Kimball Electronics reports dip in annual profit
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Jasper-based Kimball Electronics Inc. (Nasdaq: KE) is reporting fiscal full-year net income of $31.3 million, compared to $56.8 million in 2021. Despite the drop, Chief Executive Officer Donald Charron says the company had a strong second half of the year, which resulted in record annual revenue levels.
Charron says the company is embracing the “ever-changing landscape” and engaging in customer collaboration more than ever before, which is contributing to new business and expanding existing programs.
“With a backlog of open orders exceeding $1 billion, our guidance reflects the strength continuing with double-digit sales increases and improving margin rates in fiscal year 2023,” said Charron. “We will experience a quarterly step up in performance due to new and existing programs ramping up volumes, steadily improving leverage of our completed facility expansions, and continued easing of global supply chain constraints.”
The company is also reporting fiscal fourth quarter net income of $9.9 million, down from $14.4 million during the same period last year.
“For the second consecutive quarter, net sales reached an all-time high for the company, and operating income margin exceeded 5%,” said Charron. “These results were in-line with the guidance we provided in May, and required the highest levels of partnership across the value chain, including our global organization, our customers, the OEMs, and our suppliers.”
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