Kimball Electronics sees 79% full-year profit increase
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Jasper-based Kimball Electronics Inc. is reporting fiscal full-year net income of $55.8 million, up from $31.3 million the previous year. The company also hit its sixth consecutive quarter of record net sales, which totaled $496 million.
Kimball Electronics engineers, designs and manufactures a variety of electronics products for the automotive, medical and industrial markets.
CEO Richard Phillips said the company finished the fiscal year with net sales above the guidance provided in May as well as better-than-expected cash flow generation in the fourth quarter.
“Each of our three vertical end markets reported strong results, with the sales volume to 48% of our customers reaching all-time highs,” Phillips said in a news release. “The team supported new product introductions at a rate four times above the historic norm, and we continued to leverage our facility expansions in Thailand and Mexico, while navigating a challenging macro environment.”
Kimball’s stock was up 7.4% to $29.20 per share at midday trading Thursday.
Chief Financial Officer Jana Croom added the company expects organic growth with new business opportunities created through its recent expansions. Another expansion is planned at Kimball’s facility in Poznan, Poland in the next fiscal year.
Looking ahead, Phillips said while the company continues to see a strong pipeline for future growth, the next fiscal year will be tempered by slower sales with a large medical customer.
“Longer term we are excited by the prospects of our funnel of new business, and the relationship with this customer in particular,” Phillips said.
In addition to its headquarters in Jasper, Kimball Electronics has two facilities in Indianapolis, as well as locations in Florida, Thailand, China, Poland, Mexico and Romania.
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