KONGSBERG delivered revenue growth of 19 per cent compared to Q3 2023, according to the company's release.
At the end of Q3 2024, the Group had an order backlog of NOK 96.9 billion, of which NOK 11.7 billion will be delivered during Q4 2024. This sets the stage for a strong finish to the year.
Operating revenues in Q3 was MNOK 11 924, compared with MNOK 9 978 in the same quarter last year, an increase of 19 per cent. Order intake in Q3 was MNOK 12 951, compared to MNOK 11 339 in the same quarter last year. EBIT in Q3 was MNOK 1 868, corresponding to an EBIT margin of 15.7 per cent compared to MNOK 1 270 (12.7 per cent) in the same quarter last year. Favourable project mix, volume effects and efficient project execution contributed to the increased margin. Accumulated EBIT as of Q3 2024 was MNOK 4,778, corresponding to an EBIT margin of 13.7 per cent compared to MNOK 3,327 (11.6 per cent) in the same period last year.
Kongsberg Maritime was the largest growth driver this quarter, increasing its operating revenues by 30% compared to Q3 last year, reaching MNOK 6,487. The business area’s order intake of MNOK 6,953, with a book-to-bill ratio of 1.07, underscores its strong market position.
The growth in orders from newbuildings was nearly 40 per cent, making up for more than half of the order intake.
In Q3, Kongsberg Discovery secured four new contracts for the delivery of Hugin autonomous underwater vehicles. Hugin comes with different specifications and are an important part of the business area’s growth. There is significant demand for Hugin and other advanced solutions from a diverse range of customers, including commercial entities, public authorities, and the armed forces.
Håøy says that the group has made significant investments in recent years, including new hires, facilities and supply chain development. By the end of Q3 2024, the company had 14,361 employees, marking an increase of 463 in the quarter and 1,165 over the past year.