Kimball reports growth across the board for 1Q20

Net sales for the 1Q20 amounted to USD 313.38 million, up quite a bit – more specifically 18% – from USD 265.62 million for the same quarter last year. Operating income ended up at USD 11.11 million during 1Q20, up from USD 7.0 million. First quarter net income also saw an increase when compared to the corresponding period last year and amounted to USD 6.59 million, up from USD 4.99 million. “We delivered excellent growth results in the first quarter of fiscal year 2020 despite a general softening in the overall market. We achieved double-digit growth in three of our four end market verticals when compared to the same period last year, including a new quarterly record for net sales in our Medical end market vertical,” says Donald D. Charron, Chairman and CEO of Kimball Electronics, in the press release. “We are extremely pleased with the progress we made in expanding our operating margin in the first quarter when comparing both year-over-year and sequentially from the fourth quarter of fiscal year 2019,” Charron continues.