Knowles Reports Q4 & Full Year 2020 Financial Results and Provides Outlook for Q1 2021

Rhea-AI Summary

Knowles Corporation (NYSE: KN) reported strong financial results for Q4 FY20, exceeding guidance with revenues of $243.2 million and diluted EPS of $0.32. This performance was driven by heightened demand for MEMS microphones and signs of recovery in the Hearing Health sector. Gross profit margins improved to 37.8%, reflecting solid operational execution. The company expects continued growth in 2021, supported by favorable market trends.

Positive

• Q4 FY20 revenues of $243.2 million, surpassing guidance.
• Diluted EPS increased to $0.32, up from $0.22 in Q4 FY19.
• Gross profit margin improved to 37.8%, indicating enhanced operational efficiency.
• Strong demand for MEMS microphones and recovery in Hearing Health business.

Negative

• Precision Device revenues impacted by COVID-19 affecting medtech and defense sectors.

Knowles Corporation (NYSE: KN), a market leader and global provider of advanced micro-acoustic, audio processing, and precision device solutions, today announced results for the quarter and year ended December 31, 2020.

“Fourth quarter revenue and EPS were well above the high end of our guidance, primarily driven by stronger-than-expected MEMS microphone demand in multiple end markets and improving trends in our Hearing Health business. Precision Device revenues were in line with our expectations as shipments into medtech and defense markets continue to be impacted by COVID-19,” said Jeffrey Niew, president and CEO of Knowles.

“We were able to deliver strong second half financial results through a combination of improving Audio demand and solid operational execution across the Company. I believe we are well positioned to deliver strong growth in revenue and earnings in 2021,” continued Niew.

Financial Highlights

The following table highlights the Company’s financial performance on both a GAAP and supplemental non-GAAP basis for continuing operations (in millions, except per share data):

	Q4FY20	Q3FY20	Q4FY19
Revenues	$243.2	$205.8	$233.9
Gross profit (as a % of revenues)	$92.0 37.8%	$75.2 36.5%	$89.6 38.3%
Non-GAAP gross profit (as a % of revenues)	$92.5 38.0%	$75.6 36.7%	$90.9 38.9%
Diluted earnings per share*	$0.32	$0.06	$0.22
Non-GAAP diluted earnings per share**	$0.41	$0.24	$0.35

* Current period results include $4.9 million in stock-based compensation and $3.2 million in intangibles amortization expense.

** Q4 ’20 non-GAAP diluted EPS includes a $0.03 benefit related to recently enacted tax legislation.

First Quarter 2021 Outlook

The forward looking guidance for the quarter ending March 31, 2021 on a continuing operations basis is as follows:

		GAAP		Adjustments		Non-GAAP
Revenues		$190 to $210 million		-		$190 to $210 million
Gross Profit Margin		36.5% to 38.5%		0.5%		37% to 39%
EPS		$0.15 to $0.19		$0.08		$0.23 to $0.27

Q1 2021 GAAP results are expected to include approximately $0.05 per share in stock-based compensation and $0.03 per share in amortization of intangibles and debt discount.

Non-GAAP Financial Measures

In addition to the GAAP results included in this press release, Knowles has presented supplemental non-GAAP gross profit, earnings before interest and income taxes, adjusted earnings before interest and income taxes, non-GAAP diluted earnings per share, as well as other metrics on a non-GAAP basis that exclude certain amounts that are included in the most directly comparable GAAP measure to facilitate evaluation of Knowles’ operating performance. Non-GAAP results are not presented in accordance with GAAP. Non-GAAP information should be considered a supplement to, and not a substitute for, financial statements prepared in accordance with GAAP. In addition, the non-GAAP financial measures included in this press release do not have standard meanings and may vary from similarly titled non-GAAP financial measures used by other companies. Knowles believes that non-GAAP measures are useful as supplements to its GAAP results of operations to evaluate certain aspects of its operations and financial performance, and its management team primarily focuses on non-GAAP items in evaluating Knowles’ performance for business planning purposes. Knowles also believes that these measures assist it with comparing its performance between various reporting periods on a consistent basis, as these measures remove from operating results the impact of items that, in Knowles’ opinion, do not reflect its core operating performance including, for example, stock-based compensation, certain intangibles amortization expense, impairment charges, restructuring, production transfer costs, and other charges which management considers to be outside our core operating results. Knowles believes that its presentation of these non-GAAP financial measures is useful because it provides investors and securities analysts with the same information that Knowles uses internally for purposes of assessing its core operating performance. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, see the reconciliation table accompanying this release.

