Business
Kimball Electronics, Inc. Reports Second Quarter Fiscal Year 2020 Results
Second quarter net sales were $307 million, up 8% year-over-yearNet income of $6.6 million and diluted earnings per share of $0.26Returned $2.6 million to
About this update from Kimball Electronics, Inc.
[{"type":"text","content":"Second quarter net sales were $307 million, up 8% year-over-yearNet income of $6.6 million and diluted earnings per share of $0.26Returned $2.6 million to Share Owners in stock repurchases during the quarter JASPER, Ind., Feb. 05, 2020 (GLOBE NEWSWIRE) -- Kimball Electronics, Inc. (NASDAQ: KE) today announced financial results for its second quarter ended December 31, 2019.\n Three Months Ended Six Months Ended December 31, December 31,(Amounts in Thousands, except EPS)2019 2018 2019 2018Net Sales$307,084 $284,149 $620,469 $549,769 Operating Income$8,684 $10,212 $19,799 $17,244 Adjusted Operating Income (non-GAAP) (1)$8,684 $10,212 $19,799 $17,152 Operating Income %2.8% 3.6% 3.2% 3.1%Net Income$6,612 $7,115 $13,210 $12,184 Adjusted Net Income (non-GAAP) (1)$6,612 $6,864 $13,210 $11,863 Diluted EPS$0.26 $0.27 $0.52 $0.46 Adjusted Diluted EPS (non-GAAP) (1)$0.26 $0.26 $0.52 $0.45 (1)A reconciliation of GAAP and non-GAAP financial measures is included below. Donald D. Charron, Chairman and Chief Executive Officer, stated, “We are very pleased with the solid growth results we delivered in the second quarter of fiscal year 2020 despite significant headwinds, including the impact from the strike at General Motors and continued softness in the overall market. We expect softness and fluctuations in the overall demand to continue near term as our customers revise their outlook over the next few quarters, however, we remain cautiously optimistic that we will achieve our goal of 8% organic growth for fiscal year 2020.” Mr. Charron continued, “We are also pleased with our efforts to minimize the operating margin impact of the strike at GM and we are working diligently to respond to the volatility in demand and change in the mix of our overall business. The signing of the phase one China trade agreement and USMCA provide us with renewed optimism as we further develop our long-term business plans for those geographies.” Second Quarter Fiscal Year 2020 Overview: Consolidated net sales increased 8% compared to the second quarter of fiscal year 2019.Operating activities used cash of $0.3 million during the quarter, which compares to cash provided by operating activities of $5.6 million in the second quarter of fiscal year 2019.Cash conversion days (“CCD”) for the quarter ended December 31, 2019 were 76 days, flat to the quarter ended December 31...