Kimball Electronics again hits record quarterly sales
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Jasper-based Kimball Electronics Inc. (Nasdaq: KE) is reporting fiscal third quarter net income of $16.4 million, up from $13.6 million the same period the previous year. The manufacturer said Thursday it reached a record sales total of $485 million, up 32% year-over-year.
Richard Phillips, who began his tenure at Kimball in February, said the company continues “on a path of unprecedented growth” as it ramps up new and existing programs and benefits from recent facility expansions in Thailand and Mexico.
“While the macro environment remains challenging, we are forecasting a solid finish in the fourth quarter,” Phillips said in a news release. “We also have been updating our Strategic Plan, which includes a review of the positioning, and growth opportunities, within the vertical markets we support. The learnings from this review are encouraging and the path to $2 billion in annual revenue is within our sights.”
Phillips took over as CEO in February from Donald Charron, who in January announced his plans to retire.
Kimball said it is updating its outlook for fiscal year 2023 with net sales expected to hit the high-end range of $1.7 – $1.8 billion.
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