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Kimball Electronics Posts 10% Sales Growth in Fiscal 3Q19
May 9, 2019 | Globe NewswireEstimated reading time: 1 minute
Kimball Electronics, Inc. has announced financial results for its third quarter ended March 31, 2019.
Summary:
- Quarterly records for net sales, operating income, net income, and diluted EPS
- Net sales up 10% year-over-year to $313 million
- Record quarterly operating income of $14.5 million
- New quarterly records for net income of $11.8 million and diluted earnings per share of $0.46
- Returned $4.7 million to Share Owners in stock repurchases during the quarter
“We delivered record sales, operating income, net income, and diluted EPS in our third quarter. Strong double-digit organic growth in our Medical and Industrial end market verticals helped us exceed our 8% organic growth goal and set the new quarterly sales record. New program launches and ramp-ups more than offset continued softness in certain other programs primarily caused by global macro-economic conditions and trade uncertainties,” said Donald D. Charron, chairman and chief executive officer.
“We made excellent progress optimizing the business as we were successful expanding our operating margin by 70 basis points when compared to the third quarter of fiscal year 2018, helping us exceed our goal of 4.5% operating income. Our acquisition integration work with GES continues as we remain focused on our strategy to become a multifaceted manufacturing solutions company. We have good momentum, and we are cautiously optimistic that we can begin to consistently achieve our goals of 8% organic growth and 4.5% operating income,” continued Charron
About Kimball Electronics, Inc.
Kimball Electronics is a leading contract manufacturer of durable electronics serving a variety of industries on a global scale. The customer is the focus of everything we do and our touch is felt throughout daily life via the markets we serve: automotive, industrial, medical, and public safety. Recognized for a reputation of excellence, we are committed to a high-performance culture that values personal and organizational commitment to quality, reliability, value, speed, and ethical behavior. Our employees know they are part of a company culture that is committed to doing the right thing. We build lasting relationships and global success for customers while enabling employees to share in the company’s success through personal, professional, and financial growth.
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