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Jun 30, 2022
Knowles Q2 2022 Earnings Report
Knowles reported mixed Q2 2022 results with revenue declining but non-GAAP EPS exceeding expectations. Company announced a restructuring program to decrease exposure to the commodity MEMS microphone business.
Key Takeaways
Knowles Corporation reported Q2 2022 financial results with revenue of $188 million. The company's Q2 gross margin was 41.3%, and non-GAAP gross margin was 41.5%. Diluted loss per share was $(2.64), while non-GAAP diluted earnings per share was $0.33.
Q2 Gross Margin of 41.3% and Non-GAAP Gross Margin of 41.5%, at the midpoint of guidance range
Q2 Precision Devices and Hearing Health Revenue both up 19% year-over-year
Restructuring Program expected to accelerate achievement of mid-term financial targets
The restructuring program is expected to result in $25-$30 million of annualized savings.
Knowles
Knowles
Forward Guidance
The forward looking guidance for the quarter ending September 30, 2022 is as follows: Revenues $170 to $185 million, Gross Profit Margin 16.0% to 18.0%, EPS $(0.37) to $(0.33).