Kimball Electronics Challenged by Chip Shortage
(photo courtesy of Kimball Electronics)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe chief executive officer of Jasper-based Kimball Electronics Inc. (Nasdaq: KE) says the company, like many others, struggled with sourcing enough microchips over the past 12 months. Still, CEO Donald Charron says the Dubois County manufacturer has completed a record setting year.
The company is reporting full-year net income of $57 million, compared to $18 million the previous year. Kimball says fourth quarter net income registered $14.4 million, compared to a net loss of $1.3 million during the same period a year ago.
Charron says the company is well positioned to carry the momentum from 2021 into fiscal year 2022, even with a global parts shortage.
“As a result of the ongoing semiconductor shortage, a portion of our shippable backlog continues to shift out ahead of us which will likely result in two very different halves for us in the fiscal year. Our full year guidance contemplates this as we expect material supply to steadily catch up with customer demand throughout the first half of fiscal year 2022, thus enabling us to ship the majority of the surplus backlog in the second half of fiscal year 2022,” said Charron.
Chief Financial Croom says the company set records for net sales and operating income as a percent of net sales. View the earnings report by clicking here.