Kimball Electronics Reports Q3 Profit
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Jasper-based Kimball Electronics Inc. (Nasdaq: KE) is reporting fiscal third quarter net income of $13.6 million, up from $10.5 million during the same period last year. The company is also reporting record net sales of $368 million, surpassing its all-time high in a quarter by 10%.
“I am very pleased with the results in Q3,” said Chief Executive Officer Donald Charron. “With our backlog of open orders at record levels, and manufacturing facilities running at higher utilization and expanding capacity, we are ideally positioned to maintain strength and momentum in this bifurcated year, and we expect a strong pace to carry through the fourth quarter. I continue to be extremely impressed with our team, and how we’ve managed the global supply chain issues stemming from the pandemic and component parts shortages.”
Charron says challenges during the quarter were compounded by the Russian invasion in Ukraine.
“We have Ukrainian associates in our U.S. and European operations, and facilities located in nearby Poland and Romania,” said Charron. “Our number one priority has been the health and safety of our associates, and supporting their families directly affected by the conflict. We are also closely monitoring the impact of China’s zero tolerance policy related to COVID-19. Several cities experienced shutdowns recently due to a rise in COVID cases. If shutdowns continue to occur in major cities across China, there may be temporary disruptions in both the supply chain and demand as our customers balance manufacturing delays.”
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