Kongsberg Gruppen reports strong growth and record order backlog in third quarter of 2023
The third quarter proved to be a robust and exciting period for Kongsberg Gruppen, marked by profitable growth and key agreements that set the stage for future development, according to CEO Geir Håøy in a recent stock market announcement.
In the third quarter of this year, the company reported revenues of 11.92 billion Norwegian kroner, an increase of 1.94 billion kroner compared to the same period last year. The pre-tax profit reached 1.77 billion kroner, up from 1.31 billion kroner in 2023. However, this result fell slightly short of analysts’ expectations, which had been forecasted at 1.85 billion kroner.
The order backlog at the end of the third quarter reached a record high of 96.9 billion kroner, with 11.7 billion kroner scheduled for delivery in the fourth quarter of 2024.
A significant contributor to this quarter’s growth was Kongsberg Maritime, which saw its operating income increase by 30% year-on-year to 6.49 billion kroner.
The ongoing conflict in Ukraine has also led to increased defense investments from numerous countries, further benefiting Kongsberg Gruppen. Since the third quarter of last year, the company has expanded its workforce by 1,165 employees.