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Kimball Electronics Reports Q1 Earnings and Confirms Guidance for Fiscal Year 2025,, Closes Tampa Facility
November 7, 2024 | Kimball ElectronicsEstimated reading time: 1 minute
Kimball Electronics, Inc. announced financial results for the first quarter ended September 30, 2024.
Commenting on today’s announcement, Richard D. Phillips, Chief Executive Officer, stated, “Q1 represents another chapter of ‘controlling what we can control’ while navigating the challenging operating environment stemming from sustained end market weakness. Our results for the quarter were in line with expectations, considering the difficult comparisons from a record-setting Q1 last year. We continue to adjust costs, improve working capital management, and generate positive cash flow used to pay down debt. We made meaningful progress in the quarter with debt levels at a 2-year low, a result of the cash generated from operating activities and the proceeds from the disposition of the Automation, Test, and Measurement business, with its divestiture closing in July.”
Phillips continued, “As part of sharpening our strategic focus, we’re also announcing a plan to leverage the capacity in our global footprint and further streamline the operating structure. Production activities on existing customer programs will be transferred out of Tampa, with the majority of the work going to the newly expanded facility in Mexico and Jasper. Operations in Tampa are expected to cease by the end of the fiscal year, and we anticipate the facility closing in Q1 of fiscal 2026. We are grateful to the employees in Tampa and their accomplishments while part of Kimball, including supplying ventilators to those in need during the pandemic. This decision is based on the preferences of our customers, our outlook for US manufacturing, and an objective to improve the Company’s competitive positioning in the market, strengthen the balance sheet, increase liquidity, and improve financial flexibility. We are confirming our guidance for the full fiscal year and look forward to the future.”
The Company ended the first quarter of fiscal 2025 with cash and cash equivalents of $76.6 million and borrowings outstanding on credit facilities of $245.9 million, including $200.0 million classified as long term. As of September 30, 2024, the Company had $186.8 million of borrowing capacity available. Cash generated from operating activities in the first quarter totaled $45.5 million and capital expenditures were $13.5 million, and the Company invested $2.9 million to repurchase 160,000 shares of common stock.
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10/07/2025 | Firefly AerospaceFirefly Aerospace, a market leading space and defense technology company, has entered into a definitive agreement to acquire SciTec, Inc., a leader in advanced national security technologies, for approximately $855 million through a combination of $300 million in cash and $555 million in Firefly shares issued to SciTec owners at a price of $50 per share.
High-Tech Hill Technology Park Opens: Four New Factories Launched
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U.S. Manufacturing Jobs Decline Amid Tariffs and Immigration Crackdown
09/17/2025 | I-Connect007 Editorial TeamManufacturers in the U.S. are cutting jobs even as President Donald Trump pushes policies he says will revitalize the industry. Employers shed 12,000 manufacturing jobs in August, while payrolls in the sector have fallen by 42,000 since April, according to a new analysis from the Center for American Progress (CAP) based on government labor data.
Defense Speak Interpreted: If CHIPS Cuts Back, What Happens to Electronics Packaging Funds?
09/02/2025 | Dennis Fritz -- Column: Defense Speak InterpretedIn my May column, I examined the topic of the CHIPS Act and its current status as a U.S. government program. I found that CHIPS activities continue, but some corporations have delayed or canceled them because of budget cuts or corporation-specific problems. However, CHIPS integrated circuits—mostly administered by the Department of Commerce—don’t fully drive the electronics interconnection activity being funded by the government. Let’s cover the progress/status of other programs:
Ecolab to Acquire Ovivo’s Electronics Ultra-Pure Water Business
08/15/2025 | EcolabEcolab Inc. has entered into a definitive agreement to acquire Ovivo’s Electronics business, a leading and fast-growing global provider of breakthrough ultra-pure water technologies for semiconductor manufacturing.