Fri, Aug 23, 8:08 PM (144 days ago)
Kimball Electronics, Inc. reported a 6% decline in net sales for fiscal year 2024, totaling $1,714.5 million, down from $1,823.4 million in 2023. The decrease was attributed to reduced demand across its automotive, medical, and industrial sectors. Gross profit also fell by 10% to $140.3 million, with an operating income of $49.3 million, down 44% from the previous year. Net income plummeted 63% to $20.5 million, translating to diluted earnings per share of $0.81. The company undertook restructuring efforts, incurring $2.4 million in expenses, and recognized impairments of $5.8 million on goodwill and $17 million on other assets related to the divestiture of its automation business, completed on July 31, 2024. Liquidity remained strong, with a current ratio of 2.3 and total cash and equivalents of $78 million. Kimball's strategic focus is on enhancing its core manufacturing services while navigating economic challenges, including inflation and geopolitical uncertainties. The company also emphasized the importance of cost control and managing working capital in light of fluctuating demand.