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Sep 30, 2022
Knowles Q3 2022 Earnings Report
Knowles' Q3 2022 financial results were reported, with revenue and gross margin above the guided midpoint, and EPS above the guided range.
Key Takeaways
Knowles Corporation reported Q3 2022 financial results, with revenue, gross margins, and earnings per share meeting or exceeding guidance. Precision Devices segment growth remained strong, driven by defense, medtech, and EV sectors. The Hearing Health business showed resilience with strong margins and stable demand. The company expects sequential revenue growth from Hearing Health and Precision Devices in Q4, along with MEMS microphone business growth due to new product introductions and seasonal customer product ramps.
Knowles executed well and delivered Revenue, Gross Margins and Earnings Per Share within or above guided range.
Growth trends in Precision Device segment remain strong driven by defense, medtech, and EV.
Hearing Health business continues to be resilient with strong margins and stable demand.
Cost restructuring in MEMS microphone business is on schedule and is expected to show some early results in the fourth quarter and deliver on the previously announced $25-30 million annual cost reductions as we go into 2023.
Forward Guidance
The forward looking guidance for the quarter ending December 31, 2022 is as follows: Revenues $200 to $220 million, Gross Profit Margin 36.3% to 38.3%, EPS $0.20 to $0.24.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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