Welcome to our dedicated page for Key Tronic news (Ticker: KTCC), a resource for investors and traders seeking the latest updates and insights on Key Tronic stock.
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 (KTCC) reported 15% year-over-year revenue growth for fiscal year 2021, achieving a record annual revenue of $518.7 million. In Q4, revenue reached $132.6 million, up 14% from the prior year. Despite strong demand, revenue was constrained by global pandemic impacts, supply chain issues, and increased expenses, leading to a net income of $0.2 million in Q4 and $4.3 million for the year. The company anticipates Q1 fiscal 2022 revenue between $125 million and $135 million but continues to face production limitations due to component shortages.
Key Tronic Corporation (Nasdaq: KTCC) will report its fourth quarter and fiscal year 2021 results after market close on August 10, 2021. A conference call to discuss the financial results is scheduled for that day at 2:00 PM Pacific (5:00 PM Eastern). Investors can join via the company's website under 'Investor Relations' or by phone. Key Tronic is a major contract manufacturer that offers comprehensive design and manufacturing services across the U.S., Mexico, China, and Vietnam, catering to leading original equipment manufacturers.
Key Tronic Corporation (KTCC) reported its third-quarter results for fiscal 2021, revealing revenue of approximately $134.6 million, marking a 21% increase from $111.5 million in the same period last year. Customer demand hit a record high at over $150 million. Despite these gains, challenges included supply chain constraints and rising legal expenses due to an internal investigation. Net income remained steady at $0.9 million or $0.08 per share. Looking ahead, revenue for Q4 is projected between $120 million and $125 million, with earnings expected to fall below previous guidance.
Key Tronic Corporation (Nasdaq: KTCC) has completed an internal investigation regarding irregularities in inventory classification at its Oakdale, MN facility. The Audit Committee discovered accounting errors leading to an understatement of cost of goods sold and an overstatement of inventory, attributed to deficiencies in internal controls. Although there were errors found, no restatement of financial statements is necessary. The Company is filing overdue Quarterly Reports and is cooperating with the SEC. Remedial actions, including enhanced controls and training, are being implemented.
Key Tronic Corporation (Nasdaq: KTCC) received a notice from Nasdaq on May 19, 2021, for failing to file its Quarterly Report on Form 10-Q for the period ending April 3, 2021, and the previous report for the period ending December 26, 2020. This situation places the company in non-compliance with Nasdaq Listing Rule 5250(c)(1) related to timely financial report submissions. However, there is no immediate impact on KTCC's stock listing or trading. The company can submit a plan to regain compliance and potentially receive up to 180 days, until August 16, 2021, to rectify the situation.
Key Tronic Corporation (KTCC) announced preliminary financial results for Q3 FY 2021, projecting revenues of approximately $134.6 million and earnings per share between $0.10 and $0.12. Despite strong customer demand, component supply issues led to factory downtimes and increased expenses. The company also faced legal costs related to an internal investigation, which is ongoing and has delayed quarterly filings. For Q4 FY 2021, Key Tronic estimates revenues between $130 million and $140 million with earnings per share between $0.10 and $0.20.
Key Tronic Corporation (Nasdaq: KTCC) received a notice from Nasdaq on February 17, 2021, indicating non-compliance due to the late filing of its Quarterly Report on Form 10-Q for the quarter ended December 26, 2020. This issue does not immediately affect the trading of its common stock.
The Company has 60 days to submit a compliance plan to Nasdaq and may receive an extension of up to 180 days if accepted. Key Tronic is actively working to file the necessary report within the prescribed timeline.
Key Tronic Corporation (Nasdaq: KTCC) announced it could not file its Quarterly Report on Form 10-Q for the quarter ended December 26, 2020, due to irregularities in inventory classification. The Audit Committee launched an internal investigation and is cooperating with the SEC. Despite these setbacks, the company does not expect a material adverse impact on its historical financial statements. The progress of this investigation may affect the filing timeline of the Form 10-Q.
Key Tronic Corporation (Nasdaq: KTCC) reported significant growth with 13% year-to-date revenue increase. For Q2 FY2021, revenue reached $128.3 million, up 10% from $116.7 million in the same quarter of FY2020. Net income was $1.6 million or $0.14 per share, compared to $0.8 million or $0.08 per share last year. Despite challenges from the COVID-19 pandemic, including $1.8 million in related costs, the company achieved improved margins: gross margin at 8.3% and operating margin at 2.1%. Looking forward, Key Tronic anticipates Q3 revenue between $130 million and $140 million.
Key Tronic Corporation (Nasdaq: KTCC) will report its Q2 fiscal 2021 results after market close on January 26, 2021. A conference call is scheduled for 2:00 PM Pacific (5:00 PM Eastern) on the same day to discuss the results. Investors can access the call via Key Tronic's website or by phone. The company is a leading contract manufacturer providing engineering, materials management, and assembly services across its facilities in the U.S., Mexico, China, and Vietnam, serving major original equipment manufacturers.
FAQ
What is the current stock price of Key Tronic (KTCC)?
What is the market cap of Key Tronic (KTCC)?
What services does Key Tronic Corporation offer?
Where are Key Tronic Corporation's manufacturing facilities located?
What recent financial achievements has Key Tronic Corporation reported?
Who is the current CEO of Key Tronic Corporation?
What is the revenue outlook for Key Tronic Corporation for Q2 FY 2024?
What types of products does Key Tronic manufacture?
What is Key Tronic Corporation's focus in terms of account volumes?
What changes are expected in Key Tronic Corporation's operations in Mexico?
How has Key Tronic Corporation's leadership transitioned recently?
Where can investors find more information about Key Tronic Corporation?
