Kimball doubles quarterly profit, hits record sales
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Jasper-based Kimball Electronics Inc. (NYSE: KE) is reporting fiscal second quarter net income of $10.7 million, up from $5.1 million during the same period the previous year. The company’s quarterly net sales also increased 39% to more than $436 million, a quarterly record.
Kimball Electronics provides contract electronics manufacturing services, diversified contract manufacturing services, and automation, test & measurement services for the automotive, medical, public safety and industrial markets, according to the company’s website.
Chairman and CEO Donald Charron said it was the fourth consecutive quarter for record sales for Kimball.
“Our team continues to ramp-up production on new and existing programs, leverage our facility expansions in Thailand and Mexico, and begin to work down the backlog of open orders resulting from pandemic-related global supply chain disruptions and component part shortages,” Charron said in written remarks.
As a result of the earnings growth, Kimball Electronics is raising its guidance for net sales in the current fiscal year to a range of $1.7 billion to $1.8 billion, which is a 26%-33% increase over the previous year.
Last month, Charron announced his retirement after 25 years at Kimball. He will step down at the end of February, to be succeeded by Richard Phillips, the former president and CEO of Chicago-based Elkay Manufacturing Co.
“It is with immense gratitude and pride that I say farewell, and thank you,” Charron said. “I have been very fortunate throughout my career, and I’m confident our global enterprise, exceptional leadership team, and impressive incoming CEO, Ric Phillips, will build on our legacy of award-winning service to customers, the communities where we operate, and Share Owners. I have never been more excited about the future of Kimball Electronics.”
You can connect to the full Q2 earnings report by clicking here.