Business
Kimball Electronics, Inc. Reports Third Quarter Fiscal Year 2020 Results
Third quarter net sales were $294 million, down 6% year-over-yearNet income of $6.3 million and diluted earnings per share of $0.25Strong cash flows of $12.0
About this update from Kimball Electronics, Inc.
[{"type":"text","content":"Third quarter net sales were $294 million, down 6% year-over-yearNet income of $6.3 million and diluted earnings per share of $0.25Strong cash flows of $12.0 million were provided from operating activities during the third quarter JASPER, Ind., May 04, 2020 (GLOBE NEWSWIRE) -- Kimball Electronics, Inc. (NASDAQ: KE) today announced financial results for its third quarter ended March 31, 2020.\n Three Months Ended Nine Months Ended March 31, March 31,(Amounts in Thousands, except EPS)2020 2019 2020 2019Net Sales$293,925 $313,454 $914,394 $863,223 Operating Income$10,588 $14,497 $30,387 $31,741 Adjusted Operating Income (non-GAAP) (1)$10,588 $14,497 $30,387 $31,649 Operating Income %3.6% 4.6% 3.3% 3.7%Net Income$6,259 $11,849 $19,469 $24,033 Adjusted Net Income (non-GAAP) (1)$6,259 $11,849 $19,469 $23,712 Diluted EPS$0.25 $0.46 $0.76 $0.92 Adjusted Diluted EPS (non-GAAP) (1)$0.25 $0.46 $0.76 $0.90 (1) A reconciliation of GAAP and non-GAAP financial measures is included below. Donald D. Charron, Chairman and Chief Executive Officer, stated, “We are pleased with the results we delivered in the third quarter of fiscal year 2020 despite the interruptions and challenges caused by the COVID-19 pandemic. The safety and health of our employees, customers, suppliers, and our communities are paramount. We are making every effort to keep our facilities safe, following current guidelines suggested by applicable country authorities. Because of the variety of critical medical device assemblies we manufacture around the world, our facilities are classified as “essential businesses” and so all are currently operational, but have been affected to varying degrees by COVID-19.” Mr. Charron continued, “We serve a diversified portfolio of markets, geographies, and customers. In our third quarter, we experienced a double-digit decline in sales to customers in our medical vertical, which was primarily unrelated to COVID-19. However, we are seeing a significant increase in demand for medical assemblies for the near future, specifically those related to respiratory care and patient monitoring products. We have customers whose products are essential to the health and safety of people around the globe. We are proud of what we do for the world, and we are proud of our people and their extraordinary efforts and contributions during this challenging time. I fee...