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Key Tronic Corporation (Nasdaq: KTCC) is a premier electronic manufacturing service (EMS) provider, delivering high-quality manufacturing solutions to original equipment manufacturers (OEMs) in the United States and worldwide. Established as a value-added contract manufacturer, Keytronic specializes in PCB assembly, precision plastic molding, sheet metal fabrication, and complete product assembly. The company's extensive range of services includes integrated electronic and mechanical engineering, component selection, sourcing and procurement, logistics, new product testing, and full-scale production.
Key Tronic operates cutting-edge manufacturing facilities in the United States, Mexico, China, and Vietnam, which enable it to offer competitive pricing and exceptional customer service. The company's size allows it to focus on low to medium volume accounts with high flexibility requirements while providing the cost benefits typically associated with larger contract manufacturers.
Recent achievements include the successful ramp-up of new programs, such as those involving security products, medical devices, and military aerospace. For Q1 of fiscal year 2024, Keytronic reported a revenue of $147.7 million, aligned with expectations, but earnings of $0.02 per share, slightly below predictions due to unanticipated severance costs. The company anticipates increased demand for many Mexico-based programs towards the latter half of FY 2024 and expects significant new program wins to continue driving growth.
Key Tronic's financial outlook for Q2 FY 2024 includes projected revenue of $135 million to $145 million and earnings of $0.05 to $0.10 per diluted share. The company is also proactively managing its inventory levels and reducing operational expenses, aiming for streamlined production efficiency and improved gross margins.
On a leadership front, CEO Craig Gates will retire in June 2024, with Brett R. Larsen named as his successor. The company has also seen changes in its Board of Directors, including the introduction of new board members and the appointment of Ronald F. Klawitter as Chairman. These strategic shifts aim to ensure continued strong governance and sustained growth.
Key Tronic Corporation (Nasdaq: KTCC) reported second-quarter fiscal 2023 revenues of $123.7 million, down from $134.5 million year-over-year. The decline was mainly due to a six-week production delay on a significant program, costing around $20 million in revenue. However, production is ramping up in Q3. Gross margin was 7.2% and operating margin 2.9%, showing improvement from the previous year. Net income rose to $1.0 million or $0.09 per share compared to $0.6 million or $0.05 per share in Q2 2022. For Q3, Key Tronic expects revenues between $160 million and $170 million.
Key Tronic Corporation (Nasdaq: KTCC) announced plans to report its results for the second quarter of fiscal 2023 after market close on January 31, 2023. A conference call to discuss the financial results is scheduled for 2:00 PM Pacific (5:00 PM Eastern) on the same day. Investors can access the call via the company's website or by phone. Key Tronic specializes in contract manufacturing services, providing full engineering services, materials management, and assembly services to major original equipment manufacturers from its facilities in the U.S., Mexico, China, and Vietnam.
Key Tronic Corporation (Nasdaq: KTCC) reported preliminary results for Q2 fiscal 2023, anticipating revenue of $123.5 million and earnings per share between $0.04 and $0.07. The lower revenue is attributed to a $20 million drop due to a six-week delay in production with a major power equipment client, though production is now ramping up. Despite this setback, the company has seen a record backlog and improving global supply issues. Looking ahead, Key Tronic projects Q3 revenue between $160 million and $170 million with EPS expected to range from $0.15 to $0.25.
Key Tronic Corporation (Nasdaq: KTCC) reported strong financial results for Q1 FY2023, with revenue of $137.3 million, up 9% sequentially and 3% year-over-year. The net income increased to $1.2 million or $0.11 per share, reflecting a 41% rise from the previous year. Despite challenges from storm damage impacting gross profit and supply chain constraints, new program wins in diverse sectors like audio and electric vehicles bode well for future growth. The company forecasts Q2 FY2023 revenue between $140 million and $150 million.
Key Tronic Corporation (Nasdaq: KTCC) will report its Q1 fiscal 2023 results on November 1, 2022, after market close. A conference call is scheduled for 2:00 PM Pacific (5:00 PM Eastern) that same day, where financial results will be discussed. The call will be accessible via the Key Tronic website under 'Investor Relations' or by phone.
Key Tronic is a prominent contract manufacturer providing comprehensive design and manufacturing services across the US, Mexico, China, and Vietnam for major OEMs. For more details, visit www.keytronic.com.
Key Tronic Corporation (KTCC) reported fiscal Q4 2022 revenue of $126.2 million, down from $132.6 million in Q4 2021. Annual revenue increased 3% to $531.8 million. Production was affected by supply chain constraints and COVID-related factory closures in China. Net income for Q4 was $1.0 million or $0.09 per share, up from $0.02 per share last year. Gross margin improved to 9.3%. For Q1 FY2023, revenue is projected between $125 million to $135 million, with earnings of $0.05 to $0.10 per share.
Key Tronic Corporation (Nasdaq: KTCC) announced plans to release its financial results for Q4 and the fiscal year 2022 on August 9, 2022, after market close. A conference call will follow at 2:00 PM Pacific (5:00 PM Eastern) on the same day to discuss these results. The call can be accessed via the company's website under 'Investor Relations' or through dedicated phone lines. Key Tronic provides advanced design and manufacturing services across multiple global facilities, serving top original equipment manufacturers.
Key Tronic Corporation (KTCC) reported a 3% increase in Q3 fiscal 2022 revenue, totaling $138.4 million, compared to $134.6 million in the prior year. For the first nine months, revenue rose 5% to $405.6 million. Despite rising demand, production faced constraints due to global supply chain disruptions and COVID-related factory closures in Shanghai. The company's gross margin improved slightly to 8.3%, with net income increasing 16% to $1.0 million or $0.09 per share. Looking ahead, Q4 revenue is projected between $125 million and $135 million.
Key Tronic Corporation (Nasdaq: KTCC) is set to report its fiscal Q3 2022 results on May 5, 2022, after market close. A conference call to discuss these results will occur at 2:00 PM Pacific (5:00 PM Eastern) on the same day. Interested parties can access the call via the company’s website under 'Investor Relations' or through specified phone lines. Key Tronic is a prominent contract manufacturer, providing comprehensive design and manufacturing services across multiple countries, catering to leading original equipment manufacturers.
Key Tronic Corporation (Nasdaq: KTCC) reported second-quarter fiscal 2022 revenue of $134.5 million, a 5% increase from $128.3 million the previous year. Customer reimbursements accounted for a $10 million uptick in revenue. However, gross margin fell to 7.3% from 8.3%, with net income decreasing to $0.6 million or $0.05 per share. Ongoing global supply chain challenges and a two-week seasonal closure impacted production. For Q3, Key Tronic forecasts revenue between $130 million to $140 million and earnings per share of $0.05 to $0.10.
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