Kimball International Swings to Profit
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Jasper-based Kimball International Inc. (Nasdaq: KBAL) is reporting fiscal third quarter net income of $6.3 million, compared to a loss of $4.5 million during the same period last year. Chief Executive Officer Kristie Juster says the results reflect robust demand across its product portfolio, as well as the company’s ability to navigate industry-wide headwinds.
Juster said sales in Kimball’s workplace and health end markets increased 41%, accounting for 81% of third quarter sales.
“Kimball International continues to compete successfully in the evolving domestic commercial furniture marketplace, as our ancillary product lines and key secondary geographies are well aligned with the new-forming workplace,” said Juster. “Ancillary products, which accounted for 86% of our trailing 12 months sales are perfectly suited for employers prioritizing collaboration and engagement in both hybrid and in-person settings. Shipments to smaller metropolitan areas, which have benefited from significant population growth in recent years, represented 77% of our trailing 12 months sales.”
Juster says inflation and supply chain disruptions continued to increase production costs, but were offset by higher volumes and early pricing benefits.
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