JASPER, IN – Kimball Electronics reported fiscal second quarter net sales of $307.1 million, an increase of 8% year-over-year.

For the quarter ended Dec. 31, net income was $6.6 million, down 7% compared to the same quarter the prior year. Operating income was $8.7 million, a decrease of 15%.

“We are very pleased with the solid growth results we delivered in the second quarter of fiscal year 2020, despite significant headwinds, including the impact from the strike at General Motors and continued softness in the overall market,” said chairman and CEO Donald D. Charron. “We expect softness and fluctuations in the overall demand to continue near term as our customers revise their outlook over the next few quarters. However, we remain cautiously optimistic we will achieve our goal of 8% organic growth for fiscal year 2020.

“We are also pleased with our efforts to minimize the operating margin impact of the strike at GM, and we are working diligently to respond to the volatility in demand and change in the mix of our overall business. The signing of the phase one China trade agreement and USMCA provides us with renewed optimism as we further develop our long-term business plans for those geographies.”

Cash and cash equivalents for the fiscal second quarter were $52.2 million.  

Net sales for the six months ended Dec. 31 were $620.5 million, up 12.9% year-over-year. Net income for the period was $13.2 million, an increase of 8.4%. Operating income was $19.8 million, up 14.8%.

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