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© kemet (illustration purposes only!) Business | August 01, 2016

Net sales at the high-end of forecasted range for Kemet

Net sales of USD 184.9 million for 1Q/2017 (ended June 30, 2016) increased 0.5 percent from net sales of USD 183.9 million for 4Q/2016 and decreased 1.4 percent from net sales of USD 187.6 million for 1Q/2015, reported Kemet.
The U.S. GAAP net loss, excluding the change in value of the NEC TOKIN option, was USD 0.2 million for the quarter ended June 30, 2016; the loss related to the change in value of the NEC TOKIN option was USD 12.0 million. This compares to a net loss of USD 15.2 million for the quarter ended March 31, 2016, which was not impacted by any changes in value of the NEC TOKIN option.

For the quarter ended June 30, 2015, the Company reported a net loss, excluding the change in value of the NEC TOKIN option, of USD 7.9 million; the loss related to the change in value of the NEC TOKIN option was USD 29.2 million.

"We reported another quarter of consistent performance, meeting our forecast, and once again improving our GAAP gross margin as well as posting an improvement in our GAAP earnings as compared to the prior quarter", stated Per Loof, KEMET's Chief Executive Officer. "This marks the fifth straight quarter of positive non-GAAP earnings throughout a period that has been volatile on the macro-economic and political front. We believe this is the direct result of our successes in stabilizing the overall business, specifically the distribution channel, and focus on continuous improvement within our operating units," continued Loof.
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