JASPER, Ind.--(BUSINESS WIRE)--Kimball Electronics, Inc. (Nasdaq: KE) today announced financial results for the third quarter of fiscal 2024 with net sales totaling $425.0 million and a net loss of $6.1 million, or $0.24 per share. This result includes the impairment of the Automation, Test & Measurement business, which the Company expects to divest, along with restructuring expense, partially offset by the recovery of a legal settlement. A detailed reconciliation is provided later in this release.
- Excluding these items, adjusted net income in the third quarter of fiscal 2024 totaled $8.4 million, or $0.34 per diluted share, and adjusted operating income equaled $17.0 million, or 4.0% of net sales.
- Cash flow from operating activities in the quarter was $42.6 million driven by inventory reductions.
- Company sharpens strategic focus on EMS operations and aligns cost structure to short-term demand trends.
- Guidance for adjusted operating income in fiscal 2024 reiterated, while the estimate for net sales was updated, in response to the challenging operating environment, and capital expenditures strategically reduced.
- Resumption of share repurchases approved by the Board of Directors.
| Three Months Ended | | Nine Months Ended |
|  March 31,
| | March 31, |
(Amounts in Thousands, except EPS) | 2024 | | 2023 | | 2024 | | 2023 |
Net Sales | $ | 425,036 | | | $ | 484,703 | | | $ | 1,284,352 | | | $ | 1,327,288 | |
Operating Income | $ | (6,431 | ) | | $ | 25,220 | | | $ | 29,669 | | | $ | 56,280 | |
Adjusted Operating Income (non-GAAP) (1) | $ | 16,960 | | | $ | 25,573 | | | $ | 53,367 | | | $ | 56,738 | |
Operating Income % | | (1.5 | )% | | | 5.2 | % | | | 2.3 | % | | | 4.2% | |
Adjusted Operating Income (non-GAAP) % | | 4.0 | % | | | 5.3 | % | | | 4.2 | % | | | 4.3% | |
Net Income (Loss) | $ | (6,076 | ) | | $ | 16,400 | | | $ | 12,968 | | | $ | 36,629 | |
Adjusted Net Income (non-GAAP) (1) | $ | 8,441 | | | $ | 16,400 | | | $ | 27,485 | | | $ | 36,908 | |
Diluted EPS | $ | (0.24 | ) | | $ | 0.65 | | | $ | 0.51 | | | $ | 1.46 | |
Adjusted Diluted EPS (non-GAAP) (1) | $ | 0.34 | | | $ | 0.65 | | | $ | 1.09 | | | $ | 1.47 | |
| | | | | | | | | | | | | | | |
(1) A reconciliation of GAAP and non-GAAP financial measures is included below. |
Commenting on today's announcement, Richard D. Phillips, Chief Executive Officer, stated, "As we anticipated, the operating environment has remained challenged for the EMS industry, and our sales in the third quarter declined as expected. During this period of end market softness, we have focused on 'controlling what we can control,' proactively aligning our cost structure with short-term demand trends, maintaining competitiveness with stable operating margins, and focusing on working capital improvements."
Mr. Phillips continued, "We're taking meaningful steps to sharpen our strategic focus and further position the Company for profitable growth, and stronger performance moving forward. With the expected divestiture of the Automation, Test & Measurement business, our team can increase focus and support on our core EMS operations. While we suspect the macro headwinds will persist in fiscal 2025, we're continuing to make investments in long-term growth opportunities supported by a robust funnel for new business in the next 18-24 months, while deploying a capital allocation strategy that balances growth, lasting customer relationships, and returning cash to Share Owners with opportunistic share repurchases."
The Company ended the third quarter of fiscal 2024 with cash and cash equivalents of $65.2 million and borrowings outstanding on credit facilities of $319.6 million, including $235.0 million classified as long term, and $117.4 million of borrowing capacity available. Capital expenditures were $13.4 million in Q3.
Net Sales by Vertical Market for Q3 Fiscal 2024:
| Three Months Ended | | | | Nine Months Ended | | |
| March 31, | | | | March 31, | | |
(Amounts in Millions) | 2024 | | * | | 2023 | | * | | Percent
Change | | 2024 | | * | | 2023 | | * | | Percent
Change |
Automotive (1) | $ | 202.0 | | | 47% | | | $ | 221.9 | | | 46% | | | (9)% | | | $ | 614.7 | | | 48% | | | $ | 615.3 | | | 46% | | | —% | |
Medical (1) | | 113.0 | | | 27% | | | | 135.5 | | | 28% | | | (17)% | | | | 323.5 | | | 25% | | | | 377.1 | | | 29% | | | (14)% | |
Industrial (1) | | 110.0 | | | 26% | | | | 127.3 | | | 26% | | | (14)% | | | | 346.2 | | | 27% | | | | 334.9 | | | 25% | | | 3% | |
Total Net Sales | $ | 425.0 | | | | | $ | 484.7 | | | | | (12)% | | | $ | 1,284.4 | | | | | $ | 1,327.3 | | | | | (3)% | |
| | | | | | | | | | | | | | | | | | | |
* As a percent of Total Net Sales |
(1) Beginning in fiscal year 2024, miscellaneous sales previously reported in Other are now reported in the respective three end market verticals; all prior periods have been recast to conform to current period presentation |
|
– Automotive includes electronic power steering, body controls, automated driver assist systems, and electronic braking systems |
– Medical includes sleep therapy and respiratory care, image guided therapy, in vitro diagnostics, drug delivery, AED, and patient monitoring |
– Industrial includes climate controls, automation controls, optical inspection, and public safety |
Guidance for Fiscal Year 2024
The Company reiterated its guidance for adjusted operating income in fiscal year 2024 of 4.2% to 4.6% of net sales. In response to the current economic environment, net sales are now expected to decline 4% to 6%, compared to the previous estimate of a 2% to 4% decrease. Capital expenditures are estimated to be in the range of $55 to $60 million, compared to the previous guidance of $70 to $80 million.
