JASPER, IN -- Kimball Electronics said fiscal first quarter net sales totaled $438.1 million, an 8% increase compared to the first quarter of fiscal 2023.

Foreign currency had a 1% favorable impact on net sales year-over-year.

Operating income was $19.5 million, or 4.4% of net sales, up from $13.6 million, or 3.3% of net sales, in the same period last year.

Net income grew to $10.8 million, versus $9.5 million in fiscal 2023.

Cash flow from operating activities was $12.8 million, and capital expenditures were $11.3 million.

Medical was down 12% , offset by gains in automotive (13%) and industrial (21%). 

"I am very pleased with our results for the first quarter, particularly in light of the current macro environment," said Richard D. Phillips, chief executive. "Q1 was a strong start to the fiscal year with record first quarter sales and operating income, year-over-year margin expansion, and 13% growth in net income. While these results were in-line with our expectations, we have been evaluating the impact of recent short-term market disruptions, including the UAW strike, global economic conditions, and geopolitical events, and have updated our guidance for the full year of fiscal 2024 to reflect softening demand in the end market verticals we serve.

"Longer-term, we continue to be encouraged by the growth opportunities in these markets, supported by favorable industry megatrends. With a strong funnel of new business, our capital allocation strategy is focused on organic growth, which will likely include additional global expansions in the future, combined with investments in automation and efficiency."

The company ended the quarter with cash and cash equivalents of $56.6 million and borrowings outstanding on credit facilities of $296.7 million, including $235 million classified as long term, and $90.5 million of borrowing capacity available.

• Prev
• Next