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Jun 30, 2023
Knowles Q2 2023 Earnings Report
Knowles reported solid results driven by better-than-expected performance in the MedTech & Specialty Audio segment and favorable mix in Consumer MEMS Microphones, offset by Precision Devices revenue falling below expectations due to demand weakness.
Key Takeaways
Knowles Corporation announced its Q2 2023 financial results, with revenue at $173.0 million. The MedTech & Specialty Audio segment performed well due to faster-than-anticipated customer inventory declines, while Precision Devices revenues were below expectations. The company has reduced its revenue and earnings outlook for the second half of 2023 due to soft customer demand.
MedTech & Specialty Audio segment delivered better than expected results.
Precision Devices revenues finished below expectations due to demand weakness.
Consumer MEMS Microphones benefited from favorable mix due to better-than-expected demand in computing end markets.
Revenue and earnings outlook for the second half of 2023 has been reduced due to soft customer demand.
Knowles
Knowles
Forward Guidance
The forward looking guidance for the quarter ending September 30, 2023 is as follows: Revenues between $170.0 to $180.0 million, Gross Profit Margin between 41.2% to 43.2%, and Diluted EPS between $0.14 to $0.18.