Southern Indiana Business Report
JASPER — Kimball Electronics Inc. (Nasdaq: KE) announced record revenue for the third quarter ending March 31 on Thursday.
Net sales in the third quarter of fiscal 2023 totaled $484.7 million, an all-time quarterly high and up 32% year-over-year; foreign currency had a 2% unfavorable impact on net sales compared to the third quarter of fiscal 2022.
Richard D. Phillips, Chief Executive Officer, said, “I am very pleased with my first quarter as CEO of Kimball Electronics, and the opportunity to share strong results for Q3. The Company has been on a path of unprecedented growth, and for the fifth consecutive quarter, revenue reached an all-time record high. Throughout this journey, operating margin has improved as we ramp-up new and existing programs, and leverage our recent facility expansions in Thailand and Mexico. While the macro environment remains challenging, we are forecasting a solid finish in the fourth quarter, and we are updating our outlook for fiscal year 2023, with sales expected at the high-end and adjusted operating margin in the mid-to-low end of our guidance range.”
Phillips stepped into the CEO role at Kimball following the retirement of Donald D. Charron, who served as CEO more than 20 years.
“We also have been updating our Strategic Plan, which includes a review of the positioning, and growth opportunities, within the vertical markets we support,” Phillips said. “The learnings from this review are encouraging and the path to $2 billion in annual revenue is within our sights. After a fast-paced onboarding, I’m even more excited about our future.”
Kimball’s guidance for fiscal year 2023 includes net sales in the range of $1.7 – $1.8 billion, a 26% – 33% increase compared to the prior year; adjusted operating income in the range of 4.6% – 5.2% of net sales; and capital expenditures of $80 – $100 million.
About Kimball Electronics, Inc.
Kimball Electronics is a multifaceted manufacturing solutions provider of electronics and diversified contract manufacturing services to customers around the world.