Webcast and Conference Call Information

Investors can listen to a live or replay webcast of the Company’s quarterly financial conference call at http://investor.knowles.com. The live webcast will begin today at 3:30 p.m. Central time. The webcast replay will be available after 7:00 p.m. Central time today.

Investors can also listen to the conference call at 3:30 p.m. Central time today by calling (844) 589-0917 (United States) or (647) 253-8649 (International). The conference call replay will be available after 7:00 p.m. Central time today through 11:59 p.m. Central time on February 11, 2021 at (800) 585-8367 (United States) or (416) 621-4642 (International). The conference ID is 6778685.

About Knowles

Knowles Corporation (NYSE: KN) is a market leader and global provider of advanced micro-acoustic, audio processing, and precision device solutions, serving the consumer electronics, communications, medtech, defense, electric vehicle, and industrial markets. Knowles uses its leading position in MEMS (micro-electro-mechanical systems) microphones and strong capabilities in audio processing technologies to optimize audio systems and improve the user experience in mobile, ear, and IoT applications. Knowles is also the leader in acoustic components, high-end capacitors, and mmWave RF solutions for a diverse set of markets. Knowles’ focus on the customer, combined with unique technology, proprietary manufacturing techniques, rigorous testing, and global scale, enables it to deliver innovative solutions that optimize the user experience. Founded in 1946 and headquartered in Itasca, Illinois, Knowles is a global organization with employees in over a dozen countries. The company continues to invest in high value solutions to diversify its revenue and increase exposure to high growth markets. For more information, visit knowles.com.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, such as statements about our future plans, objectives, expectations, financial performance, and continued business operations. The words “believe,” “expect,” “anticipate,” “project,” “estimate,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “objective,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target,” and similar expressions, among others, generally identify forward-looking statements, which speak only as of the date the statements were made. The statements in this news release are based on currently available information and the current expectations, forecasts, and assumptions of Knowles’ management concerning risks and uncertainties that could cause actual outcomes or results to differ materially from those outcomes or results that are projected, anticipated, or implied in these statements, including risks relating to the COVID-19 pandemic and governmental responses to it, including but not limited to, the impact on our supply chain, customer demand, and costs associated with our operations. Other risks and uncertainties include, but are not limited to: unforeseen changes in MEMS microphone demand from our largest customers, in particular, two North American, a Korean, and Chinese OEM customers; our ongoing ability to execute our strategy to diversify our end markets and customers; our ability to stem or overcome price erosion in our segments; fluctuations in our stock's market price; fluctuations in operating results and cash flows; our ability to prevent or identify quality issues in our products or to promptly remedy any such issues that are identified; the timing of OEM product launches; risks associated with increasing our inventories in advance of anticipated orders by customers; global economic instability; the impact of changes to laws and regulations that affect the Company’s ability to offer products or services to customers in different regions; risks associated with shareholder activism, including proxy contests; our ability to achieve continued reductions in our operating expenses; the ability to qualify our products and facilities with customers; our ability to obtain, enforce, defend or monetize our intellectual property rights; difficulties or delays in and/or the Company’s inability to realize expected cost synergies from its acquisitions; increases in the costs of critical raw materials and components; availability of raw materials and components; managing new product ramps and introductions for our customers; our dependence on a limited number of large customers; our ability to maintain and expand our existing relationships with leading OEMs in order to maintain and increase our revenue; increasing competition and new entrants in the market for our products; our ability to develop new or enhanced products or technologies in a timely manner that achieve market acceptance; our reliance on third parties to manufacture, assemble, and test our products and sub-components; escalating international trade tensions, new or increased tariffs and trade wars among countries; financial risks, including risks relating to currency fluctuations, credit risks and fluctuations in the market value of the Company; market risk associated with fluctuations in commodity prices, particularly for various precious metals used in our manufacturing operation, and changes in tax laws, changes in tax rates and exposure to additional tax liabilities; and other risks, relevant factors, and uncertainties identified in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, subsequent Reports on Forms 10-Q and 8-K and our other filings we make with the U.S. Securities and Exchange Commission. Knowles disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

