Kongsberg reports Record-high new orders in Q1 2014
KONGSBERG reports Q1 operating revenues of MNOK 3 941 (MNOK 4 033) and EBITDA of MNOK 446 (MNOK 500), resulting in an EBITDA margin of 11.3 per cent (12.4 per cent). New orders were strong in both the maritime and defence segments, totalling MNOK 8 565 (MNOK 3 885) in Q1 and bringing the Group's backlog of orders to the highest level since 2009.
Kongsberg Maritime (KM) had a very strong quarter, with sales growth of 17.8 per cent year-on-year (Y/Y), and a very good influx of new orders. Both KM and Kongsberg Defence Systems (KDS) have higher EBITDAs Y/Y, while Kongsberg Protech Systems (KPS) and Kongsberg Oil & Gas Technologies (KOGT) have experienced declines. New orders during the quarter were the highest in KONGSBERG's history, owing largely to generally strong new orders in all KM's market segments, as well as to KDS' air defence contract with Oman.
"We have been through an eventful quarter featuring both positive and challenging events. The Group has never had a stronger influx of new orders during a single quarter and we are very pleased to see that our backlog has grown to nearly NOK 20 billion. Kongsberg Maritime reported yet another very strong quarter and Kongsberg Defence Systems also had a good underlying trend. Kongsberg Protech Systems continues to deliver well in a demanding market in 2014, while Kongsberg Oil and Gas faces challenges related to volume and costs", comments CEO Walter Qvam.
Record-quarter for Kongsberg Maritime KM's operating revenues climbed by 17.8 per cent compared with Q1 2013, while KPS and KDS saw declines in operating revenues. KDS' operating revenues and operating profit were adversely influenced by the development of the JSM Phase III being self-financed for large parts of the quarter.
EBITDA was mainly driven by KM's reporting of MNOK 341 in Q1 (MNOK 284). Q1 earnings before tax came to MNOK 329 (MNOK 376), and the profit after tax was MNOK 243 (MNOK 271), leading to earnings per share of NOK 2.02 (NOK 2.28/share). New orders in Q1 2014 totalled MNOK 8 565 (MNOK 3 885), translating into a book/bill of 2.17.
"In Q1, Kongsberg Maritime booked new orders valued at MNOK 3 428, compared with MNOK 2 664 in 2013. The business area's order backlog now totals MNOK 7 615. Kongsberg Maritime has never had a higher backlog, ensuring good predictability going forward", concludes Qvam.