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Mar 31, 2021
Knowles Q1 2021 Earnings Report
Knowles' first quarter 2021 financial results were reported, with revenue and gross margin above the midpoint of guidance.
Key Takeaways
Knowles Corporation reported strong Q1 2021 results, with revenue up 23% year-over-year. Audio revenues were driven by strong MEMS microphone demand and improving trends in the Hearing Health business. The company expects Q2 sales to increase 28% from the year-ago period.
First quarter revenue and gross margin were above the midpoint of guidance.
Audio revenues were driven by strong MEMS microphone demand across multiple end markets.
Improving trends were seen in the Hearing Health business.
Record Q1 bookings gives increased confidence that the medtech and defense end markets will recover through the rest of the year.
Forward Guidance
For the second quarter of 2021, Knowles expects revenue between $185 million and $205 million, with EPS between $0.14 and $0.20 and Non-GAAP EPS between $0.23 and $0.29.
Positive Outlook
- Expect sales to increase 28% from the year ago period on continued strength in Audio.
- Record Q1 bookings gives increased confidence that the medtech and defense end markets will recover through the rest of the year.
- The midpoint of revenue guidance is $195 million.
- Gross Profit Margin is expected to be between 38.5% to 40.5%
- EPS is expected to be between $0.14 to $0.20
Challenges Ahead
- Q2 2021 GAAP results are expected to include approximately $0.06 per share in stock-based compensation.
- Q2 2021 GAAP results are expected to include approximately $0.03 per share in amortization of intangibles and debt discount.
- Revenue is expected to be between $185 million and $205 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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