INVESTOR SUPPLEMENT - FOURTH QUARTER 2020
KNOWLES CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(in millions, except share and per share amounts)
(unaudited)
		Quarter Ended
		December 31, 2020			September 30, 2020			December 31, 2019
Revenues		$	243.2		$	205.8		$	233.9
Cost of goods sold			151.2			130.6			143.6
Restructuring charges - cost of goods sold			-			-			0.7
Gross profit			92.0			75.2			89.6
Research and development expenses			22.7			21.9			23.7
Selling and administrative expenses			32.2			32.0			34.6
Impairment charges			-			7.6			-
Restructuring charges			(0.5)			0.1			0.5
Operating expenses			54.4			61.6			58.8
Operating earnings			37.6			13.6			30.8
Interest expense, net			3.9			4.7			3.6
Other expense, net			1.3			1.0			0.5
Earnings before income taxes and discontinued operations			32.4			7.9			26.7
Provision for income taxes			2.8			2.3			5.6
Earnings from continuing operations			29.6			5.6			21.1
Loss from discontinued operations, net			-			-			(0.6)
Net earnings		$	29.6		$	5.6		$	20.5
Earnings per share from continuing operations:
Basic		$	0.32		$	0.06		$	0.23
Diluted		$	0.32		$	0.06		$	0.22
Loss per share from discontinued operations:
Basic		$	-		$	-		$	(0.01)
Diluted		$	-		$	-		$	(0.01)
Net earnings per share:
Basic		$	0.32		$	0.06		$	0.22
Diluted		$	0.32		$	0.06		$	0.21
Weighted-average common shares outstanding:
Basic			91,667,461			91,688,765			91,653,662
Diluted			92,957,686			92,473,318			95,742,308

KNOWLES CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(in millions, except share and per share amounts)
(unaudited)
		Year Ended
		December 31, 2020			December 31, 2019
Revenues		$	764.3		$	854.8
Cost of goods sold			490.8			525.1
Restructuring charges - cost of goods sold			2.3			1.7
Gross profit			271.2			328.0
Research and development expenses			92.9			96.8
Selling and administrative expenses			131.5			145.7
Impairment charges			7.6			-
Restructuring charges			10.0			4.3
Operating expenses			242.0			246.8
Operating earnings			29.2			81.2
Interest expense, net			16.4			14.5
Other expense, net			1.5			0.4
Earnings before income taxes and discontinued operations			11.3			66.3
Provision for income taxes			8.4			16.6
Earnings from continuing operations			2.9			49.7
Earnings (loss) from discontinued operations, net			3.7			(0.6)
Net earnings		$	6.6		$	49.1
Earnings per share from continuing operations:
Basic		$	0.03		$	0.55
Diluted		$	0.03		$	0.53
Earnings (loss) per share from discontinued operations:
Basic		$	0.04		$	(0.01)
Diluted		$	0.04		$	-
Net earnings per share:
Basic		$	0.07		$	0.54
Diluted		$	0.07		$	0.53
Weighted-average common shares outstanding:
Basic			91,701,004			91,156,124
Diluted			92,883,138			93,439,023

