SPOKANE VALLEY, WA -- Key Tronic announced revenues for the period ended Apr. 1 fell 4.1% year-over-year to $113.6 million. 

Net income for the fiscal third quarter was $1 million, versus $1.8 million last year.

For the fiscal third quarter, gross margin was 8% and operating margin was 1.6%, compared to 8.4% and 2.3%, respectively, in the same period of fiscal 2016.

“During the third quarter of fiscal 2017, our new programs continued to ramp, despite a slowdown in demand from a few longstanding customers, which has also impacted our margins,” said Craig Gates, president and chief executive. “At the same time, we continued to ramp significant new business from other EMS competitors that we expect will set up revenue growth in fiscal 2018.”

Key Tronic guided for fiscal fourth quarter revenue of $112 million to $117 million.

“We recently won two new programs involving electronic scheduling devices and pool controllers. Moving into the fourth quarter, we continue to see a strong pipeline of potential new business and our new programs continue to ramp, offsetting softening demand for a few current programs. At the same time, we continue to invest in expanding our SMT, sheet metal and plastic molding capabilities in preparation for future growth,” Gates said.

• Prev
• Next