NORBIT reports growth in Q3 with revenue of 371.9 million NOK, positive. positive

From GlobeNewswire: 2024-11-14 01:00:00

NORBIT reported continued growth in the third quarter, with a revenue of 371.9 million NOK. The EBIT result was 53.7 million NOK, or 60.1 million NOK adjusted for transaction costs related to the acquisition of Innomar. Oceans segment saw a revenue of 158.1 million NOK, up 18%, Connectivity segment had a revenue of 111.0 million NOK, down 4%, and PIR segment had a revenue of 114.4 million NOK, up 34%.

Orders worth 100 million NOK were received for underwater sonars in the Oceans segment, while the Connectivity segment secured a contract worth 160 million NOK for a new GNSS On-Board Unit. NORBIT expects revenue for the year to reach around 1.75 billion NOK with an EBIT margin of approximately 20%.

CEO Weisethaunet expressed satisfaction with NORBIT’s performance, stating they are on track to reach their financial goals for the year. The organization is focused on delivering value to customers and embracing opportunities for growth. The company’s third-quarter report and presentation are available for review.

NORBIT, a global provider of tailored technology solutions, operates in three business segments: Oceans, Connectivity, and Product Innovation & Realization. The company’s workforce of about 550 employees is dedicated to delivering innovative and sustainable solutions to global markets. NORBIT’s headquarters are in Trondheim, with development and production facilities in Europe and North America.



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