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February 5, 2021 | Kimball Electronics Inc.Estimated reading time: 1 minute
Kimball Electronics, Inc. has announced financial results for the second quarter ended December 31, 2020.
- Net sales in the second quarter were $321 million, up 4% year-over-year
- Second quarter operating income was 5.0% of net sales and adjusted operating income (non-GAAP) was 5.3%
- Net income of $15.1 million and diluted EPS of $0.60 in the second quarter
- Record quarterly cash flows provided by operating activities of $51.6 million during the second quarter
Donald D. Charron, Chairman and Chief Executive Officer, stated, “We are very pleased with our operating results for the second quarter of fiscal year 2021. Our team remains resilient, and I am so proud of our collective response to the adversity that we have faced during this pandemic. We again exceeded our goal of 4.5% operating income and continued to deliver excellent cash flow from operations.”
Charron continued, “Our strong results were primarily driven by improved operating execution, favorable product mix, and a weaker dollar. Looking ahead, we expect that our performance should approximate our long-stated goal of 4.5% operating income. The persistence of the pandemic continues to draw our attention, and it’s difficult to predict what we will face in the future. However, we are confident that our business will remain strong, and we are optimistic about our new business opportunities funnel. We remain committed to our goal of 8% organic growth and believe the goal is well within our reach for fiscal year 2021.”
Second Quarter Fiscal Year 2021 Overview:
- Consolidated net sales increased 4% compared to the second quarter of fiscal year 2020. Foreign currency had a favorable 3% impact on net sales in the current quarter compared to the same period a year ago.
- Operating activities provided cash of $51.6 million during the quarter, which compares to cash used by operating activities of $0.3 million in the second quarter of fiscal year 2020.
- Cash conversion days (“CCD”) for the quarter ended December 31, 2020 were 75 days, down from 76 days both in the first quarter of fiscal year 2021 and the quarter ended December 31, 2019. CCD is calculated as the sum of days sales outstanding plus contract asset days plus production days supply on hand less accounts payable days.
- Investments in capital expenditures were $6.1 million during the quarter.
- $3.0 million was returned to Share Owners during the quarter in the form of common stock repurchases.
- Cash and cash equivalents were $93.6 million and borrowings outstanding on credit facilities were $86.1 million at December 31, 2020, including $61.0 million classified as long term.
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