JASPER, Ind.–(BUSINESS WIRE)– Kimball Electronics, Inc. (KE), headquartered in Jasper, Indiana, has announced financial results for the fourth quarter and fiscal year ended June 30, 2022. Kimball Electronics is a global manufacturing solutions provider of contract electronics and diversified manufacturing services, including engineering and supply chain support, to customers in the automotive, medical, industrial, and public safety markets.
Donald D. Charron, Chairman and Chief Executive Officer, stated, “For the second consecutive quarter, net sales reached an all-time high for the company, and operating income margin exceeded 5%. These results were in-line with the guidance we provided in May, and required the highest levels of partnership across the value chain, including our global organization, our customers, the OEMs, and our suppliers.”
Mr. Charron continued, “In total, fiscal 2022 was very much the bifurcated year we expected, with a strong second half driving annual revenue to record levels. The world continues to experience unprecedented events and circumstances, and the lockdowns associated with China’s zero-tolerance policy on COVID-19 have been a reminder of how unpredictable the current environment can be.
“With a backlog of open orders exceeding $1 billion, our guidance reflects the strength continuing with double-digit sales increases and improving margin rates in fiscal year 2023. We will experience a quarterly step up in performance due to new and existing programs ramping up volumes, steadily improving leverage of our completed facility expansions, and continued easing of global supply chain constraints.”
Fiscal Year 2022 Overview:
- Net sales for fiscal year 2022 totaled $1,349.5 million, an all-time annual high and up 4% year-over-year, and foreign currency had a 1% unfavorable impact on net sales compared to fiscal year 2021
- Cash flow used for operating activities of $83.2 million, primarily driven by an increase in inventory
- Capital expenditures were $75 million, supporting facility expansions in Thailand, Mexico, and Poland
- Returned $9.1 million to Share Owners in the form of common stock repurchases
- Return on invested capital of 7.2%; ROIC is a non-GAAP financial measure, see reconciliation of non-GAAP financial measures
About Kimball Electronics, Inc.
Kimball Electronics is a multifaceted manufacturing solutions provider of electronics and diversified contract manufacturing services to customers around the world. From our operations in the United States, China, India, Japan, Mexico, Poland, Romania, Thailand, and Vietnam, our teams are proud to provide manufacturing services for a variety of industries. Recognized for a reputation of excellence, we are committed to a high-performance culture that values personal and organizational commitment to quality, reliability, value, speed, and ethical behavior. Kimball Electronics, Inc. is headquartered in Jasper, Indiana.
To learn more about Kimball Electronics, visit: www.kimballelectronics.com.