KNOWLES CORPORATION
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES (1)
(in millions, except share and per share amounts)
(unaudited)
		Quarter Ended														Year Ended
		December 31, 2020				September 30, 2020				December 31, 2019						December 31, 2020				December 31, 2019
Gross profit		$	92.0			$	75.2			$	89.6					$	271.2			$	328.0
Gross profit as % of revenues			37.8	%			36.5	%			38.3	%					35.5	%			38.4	%
Stock-based compensation expense			0.4				0.4				0.4						1.7				1.6
Restructuring charges			-				-				0.7						2.3				1.7
Production transfer costs (2)			0.1				-				0.2						0.2				2.3
Non-GAAP gross profit		$	92.5			$	75.6			$	90.9					$	275.4			$	333.6
Non-GAAP gross profit as % of revenues			38.0	%			36.7	%			38.9	%					36.0	%			39.0	%
Research and development expenses		$	22.7			$	21.9			$	23.7					$	92.9			$	96.8
Stock-based compensation expense			(1.2	)			(1.2	)			(1.7	)					(6.2	)			(7.6	)
Intangibles amortization expense			(1.3	)			(1.4	)			-						(5.5	)			-
Non-GAAP research and development expenses		$	20.2			$	19.3			$	22.0					$	81.2			$	89.2
Selling and administrative expenses		$	32.2			$	32.0			$	34.6					$	131.5			$	145.7
Stock-based compensation expense			(3.3	)			(3.2	)			(3.9	)					(9.4	)			(16.0	)
Intangibles amortization expense			(1.9	)			(1.9	)			(1.7	)					(7.5	)			(7.0	)
Other (3)			(0.4	)			(0.4	)			(0.4	)					(1.2	)			(5.6	)
Non-GAAP selling and administrative expenses		$	26.6			$	26.5			$	28.6					$	113.4			$	117.1
Operating expenses		$	54.4			$	61.6			$	58.8					$	242.0			$	246.8
Stock-based compensation expense			(4.5	)			(4.4	)			(5.6	)					(15.6	)			(23.6	)
Intangibles amortization expense			(3.2	)			(3.3	)			(1.7	)					(13.0	)			(7.0	)
Impairment charges			-				(7.6	)			-						(7.6	)			-
Restructuring charges			0.5				(0.1	)			(0.5	)					(10.0	)			(4.3	)
Other (3)			(0.4	)			(0.4	)			(0.4	)					(1.2	)			(5.6	)
Non-GAAP operating expenses		$	46.8			$	45.8			$	50.6					$	194.6			$	206.3
Earnings from continuing operations		$	29.6			$	5.6			$	21.1					$	2.9			$	49.7
Interest expense, net			3.9				4.7				3.6						16.4				14.5
Provision for income taxes			2.8				2.3				5.6						8.4				16.6
Earnings from continuing operations before interest and income taxes			36.3				12.6				30.3						27.7				80.8
Earnings from continuing operations before interest and income taxes as % of revenues			14.9	%			6.1	%			13.0	%					3.6	%			9.5	%
Stock-based compensation expense			4.9				4.8				6.0						17.3				25.2
Intangibles amortization expense			3.2				3.3				1.7						13.0				7.0
Impairment charges			-				7.6				-						7.6				-
Restructuring charges			(0.5	)			0.1				1.2						12.3				6.0
Production transfer costs (2)			0.1				-				0.2						0.2				2.3
Other (3)			0.4				0.4				0.4						1.2				5.6
Adjusted earnings from continuing operations before interest and income taxes		$	44.4			$	28.8			$	39.8					$	79.3			$	126.9
Adjusted earnings from continuing operations before interest and income taxes as % of revenues			18.3	%			14.0	%			17.0	%					10.4	%			14.8	%
Interest expense, net		$	3.9			$	4.7			$	3.6					$	16.4			$	14.5
Interest expense, net non-GAAP reconciling adjustments (4)			1.9				1.9				1.7						7.4				6.8
Non-GAAP interest expense		$	2.0			$	2.8			$	1.9					$	9.0			$	7.7
Provision for income taxes		$	2.8			$	2.3			$	5.6					$	8.4			$	16.6
Income tax effects of non-GAAP reconciling adjustments (5)			0.7				1.4				(1.0	)					(1.3	)			1.0
Non-GAAP provision for income taxes		$	3.5			$	3.7			$	4.6					$	7.1			$	17.6
Earnings from continuing operations		$	29.6			$	5.6			$	21.1					$	2.9			$	49.7
Non-GAAP reconciling adjustments (6)			8.1				16.2				9.5						51.6				46.1
Interest expense, net non-GAAP reconciling adjustments (4)			1.9				1.9				1.7						7.4				6.8
Income tax effects of non-GAAP reconciling adjustments (5)			0.7				1.4				(1.0	)					(1.3	)			1.0
Non-GAAP net earnings		$	38.9			$	22.3			$	33.3					$	63.2			$	101.6
Diluted earnings per share from continuing operations		$	0.32			$	0.06			$	0.22					$	0.03			$	0.53
Earnings per share non-GAAP reconciling adjustment			0.09				0.18				0.13						0.64				0.54
Non-GAAP diluted earnings per share		$	0.41			$	0.24			$	0.35					$	0.67			$	1.07
Diluted average shares outstanding			92,957,686				92,473,318				95,742,308						92,883,138				93,439,023
Non-GAAP adjustment (7)			1,181,431				1,574,586				181,222						1,477,156				1,449,627
Non-GAAP diluted average shares outstanding (7)			94,139,117				94,047,904				95,923,530						94,360,294				94,888,650

