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The robust growth in automotive end market electronics is rooted in consumer demand for safer and more functional vehicles. Consequently, the need for highly reliable electronic assemblies, capable of meeting the tightest industry standards, has never been greater. Kimball Electronics, long a leader in the automotive market, remains committed to advancing creative EMS solutions to accommodate ever-evolving technologies and consumer preferences. As a pioneer in producing braking and steering electronics, Kimball Electronics has acquired unique market experience and knowledge, positioning it as a premiere EMS player for the exacting demands of Advanced Driver Assistance Systems.

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Our automotive group has continuously delivered on time and on quality to our global Tier 1 customers for over 25 years. We are certified to IATF 16949 requirements and work to manage our supply chain to offer the best value to our customers over the course of the product lifecycle.

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The Automotive-dedicated team will provide you with a single point of contact over the course of our partnership to ensure the ease of communication necessary to be flexible with market changes, from NPI to Aftermarket Support.

In every project, our goal is to support our customers' needs with the right mix of services, facility build site options, and technical expertise.

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  • Stability Control ECUs
  • Video Camera Systems
  • Electronic Power Steering
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  • Telematics
  • Infotainment Systems
  • Electronics Vehicle Systems
  • Electronic Drive Controls

Our global footprint, core competencies, Industry 4.0 experience, and core values ensure lasting relationships and global success.

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We are focused, aligned, disciplined, and committed to providing our customers with the highest-reliability and highest-quality in automotive electronics manufacturing. Since 1985, we have been committed to advancing creative EMS solutions to accommodate ever-evolving technologies and consumer preferences rooted in the demand for safer and more functional vehicles in the automotive industry. 

Insights

Kimball Electronics, Inc. Reports First Quarter Fiscal Year 2020 Results

Nov 5, 2019, 00:00 by Nicole Krempp
JASPER, Ind., Nov. 05, 2019 (GLOBE NEWSWIRE) -- Kimball Electronics, Inc. (NASDAQ: KE) today announced financial results for its first quarter ended September 30, 2019.

 

Nov 05, 2019

 
 

First quarter net sales were  $313 million, up 18% year-over-year
Operating income, as a percent of net sales, increased 90 basis points from the prior year first quarter
Strong cash flow provided by operations of  $39.6 million during the quarter
Returned  $3.5 million to Share Owners in stock repurchases during the quarter
 

JASPER, Ind.,  Nov. 05, 2019 (GLOBE NEWSWIRE) --  Kimball Electronics, Inc. (NASDAQ: KE) today announced financial results for its first quarter ended September 30, 2019.

 

10.5.2019 (1)

Donald D. Charron, Chairman and Chief Executive Officer, stated, “We delivered excellent growth results in the first quarter of fiscal year 2020 despite a general softening in the overall market.  We achieved double-digit growth in three of our four end market verticals when compared to the same period last year, including a new quarterly record for net sales in our Medical end market vertical.”

Mr. Charron continued, “We are extremely pleased with the progress we made in expanding our operating margin in the first quarter when comparing both year-over-year and sequentially from the fourth quarter of fiscal year 2019.  As new programs ramp up to projected run rates and we continue to drive improvements in the GES operations, we expect to realize additional leverage from our sales growth.”

First Quarter Fiscal Year 2020 Overview:

  • Consolidated net sales increased 18% compared to the first quarter of fiscal year 2019.  The GES acquisition added 2% to net sales for the quarter while unfavorable foreign currency movements adversely impacted consolidated net sales by approximately 2% compared to the same quarter a year ago.
  • Operating activities provided cash of  $39.6 million during the quarter, which compares to cash used by operating activities of  $10.0 million in the first quarter of fiscal year 2019.
  • Cash conversion days (“CCD”) for the quarter ended September 30, 2019 were 73 days, which declined sequentially from 77 days in the fourth quarter of fiscal year 2019 from improvement in days sales outstanding as a result of increased utilization of accounts receivable factoring arrangements.  CCD is calculated as the sum of days sales outstanding plus contract asset days plus production days supply on hand less accounts payable days.
  • Investments in capital expenditures were  $11.7 million during the quarter.
  • $3.5 million was returned to Share Owners during the quarter in the form of common stock repurchases.
  • Cash and cash equivalents were  $55.4 million and borrowings outstanding on credit facilities were  $109.6 million at September 30, 2019, including  $91.5 million classified as long-term.
  • Return on invested capital (“ROIC”), calculated for the trailing twelve months, was 9.0% and 9.3% for the twelve months ended September 30, 2019 and 2018, respectively (see reconciliation of non-GAAP financial measures for ROIC calculation).

 


 

Net Sales by Vertical Market:

10.5.2019 (2)

Onward Looking Statements
Certain statements contained within this release are considered forward-looking under the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties including, but not limited to, successful integration of acquisitions, ramp up of new operations, global economic conditions, geopolitical environment, significant volume reductions from key contract customers, loss of key customers or suppliers, financial stability of key customers and suppliers, availability or cost of raw materials, impact related to tariffs and other trade barriers, and increased competitive pricing pressures.  Additional cautionary statements regarding other risk factors that could have an effect on the future performance of the Company are contained in its Annual Report on Form 10-K for the year ended  June 30, 2019.

This press release contains non-GAAP financial measures.  A non-GAAP financial measure is a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”) in  the United States in the statement of income, statement of comprehensive income, balance sheet, statement of cash flows, or statement of share owners’ equity of the Company.  The non-GAAP financial measures contained herein include adjusted operating income, adjusted net income, and ROIC.  These measures include adjustments for the three months ended September 30, 2018 for proceeds from a class action lawsuit settlement.  Reconciliations of the reported GAAP numbers to these non-GAAP financial measures are included in the financial highlights table below.  Management believes it is useful for investors to understand how its core operations performed without the effect of the proceeds from the lawsuit settlement.  Excluding this amount allows investors to meaningfully trend, analyze, and benchmark the performance of the Company’s core operations.

 

 

Conference Call / Webcast
   
Date: November 6, 2019
Time: 10:00 AM Eastern Time
Dial-In #: 800-992-4934 (International Calls - 937-502-2251)
Conference ID: 1836429
   
The live webcast of the conference call can be accessed at investors.kimballelectronics.com.  For those unable to participate in the live webcast, the call will be archived at investors.kimballelectronics.com.

About  Kimball Electronics, Inc.
Kimball Electronics is a multifaceted manufacturing solutions provider of electronics and diversified contract manufacturing services to customers around the world.  From our operations in  the United States,  China,  India,  Japan,  Mexico,  Poland,  Romania,  Thailand, and  Vietnam, our teams are proud to provide manufacturing services for a variety of industries.  Recognized for a reputation of excellence, we are committed to a high-performance culture that values personal and organizational commitment to quality, reliability, value, speed, and ethical behavior.   Kimball Electronics, Inc. (NASDAQ: KE) is headquartered in  Jasper, Indiana.

To learn more about  Kimball Electronics, visit: www.kimballelectronics.com

 

Lasting relationships. Global success.

 

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