Business
Kimball Electronics, Inc. Reports First Quarter Fiscal Year 2021 Results
Net sales in the first quarter were $332 million, a new quarterly record, up 6% year-over-yearQuarterly records for operating income of $17.8 million, net
About this update from Kimball Electronics, Inc.
[{"type":"text","content":"Net sales in the first quarter were $332 million, a new quarterly record, up 6% year-over-yearQuarterly records for operating income of $17.8 million, net income of $16.8 million, and diluted earnings per share of $0.66First quarter operating income of 5.4% as a percent of net salesStrong cash flows provided by operating activities of $20.7 million during the first quarter JASPER, Ind., Nov. 03, 2020 (GLOBE NEWSWIRE) -- Kimball Electronics, Inc. (Nasdaq: KE) today announced financial results for the first quarter ended September 30, 2020. \n Three Months Ended September 30,(Amounts in Thousands, except EPS)2020 2019Net Sales$331,749 $313,385 Operating Income$17,807 $11,115 Adjusted Operating Income (non-GAAP) (1)(2)$18,016 $11,093 Operating Income %5.4% 3.5%Adjusted Operating Income (non-GAAP) %5.4% 3.5%Net Income$16,811 $6,598 Adjusted Net Income (non-GAAP) (1)$16,552 $6,598 Diluted EPS$0.66 $0.26 Adjusted Diluted EPS (non-GAAP) (1)$0.65 $0.26 (1) A reconciliation of GAAP and non-GAAP financial measures is included below. (2) Beginning in the first quarter of fiscal year 2021, adjusted operating income excludes changes in the fair value of our supplemental employee retirement plan, or SERP, liability which are exactly offset by the revaluation to fair value of the SERP investments in Other Income (Expense), net, and as a result have no impact on net income. Prior reported periods have been revised accordingly. Donald D. Charron, Chairman and Chief Executive Officer, stated, “We are very pleased with the operating results we delivered in the first quarter of fiscal year 2021. We set new quarterly records for sales as well as operating income, net income, and diluted EPS, while generating strong cash flow from operations for the second consecutive quarter. Our sales in our medical vertical increased 25% compared to the first quarter of fiscal year 2020 and were up 3% sequentially for a new quarterly record. We expect the sales in our medical vertical to normalize and begin to approximate pre-COVID-19 run rates during the second quarter of fiscal year 2021. Sales in our automotive vertical continued to gain momentum during the first quarter of fiscal year 2021 increasing 61% from the previous quarter and down just 5% from the first quarter of fiscal year 2020. We expect the sales in our automotive vertical will return to pre-COVID...