Business
Kimball Electronics, Inc. Reports First Quarter Fiscal 2022 Results; Reiterates Guidance for Fiscal Year 2022, Driven by Strong Second Half
Net sales in the first quarter of fiscal 2022 totaled $292.7 million. Net income of $2.6 million, or $0.10 per diluted share. Adjusted non-GAAP net income of
About this update from Kimball Electronics, Inc.
[{"type":"text","content":"\n\nNet sales in the first quarter of fiscal 2022 totaled $292.7 million.\n\n\nNet income of $2.6 million, or $0.10 per diluted share.\n\n\nAdjusted non-GAAP net income of $1.5 million, or $0.06 per diluted share.\n\n\n JASPER, Ind.--(BUSINESS WIRE)--\nKimball Electronics, Inc. (Nasdaq: KE) today announced financial results for the first quarter ended September 30, 2021.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211103006226/en/\n\n\n\nThree Months Ended\n\n\n\n\n\n \n\n\n\nSeptember 30,\n\n\n\n\n\n(Amounts in Thousands, except EPS)\n\n\n\n2021\n\n\n\n \n\n\n\n2020\n\n\n\n\n\nNet Sales\n\n\n\n$\n\n\n\n292,717\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n331,749\n\n\n\n \n\n\n\n\n\nOperating Income\n\n\n\n$\n\n\n\n4,780\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n17,807\n\n\n\n \n\n\n\n\n\nAdjusted Operating Income (non-GAAP) (1)\n\n\n\n$\n\n\n\n3,309\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n18,016\n\n\n\n \n\n\n\n\n\nOperating Income %\n\n\n\n1.6\n\n\n\n%\n\n\n\n \n\n\n\n5.4\n\n\n\n%\n\n\n\n\n\nAdjusted Operating Income (non-GAAP) %\n\n\n\n1.1\n\n\n\n%\n\n\n\n \n\n\n\n5.4\n\n\n\n%\n\n\n\n\n\nNet Income\n\n\n\n$\n\n\n\n2,564\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n16,811\n\n\n\n \n\n\n\n\n\nAdjusted Net Income (non-GAAP) (1)\n\n\n\n$\n\n\n\n1,514\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n16,552\n\n\n\n \n\n\n\n\n\nDiluted EPS\n\n\n\n$\n\n\n\n0.10\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.66\n\n\n\n \n\n\n\n\n\nAdjusted Diluted EPS (non-GAAP) (1)\n\n\n\n$\n\n\n\n0.06\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.65\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n(1) A reconciliation of GAAP and non-GAAP financial measures is included below.\n\n\n\n\nDonald D. Charron, Chairman and Chief Executive Officer, stated, “I am proud of our people, our company, and the results for Q1, considering the difficult operating environment caused by issues in the global supply chain. Component shortages, which are impacting companies worldwide, continue to make it challenging to keep pace with strong market demand. We were disappointed by the lack of improvement in the overall situation in the September ending quarter, when we were actually expecting some level of recovery. Conditions deteriorated in the period due to COVID related restrictions in Malaysia, and the worsening of the backlog in U.S. west coast ports.”\n\nMr. Charron continued, “W...