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November 8, 2022 | Business WireEstimated reading time: 1 minute
Kimball Electronics, Inc. announced financial results for the first quarter ended September 30, 2022.
Donald D. Charron, Chairman and Chief Executive Officer, stated, “I am pleased with our results in Q1 and the strong start to the new fiscal year. For the third consecutive quarter, net sales surged to a record-breaking level, setting another all-time high for our company, and operating margin improved compared to the same period last year. This was in line with our estimates as we ramp-up production on new and existing programs, and leverage our facility expansions in Thailand and Mexico. These investments, however, increased fixed costs that were not fully absorbed when comparing the operating margin rate to Q4 of fiscal 2022. New customers and product start-ups generally cause margin dilution early in the life cycle, which are recovered as the program matures. As a result, we expect sequential quarterly increases in a stair stepped fiscal 2023, and we are affirming our guidance for the full year with results expected at the high end of the range for sales and operating margin.”
As part of today’s announcement, the Company is affirming its guidance for fiscal year 2023.
- Net sales in the range of $1.6 - $1.7 billion, a 19% - 26% increase year-over-year
- Operating income in the range of 4.6% - 5.2% of net sales
- Capital expenditures in the range of $80 - $100 million, supporting the facility expansion in Poland, new product introductions, and the addition of equipment with leading-edge technologies and capabilities
First Quarter Fiscal 2023 Overview
- Cash flow used by operating activities of $60.2 million during the first quarter of fiscal 2023
- Cash conversion days (“CCD”) for the quarter ended September 30, 2022 were 99 days, up from 91 days in the fourth quarter of fiscal year 2022, driven by an increase in inventory; 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 $19.5 million during the quarter
- Cash and cash equivalents of $19.7 million and borrowings outstanding on credit facilities of $232.5 million at September 30, 2022, including $180.0 million classified as long term
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