Kemet Corporation (KEM) Tops Q2 EPS by 26c, Revenues Beat

Kemet Corporation (NYSE: KEM) reported Q2 EPS of $0.87, $0.26 better than the analyst estimate of $0.61. Revenue for the quarter came in at $349.2 million versus the consensus estimate of $335.56 million.

• Net sales of $349.2 million up 15.8% versus prior year second fiscal quarter
• GAAP Diluted EPS up approximately 3X versus prior year second fiscal quarter
• GAAP EPS of $0.63 per diluted share and Non-GAAP Adjusted EPS of $0.87 per diluted share
• 11th consecutive quarter over quarter revenue growth
• GAAP Gross margin of 32.5% up 430 basis points versus same quarter prior year
• Board approves instituting a quarterly dividend to shareholders of record as of November 16, 2018

“Margin expansion continued in all three of our business segments compared to the prior quarter, with the Solid Capacitor Group leading the way. Expectations are that we will see additional margin expansion in our next quarter ending this December and continue with another consecutive quarter over quarter revenue growth. Customer agreements on ceramics products have also been signed that establish ten-year commitments related to capacity expansion that will enable the Company to continue to grow and have committed utilization well into the future,” stated Per Loof, the Company's Chief Executive Officer. “We continue to be bullish on calendar year 2019 with continued demand in the MLCC space driving volume for both MLCC's and our Tantalum Polymer business. Given our financial strength, we are pleased to reward our shareholders with an additional return on their investment by announcing a dividend program today,” continued Loof.

For earnings history and earnings-related data on Kemet Corporation (KEM) click here.

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