Kimball Electronics reports fourth quarter results; exceeds billion dollars in annual sales

ByFree Press Staff Reading Time: 1 minute

Kimball Electronics, Inc. announced financial results for its fourth quarter and fiscal year ended June 30, 2018.

Donald D. Charron , chairman and CEO, stated, “Very strong growth in our automotive and medical end market verticals helped us achieve double-digit year-over-year growth for the fourth consecutive quarter and exceed our long-time stated goal of $1 billion in annual sales in fiscal year 2018,” Donald D. Charron , chairman and CEO, stated.

  • Fourth quarter net sales were $277 million, up 15 percent from the prior year fourth quarter
  • Operating income percent improved to 4.1 percent for the quarter from 3.5 percent in the prior year quarter
  • Strong cash flow provided by operations of $19.3 million for the quarter
  • Returned $3.1 million to Share Owners in stock repurchases during the quarter

“We are pleased to have improved our operating income margin by 60 basis points from the prior year quarter and 20 basis points sequentially when compared to the third quarter,” Charron continued. “Partially offsetting the improved operating performance in the fourth quarter were expenses directly associated with our pending acquisition of GES, which we believe is still on track to close in this first quarter of fiscal year 2019.  The much-anticipated progress in Romania came through in the fourth quarter helping to drive the improved overall performance, and we look forward to their continued growth and positive contributions in fiscal year 2019.  We remain focused on achieving our mid-range goal of 4.5% operating income.”

 

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