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Jun 30, 2021
Kimball Electronics Q4 2021 Earnings Report
Kimball Electronics reported strong Q4 and fiscal year 2021 results, completing a record-setting year and providing guidance with strength continuing in fiscal 2022.
Key Takeaways
Kimball Electronics reported a strong fourth quarter and fiscal year 2021, with net sales up 15% year-over-year and adjusted EPS increasing 71% over the same period last year. The company set records for net sales, operating income as a percent of net sales, diluted EPS, and cash flow from operating activities.
Net sales in the fourth quarter totaled $329 million, up 15% year-over-year.
Operating income was 5.2% of net sales, with adjusted non-GAAP at 5.5%, a 170 bps increase over adjusted non-GAAP Q4 last year.
Net income was $14.4 million, or $0.57 per diluted share, compared to a net loss of $1.3 million, or ($0.05) per share, in Q4 last year.
Cash flow from operating activities was strong at $26.3 million during the fourth quarter.
Revenue by Segment
Forward Guidance
Kimball Electronics provided fiscal year 2022 guidance with net sales in the range of $1.4 - $1.5 billion and operating income in the range of 4.5% - 5.0% of net sales.
Positive Outlook
- Net sales in the range of $1.4 - $1.5 billion, an 8% to 16% increase year-over-year
- Operating income in the range of 4.5% - 5.0% of net sales
Challenges Ahead
- Ongoing semiconductor shortage
- A portion of shippable backlog continues to shift out
- Material supply steadily catch up with customer demand throughout the first half of fiscal year 2022
- The majority of the surplus backlog in the second half of fiscal year 2022
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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