Q3 2024 Kitron ASA Earnings Call Transcript
Key Points
- Kitron ASA (FRA:KP5) reported close to double-digit growth in the Nordic and U.S. markets, showcasing a strong market presence.
- The company experienced a 60% growth in energy infrastructure expansion, doubling its market share in this sector.
- Defense and aerospace sectors continue to show steady demand, providing stability amidst economic fluctuations.
- Kitron ASA is pursuing regional opportunities in Central and Eastern Europe and Asia, aligning with the global shift towards localized production.
- The company is focusing on new partnerships and intensifying efforts to attract new clients in 2025, building on the successes of 2024.
- There is a slowdown in the European economy, impacting demand in sectors like residential energy solutions and industrial vehicles.
- Revenue for Q3 2024 decreased by 19% compared to last year, reflecting seasonality and lower volumes.
- EBIT for the quarter fell to EUR 10.7 million from EUR 16.2 million last year, with a lower EBIT margin of 7.3%.
- The electrification sector showed a year-on-year decline, particularly in products reliant on housing construction.
- Revenue reductions were significant in CEE and Asia, with declines of 41% and 34% respectively compared to last year.
Good morning and welcome to Kitron's third quarter report 2024. I'm Peter Nelson CEO of the Kitron Group. And joining me as usual is Ms. Cathrin Nylander, the CFO. Following today's brief presentation, we'll have a Q&A, so please post any questions you may have in the Q&A section of the webcast. Thank you.
Next slide please. Slide 2, ladies and gentlemen, as we navigate global markets, it's important to see both the opportunities and the challenges ahead.
Our strength in the Nordic and U.S. markets continue with close to double digit growth, highlighting our solid market presence and focus strategy.
Conversely, we're seeing a slowdown in the European economy which has softened demand, particularly impacting customers supplying into residential energy solutions, industrial vehicles, battery management and e mobility systems.
We're closely monitoring the situation and supporting our partners to adjust as needed.
Despite these challenges, our resilience sectors remain strong, larger global
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