JASPER, IN – Kimball Electronics reported fiscal first quarter net sales of $253.2 million, up 11.8% year-over-year.
For the quarter ended Sept. 30, the electronics manufacturer posted net income of $8.5 million, down 16.2% compared to the same period last year. Operating income was $9.6 million, a decrease of 25.2%.
“Double-digit growth in three of our four end-market verticals helped us set a new quarterly sales record for the seventh consecutive quarter and kept us on a course to achieve our long-time stated goal of $1 billion in annual sales in fiscal year 2018,” said Don Charron, chairman and CEO.
“While our margins improved sequentially from the fourth quarter of the prior fiscal year, we are still below our new operating income goal of 4.5%. We are focused on yield and throughput improvements,” he added.
The company continues to make progress on its new plant in Romania. “We have entered the next phase of ramp-up activity in Romania. We expect our sales run
rate to more than double from the fourth quarter of fiscal 2017 to the fourth quarter of fiscal 2018. And we expect to approach our operating breakeven point by the end of fiscal 2018,” said Charron.