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Mar 31, 2021
Kimball Electronics Q3 2021 Earnings Report
Reported net sales increased by 6% year-over-year, operating income was 4.7% of net sales, and diluted EPS was $0.41.
Key Takeaways
Kimball Electronics reported a solid third quarter with a 6% increase in net sales year-over-year, driven by strong performance in the automotive and industrial sectors. The company's operating income exceeded its target of 4.5%, and cash flow from operations more than doubled compared to the prior year. However, the global semiconductor shortage caused a shift in backlog to fiscal year 2022.
Net sales increased by 6% year-over-year to $310 million.
Operating income was 4.7% of net sales.
Diluted EPS was $0.41.
Cash flow from operating activities was $31.5 million.
Revenue by Segment
Forward Guidance
Due to the global semiconductor shortage, a significant amount of shippable backlog shifted out of Q3 and Q4 of fiscal year 2021 to the first half of fiscal year 2022. However, the company is still expecting a very strong fourth quarter of fiscal year 2021 both sequentially and year-over-year, considering semiconductor delivery commitments.
Positive Outlook
- Expecting a very strong fourth quarter of fiscal year 2021.
- Semiconductor delivery commitments are in place.
- Backlog is expected to be fulfilled in the first half of fiscal year 2022.
- Team remains resilient despite ongoing challenges.
- Delivered solid operating income exceeding goal of 4.5%.
Challenges Ahead
- Global semiconductor shortage is expected to continue for most of the calendar year.
- Significant amount of shippable backlog shifted out of Q3 and Q4 of fiscal year 2021.
- Pandemic continues to cause ongoing challenges.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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