Kemet Corporation (KEM) Tops Q3 EPS by 13c, Revenues Miss

Kemet Corporation (NYSE: KEM) reported Q3 EPS of $1.07, $0.13 better than the analyst estimate of $0.94. Revenue for the quarter came in at $350.2 million versus the consensus estimate of $354.33 million.

• Net sales of $350.2 million up 14.2% versus prior year third fiscal quarter
• GAAP Diluted EPS up more than 100% versus prior year third fiscal quarter
• GAAP EPS of $0.69 per diluted share and Non-GAAP Adjusted EPS of $1.07 per diluted share
• GAAP Gross margin of 35.3% up 520 basis points versus prior year third quarter

“We are pleased with the strong operational performance in our third quarter with gross margins increasing to 35.3%, primarily due to a significant improvement in the Solid Capacitor segment. Looking forward we see continued strength in our Ceramic products, along with further improvement driven by our capital investments. The recently announced ten-year customer financed capacity agreements totaling $66 million to date and resulting new KEMET capacity will further enhance this growth,” stated William Lowe, the Company's Chief Executive Officer. “We expect these positive trends to continue along with growth in several of our key markets, which should offset some of the recent weakness in certain consumer markets and in Asia,” continued Mr. Lowe.

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

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