SPOKANE VALLEY, WA -- Key Tronic reported fiscal third quarter revenue of $118.4 million, up 5% from a year ago.

The electronics manufacturing services company said net income was $1.8 million, down from $1.9 million last year.

Gross margin for the period ended Apr. 2 was 8.4% and operating margin was 2.3%, up from 7.8% and 2.1%, respectively, in the prior quarter.

“We’re pleased to see revenue growth and improvement in operating efficiencies, as our new programs continue to ramp and we continue to invest in improving our operations to accommodate a more diversified customer base,” said Craig Gates, president and chief executive. “At the same time, we continue to see a robust pipeline of potential new business and our third quarter wins include a new program involving industrial lighting.

“In the fourth quarter of fiscal year 2016, we expect the ramp of new programs will continue to outpace the previously discussed decline of a longstanding customer. While we continue to onboard several new customers and programs, we anticipate that we will see gradually improving operating efficiencies in coming periods.”

For the fiscal fourth quarter, the company expects to report revenue in the range of $117 million to $122 million.

• Prev
• Next