NORBIT Achieves Strong Growth in Q3 2024 Earnings Report
NORBIT Reports Strong Growth in Q3 Earnings
NORBIT has shown remarkable progress in the third quarter, reporting impressive revenues of NOK 371.9 million. Even without adjusting for Innomar acquisition costs, the company achieved an EBIT result of NOK 53.7 million, which improved to NOK 60.1 million when the adjustments were made.
Performance Breakdown by Segment
Analyzing the segments reveals interesting trends:
The Oceans Segment
The Oceans segment excelled, posting revenues of NOK 158.1 million, which is an 18 percent increase compared to the same quarter last year. This segment recorded an EBIT margin of 19 percent, reflecting effective cost management and growing demand.
The Connectivity Segment
Conversely, the Connectivity segment's revenues declined to NOK 111.0 million, down 4 percent; however, it maintained a strong EBIT margin of 25 percent. This decrease can be attributed to some rescheduled orders from a prominent European customer.
The Product Innovation & Realization Segment
On a positive note, the Product Innovation & Realization (PIR) segment experienced an outstanding growth rate of 34 percent, showcasing revenues of NOK 114.4 million and an EBIT margin of 11 percent.
CEO Insights and Future Expectations
Per Jørgen Weisethaunet, the CEO of NORBIT, commented on the quarter's achievements, highlighting growth in both the Oceans and PIR segments. Weisethaunet noted that despite the challenges faced in connectivity, the profitability remained robust.
Upcoming Deliveries
Additionally, the Oceans segment recently secured orders worth NOK 100 million for GuardPoint Underwater Surveillance Sonars, anticipating deliveries in the last quarter of 2024 and early 2025. This order significantly contributes to NORBIT's optimistic outlook for the remainder of the year.
Innovative Developments
The Connectivity segment is also engaging in forward-thinking projects, having announced a partnership with Toll4Europe. They are developing a new GNSS On-Board Unit, with an initial contract valued at approximately NOK 160 million, aiming for delivery in the second and third quarters of 2025.
Overall Market Position and Expectations
NORBIT is anticipating a robust performance, projecting full-year revenues to reach around NOK 1.75 billion, with a forecasted EBIT margin of approximately 20 percent. This strategic positioning showcases NORBIT's emphasis on innovation and growth.
A Call to Action
As the year progresses, the team at NORBIT remains dedicated to meeting their financial targets while ensuring that customers receive the best possible service. Weisethaunet emphasized the strong commitment of the organization to deliver on promises and harness the upcoming opportunities.
Company Overview
Founded on the principles of innovation and sustainability, NORBIT focuses on providing tailored technology solutions across its three main segments—Oceans, Connectivity, and Product Innovation & Realization. Headquartered in Trondheim, with manufacturing facilities in Europe and North America, NORBIT employs around 550 people and maintains a strong global sales and distribution network.
Contact Information
For additional details, interested parties can reach out to:
Per Jørgen Weisethaunet, CEO
Phone: +47 959 62 915
Per Kristian Reppe, CFO
Phone: +47 900 33 203
Frequently Asked Questions
What were NORBIT's revenue figures for Q3 2024?
NORBIT reported revenues of NOK 371.9 million for the third quarter of 2024.
Which segment saw the highest growth?
The Product Innovation & Realization segment experienced the highest growth, with a 34 percent increase in revenues.
How does NORBIT plan to address the decline in the Connectivity segment?
NORBIT is focusing on innovation and partnerships, such as the agreement with Toll4Europe to develop a new GNSS On-Board Unit.
What future deliveries does NORBIT expect?
NORBIT anticipates delivering NOK 100 million worth of GuardPoint Underwater Surveillance Sonars in late 2024 and early 2025.
How many employees does NORBIT have?
NORBIT has approximately 550 employees across its operations.
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