Sales Drive Record Profit at Kimball Electronics
Jasper-based Kimball Electronics Inc. (Nasdaq: KE) says fiscal third quarter profit was higher than ever before. The manufacturer is reporting record net income of $10.8 million, compared to $8.1 million in the same period a year earlier. Chief Executive Officer Donald Charron says the company also continues to break sales records. "Very strong growth in our automotive and medical end market verticals helped us set a new quarterly sales record for the ninth consecutive quarter," he said. "We are now on a pace to significantly exceed our long-time stated goal of $1 billion in annual sales in fiscal year 2018."
Net sales were up 22 percent to $284 million in fiscal Q3. In 2014, the company spun off from Kimball International Inc. (Nasdaq: KBAL). It now has a presence in the United States, China, Mexico, Poland, Romania and Thailand.
In Kimball Electronics’ quarterly earnings report, Charron added "we are pleased to have set new quarterly records for net income and diluted EPS in the third quarter of fiscal year 2018. The fourth quarter of fiscal year 2018 is a pivotal quarter for our margin expansion efforts as we continue to focus on yield and throughput improvements on recently launched new programs and further progress on the ramp-up in Romania to help us achieve our goal of 4.5 percent operating income."
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