Kitron adjusts outlook due to lockdown in China
11 December 2021 - 3:00AM
Kitron adjusts outlook due to lockdown in China
(2021-12-10) The authorities in Ningbo, China, have imposed a
lockdown in Zhenhai, one of the six districts in Ningbo, due to an
outbreak of COVID-19 in the area. Kitron’s facility is located in
the Zhenhai district, and although there are no known cases at
Kitron's facility, production was halted on December 7 due to the
restrictions. The production halt is expected to last two
weeks.
Kitron's other sites will not be able to compensate for the
production halt in Ningbo.
For 2021, Kitron has previously indicated a revenue outlook of
between NOK 3 700 and 3 900 million and an EBIT margin between 6.8
and 7.1 per cent.
Revenue is now expected to between NOK 3650 and 3750 million,
and EBIT is expected to be between NOK 235 and 255 million.
In the third quarter report, demand was described as very
strong. This is still the case. If anything, the demand outlook has
strengthened further, supporting a positive outlook for 2022, given
that the supply constraints gradually ease.
For further information, please contact:Peter Nilsson, President
and CEO, tel. +47 94 84 08 50Cathrin Nylander, CFO, tel: +47 900 43
284E-mail: investorrelations@kitron.com
Kitron is a leading Scandinavian electronics manufacturing
services company for the Connectivity, Electrification, Industry,
Medical devices and Defence/Aerospace sectors. The company is
located in Norway, Sweden, Lithuania, Germany, Poland, China and
the United States. Kitron had revenues of about NOK 4.0 billion in
2020 and has about 1 800 employees. www.kitron.com
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
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