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KE Nasdaq· Kimball Electronics Inc.
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KE Nasdaq· Kimball Electronics Inc.
Earnings report Q4 2023

KE's Revenue Declines in the Latest Quarter

Segments of revenue

In the latest quarter, KE reported a decrease in net sales across all vertical markets. The automotive segment experienced a 2% decline, with net sales totaling $200.2 million. The medical segment saw a larger decrease of 14%, with net sales amounting to $108.1 million. The industrial segment, on the other hand, showed a 7% increase in net sales, reaching $112.9 million. Overall, the company's total net sales for the quarter amounted to $421.2 million, representing a 4% decline compared to the same quarter in the previous fiscal year.

Strengths

Despite the decline in net sales, KE's year-to-date performance showed a 2% increase compared to the same period in the previous fiscal year. This growth can be attributed to overall demand increase, the continued ramp up of certain programs, and improved component availability. Additionally, the company's industrial segment demonstrated strength with a 7% increase in net sales, indicating potential growth opportunities in that market.

Challenges

KE faced challenges in the latest quarter, particularly in the automotive and medical segments. The automotive segment experienced a 2% decline in net sales, possibly due to market factors or decreased demand. The medical segment saw a larger decline of 14%, which may be attributed to various factors such as changes in customer demand or competitive pressures. These challenges impacted the company's overall revenue performance.

Noteworthy

It is worth noting that KE's consolidated net sales for the year-to-date period of fiscal year 2024 increased by 2% compared to the same period in the previous fiscal year. The impact from foreign currency fluctuations on net sales was favorable, contributing 1% to the current quarter and year-to-date period. This indicates that KE's performance is influenced by global economic factors.

Summary

KE's latest quarter showed a decline in net sales across all vertical markets, with the automotive and medical segments experiencing the most significant decreases. However, the company's year-to-date performance demonstrated a 2% increase in net sales, driven by factors such as overall demand increase, program ramp-up, and improved component availability. KE's industrial segment showed strength with a 7% increase in net sales. Despite these strengths, challenges in the automotive and medical segments impacted the company's overall revenue performance. The impact of foreign currency fluctuations on net sales was favorable. Overall, KE's revenue performance in the latest quarter reflects a mixed performance across different segments and markets.

Source documents

Form 10-Q  filed on Feb 06, 2024
57 pages scanned

Reference data

Company financials Q4 revenue 421M
Analyst estimates Q4 EPS missed by -22.54%
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