10-Q - KEY TRONIC CORP (0000719733) (Filer)

Tue, May 14, 5:02 PM (310 days ago)

Key Tronic Corporation's Q3 FY2024 financial report shows a decline in performance compared to the same period last year. Revenue decreased by 14.6% to $140.5 million, primarily due to severe winter weather impacting production and softer demand from Mexico-based programs. Gross profit margins dropped to 5.8% from 8.7%, with an operating loss of $0.6 million compared to an operating income of $5.1 million in Q3 FY2023. Net loss was $2.2 million, or $0.21 per share, compared to a net income of $2.0 million, or $0.18 per share, the previous year. The company’s liquidity remains a concern, but management anticipates sufficient cash flow from operations and available credit to meet short-term needs. Key Tronic is also restructuring its Juarez facility to focus on higher volume manufacturing in response to increasing costs in Mexico. Future performance may be impacted by ongoing geopolitical tensions, supply chain issues, and economic uncertainties.