SPOKANE VALLEY, WA – Keytronic announced revenue of $147.7 million for the first quarter of its fiscal year, in line with its expectations for the quarter.

For the second quarter, the company expects to report revenue in the range of $135 million to $145 million.

Keytronic also reduced its workforce by over 100 employees in Mexico and the US, which it said reflects softening demand for a number of different programs and is expected to save more than $5 million annually. The company said it expects increased demand for many of its Mexico-based customers towards the second half of fiscal year 2024, but it now anticipates production for the previously announced program with a leading power equipment company to resume materially in fiscal 2025 rather than 2024, with a redesigned product.