Notes:

(1) In addition to the GAAP financial measures included herein, Knowles has presented certain non-GAAP financial measures that exclude certain amounts that are included in the most directly comparable GAAP measures. Knowles believes that non-GAAP measures are useful as supplements to its GAAP results of operations to evaluate certain aspects of its operations and financial performance, and its management team primarily focuses on non-GAAP items in evaluating Knowles' performance for business planning purposes. Knowles also believes that these measures assist it with comparing its performance between various reporting periods on a consistent basis, as these measures remove from operating results the impact of items that, in Knowles' opinion, do not reflect its core operating performance. Knowles believes that its presentation of non-GAAP financial measures is useful because it provides investors and securities analysts with the same information that Knowles uses internally for purposes of assessing its core operating performance.

(2) Production transfer costs represent duplicate costs incurred to migrate manufacturing to facilities primarily in Asia. These amounts are included in the corresponding Gross profit and Earnings from continuing operations before interest and income taxes for each period presented.

(3) In 2020, Other expenses represent the ongoing net lease cost (income) related to facilities not used in operations and expenses related to shareholder activism. In 2019, Other expenses of $4.4 million represent expenses related to shareholder activism and the remaining Other expenses relate to the acquisition of the MEMS Microphone Application-specific integrated circuit Design Business from ams AG by the Audio segment and the acquisition of DITF Interconnect Technology, Inc. by the Precision Devices segment.

(4) Under GAAP, certain convertible debt instruments that may be settled in cash (or other assets) upon conversion are required to be separately accounted for as liability (debt) and equity (conversion option) components of the instrument in a manner that reflects the issuer’s nonconvertible debt borrowing rate. Accordingly, for GAAP purposes we are required to recognize imputed interest expense on the Company’s $172.5 million of convertible senior notes due 2021 that were issued in a private placement in May 2016. The imputed interest rate is 8.12% for the convertible notes due 2021, while the actual coupon interest rate of the notes was 3.25%. The difference between the imputed interest expense and the coupon interest expense is excluded from management’s assessment of the Company’s operating performance because management believes that this non-cash expense is not indicative of its core, ongoing operating performance.

(5) Income tax effects of non-GAAP reconciling adjustments are calculated using the applicable tax rates in the jurisdictions of the underlying adjustments.

(6) The non-GAAP reconciling adjustments are those adjustments made to reconcile Earnings from continuing operations before interest and income taxes to Adjusted earnings from continuing operations before interest and income taxes.

(7) The number of shares used in the diluted per share calculations on a non-GAAP basis excludes the impact of stock-based compensation expense expected to be incurred in future periods and not yet recognized in the financial statements, which would otherwise be assumed to be used to repurchase shares under the GAAP treasury stock method. In addition, the Company entered into convertible note hedge transactions to offset any potential dilution from the convertible notes. Although the anti-dilutive impact of the convertible note hedges is not reflected under GAAP, the Company includes the anti-dilutive impact of the convertible note hedges in non-GAAP diluted average shares outstanding, if applicable.

