Kimball Electronics (KE) Tops Q2 EPS by 26c, Revenues Beat

Kimball Electronics (NASDAQ: KE) reported Q2 EPS of $0.60, $0.26 better than the analyst estimate of $0.34. Revenue for the quarter came in at $321 million versus the consensus estimate of $308 million.

• 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.”

Mr. 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.”

For earnings history and earnings-related data on Kimball Electronics (KE) click here.

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