Kimball Electronics Reports Strong Q4 and Fiscal Year 2021 Results
JASPER, Ind.– Kimball Electronics, Inc. (Nasdaq: KE) announced financial results for its fourth quarter and fiscal year ended June 30, 2021.
Q4 Highlights: Net sales in the fourth quarter totaling $329 million, up 15% year-over-year; Fourth quarter operating income of 5.2% of net sales, adjusted non-GAAP of 5.5%, a 170 bps increase over adjusted nonGAAP Q4 last year
Net income of $14.4 million in the fourth quarter, or $0.57 per diluted share, compared to net loss of $1.3 million, or ($0.05) per share, in Q4 last year
Fourth quarter adjusted non-GAAP net income of $14.7 million, or $0.58 per diluted share, compared to adjusted nonGAAP Q4 fiscal year 2020 net income of $8.5 million, or $0.34 per diluted share
Strong cash flow from operating activities of $26.3 million during the fourth quarter, our fifth consecutive quarter exceeding $20 million
“Fiscal 2021 was a record year for our company with many financial metrics including net sales, margin rates, earnings, cash flow from operating activities, and return on invested
capital reaching all-time highs. Our team has demonstrated remarkable resilience throughout these unprecedented times,” said Jana T. Croom Vice President, Chief Financial Officer
Fiscal Year 2021: Net sales increased 8% in fiscal year 2021, with strength in the Automotive and Industrial vertical markets. Foreign currency had a favorable 3% impact on net sales compared to fiscal year 2020. Operating income of 5.1% of net sales. Adjusted non-GAAP operating income of 5.2% of net sales, a 180 bps improvement over fiscal year 2020.
“We are well positioned to carry the momentum from 2021 into fiscal year 2022. As a result of the ongoing semiconductor shortage, a portion of our shippable backlog continues to shift out ahead of us which will likely result in two very different halves for us in the fiscal year. Our full year guidance contemplates this as we expect material supply to steadily catch up with
customer demand throughout the first half of fiscal year 2022, thus enabling us to ship the majority of the surplus backlog in the second half of fiscal year 2022. We expect that catching up on the backlog combined with strong organic growth from new and existing programs will provide significant year-over-year growth for us in fiscal year 2022,” said Donald D. Charron
Chairman and Chief Executive Officer