Ad
Ad
Ad
© cacaroot dreamstime.com Electronics Production | May 06, 2016

Kimball's Q3 net sales increased 4%

EMS provider Kimball Electronics recorded an increase in net sales as well as net income during the company's third quarter of fiscal year 2016.
Net Sales in the third quarter of 2016 amounted to USD 214.1 million, up from USD 206.5 million in the same quarter the previous year.

Operating Income decreased to USD 7.078 million in the third quarter of 2016, from USD 10.821 million in the same period last year.

Net Income in the third quarter of 2016 amounted to USD 7.477 million, up from last years third quarter net income of USD 7.191 million.

Donald D. Charron, Chairman and Chief Executive Officer, stated, “We continued to see firmer demand throughout our fiscal third quarter as three of our four end market verticals were up sequentially over the second quarter. Automotive was particularly strong led by double-digit year over year growth in China and stronger demand in Europe. Sales in our medical vertical were up 10% year over year as we successfully completed the launch of a critical next generation product for one of our largest customers. We continue to make good progress on the launches of a number of new business awards with both existing and new customers, and we are still expecting sales from these launches this fiscal year. Our new business opportunities pipeline remains healthy, and we continue to work diligently to achieve our medium range goal of USD 1 billion in annual net sales by fiscal year 2018.”

Mr. Charron continued, “As we have stated previously, over the last few quarters, and continuing in this quarter, our operating margin is under pressure due to incremental costs related to the Romania greenfield start-up and capital deployments for new customer programs in advance of revenue. Margin improvement through cost control and productivity improvements continues to be a high focus area for us as we remain committed to our 4% operating income goal.”

Comments

Please note the following: Critical comments are allowed and even encouraged. Discussions are welcome. Verbal abuse, insults and racist / homophobic remarks are not. Such comments will be removed.
Further details can be found here.
Ad
Ad
Load more news