Nilsson, CEO, and joining me today for the report is, as usual, Ms. Cathrin Nylander, CFO.
During the presentation portion of this webcast, I encourage you to post your questions online for the Q&A session that starts immediately after the presentation.
Now let's kick things off by taking a look at some of the first quarter highlights. Slide 2, please.
Q1 2020 is a record first quarter for Kitron. Revenue grew 8%, coming in at NOK 878 million. EBIT improved close to 14% and landed at over NOK 58 million. We booked an impressive 41% growth on the order backlog, generating a backlog in excess of NOK 2 billion. Net working capital ended in the quarter at just over NOK 1 billion. Although this is an increase compared to the same quarter last year, in the extraordinary corona pandemic situation, holding more inventory has been more important in order to safeguard the company's ability to serve its customers. Reducing capital tied up in inventory remains a key
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