KNOWLES CORPORATION
CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share amounts)
(unaudited)
		December 31, 2020				December 31, 2019
Current assets:
Cash and cash equivalents		$	147.8			$	78.4
Receivables, net of allowances of $1.6 and $0.8			131.4				159.6
Inventories, net			130.1				141.8
Prepaid and other current assets			10.3				8.6
Total current assets			419.6				388.4
Property, plant, and equipment, net			191.5				206.5
Goodwill			910.0				909.9
Intangible assets, net			78.7				91.7
Operating lease right-of-use assets			23.3				33.6
Other assets and deferred charges			31.8				24.5
Total assets		$	1,654.9			$	1,654.6
Current liabilities:
Current maturities of long-term debt		$	165.1			$	-
Accounts payable			70.3				87.7
Accrued compensation and employee benefits			30.4				32.1
Operating lease liabilities			10.2				9.3
Other accrued expenses			18.6				16.5
Federal and other taxes on income			2.7				5.9
Total current liabilities			297.3				151.5
Long-term debt			-				156.8
Deferred income taxes			2.0				2.2
Long-term operating lease liabilities			18.7				25.1
Other liabilities			32.8				29.9
Liabilities of discontinued operations			0.6				0.6
Commitments and contingencies
Stockholders' equity:
Preferred stock - $0.01 par value; 10,000,000 shares authorized; none issued			-				-
Common stock - $0.01 par value; 400,000,000 shares authorized; 92,689,912 and 91,611,549 shares issued and outstanding at December 31, 2020, respectively, and 91,701,745 shares issued and outstanding at December 31, 2019			0.9				0.9
Treasury stock - at cost; 1,078,363 shares at December 31, 2020			(16.2	)			-
Additional paid-in capital			1,587.8				1,574.7
Accumulated deficit			(168.5	)			(175.1	)
Accumulated other comprehensive loss			(100.5	)			(112.0	)
Total stockholders' equity			1,303.5				1,288.5
Total liabilities and stockholders' equity		$	1,654.9			$	1,654.6

KNOWLES CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
		Years Ended December 31,
		2020				2019
Operating Activities
Net earnings		$	6.6			$	49.1
Adjustments to reconcile net earnings to cash from operating activities:
Depreciation and amortization			60.6				54.4
Stock-based compensation			17.3				25.2
Impairment charges			7.6				-
Non-cash interest expense and amortization of debt issuance costs			8.9				8.1
Write-off of fixed assets			1.7				-
Loss on disposal of fixed assets			0.3				0.2
Deferred income taxes			(2.6	)			(0.7	)
Other, net			5.0				1.3
Changes in assets and liabilities (excluding effects of foreign exchange):
Receivables, net			29.0				(17.8	)
Inventories, net			16.7				(0.3	)
Prepaid and other current assets			(0.1	)			2.7
Accounts payable			(17.5	)			12.1
Accrued compensation and employee benefits			(2.1	)			(8.1	)
Other accrued expenses			2.6				(0.6	)
Accrued taxes			(5.8	)			2.7
Other non-current assets and non-current liabilities			(0.1	)			(4.4	)
Net cash provided by operating activities			128.1				123.9
Investing Activities
Additions to property, plant, and equipment			(31.9	)			(41.2	)
Acquisitions of business (net of cash acquired)			-				(69.3	)
Purchase of investments			(3.5	)			-
Proceeds from the sale of property, plant, and equipment			0.3				-
Net cash used in investing activities			(35.1	)			(110.5	)
Financing Activities
Payments under revolving credit facility			(100.0	)			(19.0	)
Borrowings under revolving credit facility			100.0				10.0
Repurchase of common stock			(16.2	)			-
Payments of debt issuance costs			(1.4	)			-
Tax on restricted and performance stock unit vesting			(6.1	)			(6.4	)
Payments of finance lease obligations			(2.0	)			(1.7	)
Payment of consideration owed for acquisitions			-				(1.2	)
Net proceeds from exercise of stock-based awards			1.8				9.8
Net cash used in financing activities			(23.9	)			(8.5	)
Effect of exchange rate changes on cash and cash equivalents			0.3				-
Net increase in cash and cash equivalents			69.4				4.9
Cash and cash equivalents at beginning of period			78.4				73.5
Cash and cash equivalents at end of period		$	147.8			$	78.4

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20210204005837/en/

FAQ

What were Knowles Corporation's revenues for Q4 FY20?

Knowles Corporation's revenues for Q4 FY20 were $243.2 million.

What was the diluted EPS for Knowles Corporation in Q4 FY20?

The diluted EPS for Knowles Corporation in Q4 FY20 was $0.32.

How did Knowles Corporation's Q4 FY20 performance compare to guidance?

Knowles Corporation's Q4 FY20 performance exceeded guidance in terms of revenue and EPS.

What factors contributed to Knowles Corporation's strong Q4 FY20 results?

Stronger-than-expected MEMS microphone demand and improving trends in the Hearing Health business contributed to the strong results.

What are the growth expectations for Knowles Corporation in 2021?

Knowles Corporation is well positioned to deliver strong growth in revenue and earnings in 2021.