Business
Kimball Electronics Reports Q1 Results with Record Sales and Improving Year-Over-Year Operating Margin; Company Affirms Guidance for Fiscal 2023 with Full Year Expected at the High-End of the Range for Sales and Operating Margin
Net sales in the first quarter of fiscal 2023 totaled $405.9 million, an all-time quarterly high and up 39% year-over-year; foreign currency had a 5%
About this update from Kimball Electronics, Inc.
[{"type":"text","content":"\n\nNet sales in the first quarter of fiscal 2023 totaled $405.9 million, an all-time quarterly high and up 39% year-over-year; foreign currency had a 5% unfavorable impact on net sales compared to the first quarter of fiscal 2022\n\n\nOperating income of $13.6 million, or 3.3% of net sales, compared to operating income of $4.8 million, or 1.6% of net sales in the same period last year\n\n\nNet income of $9.5 million, or $0.38 per diluted share, compared to net income of $2.6 million, or $0.10 per diluted share, in the first quarter of fiscal 2022\n\n\n JASPER, Ind.--(BUSINESS WIRE)--\nKimball Electronics, Inc. (Nasdaq: KE) today announced financial results for the first quarter ended September 30, 2022.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221107005903/en/\n\n\n \n\n\n\nThree Months Ended\n\n\n\n\n\n \n\n\n\nSeptember 30,\n\n\n\n\n\n(Amounts in Thousands, except EPS)\n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n\n\nNet Sales\n\n\n\n$\n\n\n\n405,889\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n292,717\n\n\n\n \n\n\n\n\n\nOperating Income\n\n\n\n$\n\n\n\n13,571\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n4,780\n\n\n\n \n\n\n\n\n\nAdjusted Operating Income (non-GAAP) (1)\n\n\n\n$\n\n\n\n13,336\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n3,309\n\n\n\n \n\n\n\n\n\nOperating Income %\n\n\n\n \n\n\n\n3.3\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n1.6\n\n\n\n%\n\n\n\n\n\nAdjusted Operating Income (non-GAAP) %\n\n\n\n \n\n\n\n3.3\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n1.1\n\n\n\n%\n\n\n\n\n\nNet Income\n\n\n\n$\n\n\n\n9,509\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n2,564\n\n\n\n \n\n\n\n\n\nAdjusted Net Income (non-GAAP) (1)\n\n\n\n$\n\n\n\n9,509\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n1,514\n\n\n\n \n\n\n\n\n\nDiluted EPS\n\n\n\n$\n\n\n\n0.38\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.10\n\n\n\n \n\n\n\n\n\nAdjusted Diluted EPS (non-GAAP) (1)\n\n\n\n$\n\n\n\n0.38\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.06\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 pleased with our results in Q1 and the strong start to the new fiscal year. For the third consecutive quarter, net sales surged to a record-breaking level, setting another all-time high for our company, and operating margin improved compared to the same period...