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Results Q2: A solid quarter with continued good profitability

Kongsberg Gruppen ASA (KONGSBERG) today reported second quarter 2011. The company maintains a high level of activity, and the ongoing efficiency initiatives contribute to favorable profit trends. The backlog of orders remains stable at a high level.

Quarterly highlights Q2 2011

  • Operating revenues NOK 4 041 million
  • Earnings (EBITA) NOK 505 million
  • Backlog of orders NOK 17,8 billion
  • Earnings per share (EPS) 2,83
  • Equity ratio 36,9 %
  • High activity level, interesting opportunities being pursued

After closing the second quarter of 2011, KONGSBERG reports operating revenues of MNOK 4 041, compared to MNOK 3 958 in 2010. Earnings before interest and tax for the second quarter of 2011 were MNOK 505, up 8,4 % compared with 2010. Earnings per share increased to 2,83, while the equity ratio increased to 36,9 % during the second quarter of 2011.

"Our progress has been steady and our improvement programs continue to strengthen our profit margin. Our market share continues to strengthen and we are engaged in development initiatives to further increase our potential, for example in the offshore and oil service market. We pursue significant business opportunities in all our business segments, including the next phase of CROWS and the development of our missile range (NSM and JSM). KONGSBERG is well positioned in all our key segments and we have a healthy order backlog. This in combination is a good basis for our operations and profitability also in the remainder of 2011," says Walter Qvam, President and CEO of KONGSBERG.