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Mar 31, 2020
Knowles Q1 2020 Earnings Report
Knowles' first quarter revenues and earnings were in line with updated guidance.
Key Takeaways
Knowles reported first quarter revenues of $163.1 million and earnings per share of $(0.14). Audio sales were lower than the year ago period, offset by higher Precision Devices sales. The company anticipates sequentially lower Audio sales in Q2 due to weaker hearing health demand and expects lower labor productivity and factory utilization in Malaysia and the Philippines to continue.
First quarter revenues and earnings were in line with updated guidance.
Audio sales were lower than the year ago period, partially offset by higher Precision Devices sales.
Anticipating sequentially lower Audio sales driven by significantly weaker hearing health demand in Q2.
Progress in returning China facilities to more normalized operations but expect lower labor productivity and factory utilization in Malaysia and the Philippines to continue in the second quarter.
Knowles
Knowles
Forward Guidance
Due to the COVID-19 pandemic and potential impact to global market demand, particularly in the hearing health market, as well as the resulting uncertainty of on-going government workplace restrictions, Knowles is not providing its normal quarterly revenue, gross profit margin, and EPS guidance for the second quarter of 2020.