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Jun 30, 2021
Knowles Q2 2021 Earnings Report
Knowles' Q2 2021 financial results were reported, with revenues up 31 percent from the year-ago period.
Key Takeaways
Knowles Corporation reported strong Q2 2021 results, with non-GAAP gross margins and EPS exceeding guidance. Audio revenues increased by 43% year-over-year, driven by Hearing Health sales and MEMS microphone demand. Precision Devices achieved record revenues and bookings, supported by a medtech market recovery and a bolt-on acquisition. The company anticipates continued strength in Q3 2021, expecting a 13% sales increase.
Q2 revenues increased by 31% compared to the year-ago period.
Q2 gross margin was 41.9%, and non-GAAP gross margin was 42.4%.
Q2 diluted EPS was $0.18, and non-GAAP diluted EPS was $0.31.
Audio revenues grew by 43% year-over-year, driven by Hearing Health and MEMS microphone demand.
Knowles
Knowles
Forward Guidance
For the third quarter of 2021, Knowles expects sales to increase 13 percent from the year ago period. GAAP EPS is expected to be between $0.27 and $0.31, and non-GAAP EPS is expected to be between $0.38 and $0.42.
Positive Outlook
- Sales are expected to increase 13% from the year ago period.
- GAAP Revenues are expected to be between $227 to $237 million.
- GAAP Gross Profit Margin is expected to be between 39.0% to 41.0%.
- GAAP EPS is expected to be between $0.27 to $0.31.
- Non-GAAP EPS is expected to be between $0.38 to $0.42.