Kimball Electronics, Inc. Reports Second Quarter Fiscal Year 2021 Results
- Net sales in the second quarter were $321 million, up 4% year-over-year
- Second quarter operating income was 5.0% of net sales and adjusted operating income (non-GAAP) was 5.3%
- Net income of $15.1 million and diluted EPS of $0.60 in the second quarter
- Record quarterly cash flows provided by operating activities of $51.6 million during the second quarter
JASPER, Ind. — Kimball Electronics, Inc. (Nasdaq: KE) announced financial results for the second quarter ended December 31, 2020.
|Three Months Ended||Six Months Ended|
|December 31,||December 31,|
|(Amounts in Thousands, except EPS)||2020||2019||2020||2019|
|Adjusted Operating Income (non-GAAP) (1)(2)||$||16,990||$||9,186||$||35,006||$||20,279|
|Operating Income %||5.0||%||2.8||%||5.2||%||3.2||%|
|Adjusted Operating Income (non-GAAP) %||5.3||%||3.0||%||5.4||%||3.3||%|
|Adjusted Net Income (non-GAAP) (1)||$||15,195||$||6,612||$||31,747||$||13,210|
|Adjusted Diluted EPS (non-GAAP) (1)||$||0.60||$||0.26||$||1.25||$||0.52|
(1) A reconciliation of GAAP and non-GAAP financial measures is included below.
(2) Beginning in the first quarter of fiscal year 2021, adjusted operating income excludes changes in the fair value of our supplemental employee retirement plan, or SERP, liability which are exactly offset by the revaluation to fair value of the SERP investments in Other Income (Expense), net, and as a result have no impact on net income. Prior reported periods have been revised accordingly.
Donald D. Charron, Chairman and Chief Executive Officer, stated, “We are very pleased with our operating results for the second quarter of fiscal year 2021. Our team remains resilient, and I am so proud of our collective response to the adversity that we have faced during this pandemic. We again exceeded our goal of 4.5% operating income and continued to deliver excellent cash flow from operations.”
Mr. Charron continued, “Our strong results were primarily driven by improved operating execution, favorable product mix, and a weaker dollar. Looking ahead, we expect that our performance should approximate our long-stated goal of 4.5% operating income. The persistence of the pandemic continues to draw our attention, and it’s difficult to predict what we will face in the future. However, we are confident that our business will remain strong, and we are optimistic about our new business opportunities funnel. We remain committed to our goal of 8% organic growth and believe the goal is well within our reach for fiscal year 2021.”