Business
Kimball Electronics Reports Q1 Results With Strong Start to the Fiscal Year; Company Updates Guidance for Fiscal 2024
Net sales totaled $438.1 million, an 8% increase compared to the first quarter of fiscal 2023; foreign currency had a 1% favorable impact on net sales
About this update from Kimball Electronics, Inc.
[{"type":"text","content":"\n\nNet sales totaled $438.1 million, an 8% increase compared to the first quarter of fiscal 2023; foreign currency had a 1% favorable impact on net sales year-over-year.\n\n\n\nOperating income of $19.5 million, or 4.4% of net sales, an improvement compared to $13.6 million, or 3.3% of net sales, in the same period last year.\n\n\n\nNet income of $10.8 million, or $0.43 per diluted share, an improvement compared to $9.5 million, or $0.38 per diluted share, in the first quarter of fiscal 2023.\n\n\n\n JASPER, Ind.--(BUSINESS WIRE)--\nKimball Electronics, Inc. (Nasdaq: KE) today announced financial results for the first quarter of fiscal 2024.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231106549123/en/\n\n\n\nThree Months Ended\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nSeptember 30,\n\n\n\n\n\n\n\n\n(Amounts in Thousands, except EPS)\n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n2022\n\n\n\n\n\n\n\n\nNet Sales\n\n\n\n\n\n\n$\n\n\n\n\n\n\n438,081\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n405,889\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nOperating Income\n\n\n\n\n\n\n$\n\n\n\n\n\n\n19,490\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n13,571\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nOperating Income %\n\n\n\n\n\n\n \n\n\n\n\n\n\n4.4\n\n\n\n\n\n\n%\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n3.3\n\n\n\n\n\n\n%\n\n\n\n\n\n\n\n\nNet Income\n\n\n\n\n\n\n$\n\n\n\n\n\n\n10,754\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n9,509\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nDiluted EPS\n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.43\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.38\n\n\n\n\n\n\n \n\n\n\n\n\n\n\nRichard D. Phillips, Chief Executive Officer, stated, “I am very pleased with our results for the first quarter, particularly in light of the current macro environment. Q1 was a strong start to the fiscal year with record first quarter sales and operating income, year-over-year margin expansion, and 13% growth in net income. While these results were in-line with our expectations, we have been evaluating the impact of recent short-term market disruptions, including the UAW strike, global economic conditions, and geopolitical events, and have updated our guidance for the full year of fiscal 2024 to reflect softening demand in the end market verticals we serve.”\n\n\nMr. Phi...