Kimball Electronics Hits Profit Loss, Record Sales
Jasper-based Kimball Electronics Inc. (Nasdaq: KE) is reporting a fiscal second quarter net loss of $8.3 million, compared to net income of $7.8 million during the same period last year. Despite the drop, the company hit its eighth consecutive quarterly net sales record of $258 million.
Chief Executive Officer Donald Darron says the sales numbers are due largely to double-digit growth in the company's automotive and medical end market verticals. He says the company is on pace to exceed its goal of $1 billion in annual sales for the fiscal year.
"We are pleased to see our margins improve sequentially from the first quarter of this fiscal year, and 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 make sequential, incremental improvement and achieve our new goal of 4.5% operating income," Darron added.
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