SPOKANE VALLEY, WA – Keytronic announced total revenue of $588.1 million for its 2023 fiscal year, a company record and an increase of 11% from the $531.8 million in revenue for fiscal year 2022.

For the fourth quarter, the company's revenue of $162.6 million was up 29% from $126.2 million in the same period of fiscal year 2022.

"We’re pleased with our record annual revenue and strong earnings in fiscal 2023, driven by our successful ramp of new programs,” said Craig Gates, president and CEO. "Throughout the year, we continued to see the favorable trend of contract manufacturing returning to North America and a growing number of potential customers evaluating a migration of their China-based manufacturing to our facility in Vietnam. During the fourth quarter, we continued to expand our customer base and won new programs involving inventory control, clean energy and distribution monitoring equipment.

"We move into fiscal 2024 with a strong backlog and pipeline of potential new business, our inventory more in line with our revenue levels and continuing improvement in the global supply issues and lower labor turnover. However, we are also seeing some softening in demand from several large customers and one large customer is pausing production during the next quarter to resolve certain of their design issues. We also expect a strong Mexican Peso and relatively high interest expense to constrain our bottom line. Over the longer term, however, we’re well positioned for continued growth and increased profitability."

For the first quarter of fiscal 2024, Keytronic expects to report revenue in the range of $140 million to $150 million.