Kimball Losses Deepen on Supply Chain Issues
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Jasper-based Kimball International Inc. (Nasdaq: KBAL) is reporting a fiscal second quarter net loss of $21.3 million, compared to an $838,000 loss during the same period a year ago. The manufacturer of office, home and hospital furniture says supply chain challenges, especially for its Poppin brand, created inventory problems.
The company says the industry is also facing labor issues that have increased costs and constrained its ability to produce and ship.
Chief Executive Officer Kristie Juster says overall demand for Kimball products were strong in Q2, driving double-digit, year-on-year revenue growth.
“Order rates continued to be robust, driving record backlog levels, which support our expectations for strong second half performance and underpin our confidence in our full year guidance,” said Juster. “We reaffirm our fiscal 2022 guidance for 15-20% revenue growth with adjusted gross margin in the third quarter similar to first half levels, followed by greater expansion in the fourth quarter as we benefit from higher volumes, price increases and ongoing efficiency projects.”
Kimball acquired New York-based Poppin in December 2020. Click here to view the full report.