JASPER, IN -- Kimball Electronics announced fiscal first quarter revenues of $405.9 million, up 39% from a year ago.

For the period ended Sept. 30, the automotive segment was up 46%, medical rose 28%, and industrial rose 25%.

Operating income was $13.6 million, up more than 250%. Net income rose to $9.5 million from $2.56 million a year ago.

“I am pleased with our results in Q1 and the strong start to the new fiscal year," said Donald D. Charron, chairman and chief executive. "For the third consecutive quarter, net sales surged to a record-breaking level, setting another all-time high for our company, and operating margin improved compared to the same period last year. This was in line with our estimates as we ramp-up production on new and existing programs, and leverage our facility expansions in Thailand and Mexico.

"These investments, however, increased fixed costs that were not fully absorbed when comparing the operating margin rate to Q4 of fiscal 2022. New customers and product start-ups generally cause margin dilution early in the life cycle, which are recovered as the program matures. As a result, we expect sequential quarterly increases in a stair stepped fiscal 2023, and we are affirming our guidance for the full year with results expected at the high end of the range for sales and operating margin.”

The company also affirmed previous guidance for fiscal year 2023, with net sales in the range of $1.6 billion to $1.7 billion, up 19% to 26% year-over-year, and operating income in the range of 4.6% to 5.2% of net sales. Full year results are expected at the high-end of the guidance range for sales and operating margin.

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