Forward-Looking Statements
Certain statements contained within this release are considered forward-looking, including our fiscal year 2024 guidance, under the Private Securities Litigation Reform Act of 1995. The statements may be identified by the use of words such as "expect," "should," "goal," "predict," "will," "future," "optimistic," "confident," and "believe." Undue reliance should not be placed on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections. These forward-looking statements are subject to risks and uncertainties including, without limitation, global economic conditions, geopolitical environment and conflicts such as the war in Ukraine, global health emergencies, availability or cost of raw materials and components, foreign exchange rate fluctuations, and our ability to convert new business opportunities into customers and revenue. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of the company are contained in its Annual Report on Form 10-K for the year ended June 30, 2023.
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures. The non-GAAP financial measures contained herein include constant currency growth, adjusted operating income, adjusted net income, adjusted diluted EPS, and ROIC. Reconciliations of the reported GAAP numbers to these non-GAAP financial measures are included in the Reconciliation of Non-GAAP Financial Measures section below. Management believes these measures are useful and allow investors to meaningfully trend, analyze, and benchmark the performance of the company's core operations. The company's non-GAAP financial measures are not necessarily comparable to non-GAAP information used by other companies.
About Kimball Electronics, Inc.
Kimball Electronics is a multifaceted manufacturing solutions provider of electronics and diversified contract manufacturing services to customers around the world. From our operations in the United States, China, India, Japan, Mexico, Poland, Romania, Thailand, and Vietnam, our teams are proud to provide manufacturing services for a variety of industries. Recognized for a reputation of excellence, we are committed to a high-performance culture that values personal and organizational commitment to quality, reliability, value, speed, and ethical behavior. Kimball Electronics, Inc. (Nasdaq: KE) is headquartered in Jasper, Indiana.
To learn more about Kimball Electronics, visit: .
Conference Call / Webcast |
| | |
Date: | | May 8, 2024 |
Time: | | 10:00 AM Eastern Time |
Live Webcast: | | investors.kimballelectronics.com/events-and-presentations/events |
Dial-In #: | | 404-975-4839 (other locations - 833-470-1428) |
Conference ID: | | 889032 |
For those unable to participate in the live webcast, the call will be archived at investors.kimballelectronics.com.
Lasting relationships. Global success.
Financial highlights for the third quarter and year-to-date period ended March 31, 2024 are as follows:
Condensed Consolidated Statements of Income |
(Unaudited) | Three Months Ended |
(Amounts in Thousands, except Per Share Data) | March 31, 2024 | | March 31, 2023 |
Net Sales | $ | 425,036 | | | 100.0% | | | $ | 484,703 | | | 100.0% | |
Cost of Sales | | 391,492 | | | 92.1% | | | | 441,731 | | | 91.1% | |
Gross Profit | | 33,544 | | | 7.9% | | | | 42,972 | | | 8.9% | |
Selling and Administrative Expenses | | 16,861 | | | 3.9% | | | | 17,752 | | | 3.7% | |
Other General Expense (Income) | | (892 | ) | | (0.2)% | | | | — | | | —% | |
Restructuring Expense | | 1,622 | | | 0.4% | | | | — | | | —% | |
Goodwill Impairment | | 5,820 | | | 1.4% | | | | — | | | —% | |
Asset Impairment | | 16,564 | | | 3.9% | | | | — | | | —% | |
Operating Income (Loss) | | (6,431 | ) | | (1.5)% | | | | 25,220 | | | 5.2% | |
Interest Income | | 83 | | | —% | | | | 45 | | | —% | |
Interest Expense | | (5,875 | ) | | (1.4)% | | | | (4,822 | ) | | (1.0)% | |
Non-Operating Income (Expense), net | | (530 | ) | | (0.1)% | | | | 1,433 | | | 0.3% | |
Other Income (Expense), net | | (6,322 | ) | | (1.5)% | | | | (3,344 | ) | | (0.7)% | |
Income Before Taxes on Income | | (12,753 | ) | | (3.0)% | | | | 21,876 | | | 4.5% | |
Provision for Income Taxes | | (6,677 | ) | | (1.6)% | | | | 5,476 | | | 1.1% | |
Net Income (Loss) | $ | (6,076 | ) | | (1.4)% | | | $ | 16,400 | | | 3.4% | |
| | | | | | | |
Earnings Per Share of Common Stock: | | | | | | | |
Basic | $ | (0.24 | ) | | | | $ | 0.66 | | | |
Diluted | $ | (0.24 | ) | | | | $ | 0.65 | | | |
Average Number of Shares Outstanding: | | | | | | | |
Basic | | 25,118 | | | | | | 24,898 | | | |
Diluted | | 25,118 | | | | | | 25,067 | | | |
| | | | | | | |
(Unaudited) | Nine Months Ended |
(Amounts in Thousands, except Per Share Data) | March 31, 2024 | | March 31, 2023 |
Net Sales | $ | 1,284,352 | | | 100.0% | | | $ | 1,327,288 | | | 100.0% | |
Cost of Sales | | 1,180,833 | | | 91.9% | | | | 1,220,804 | | | 92.0% | |
Gross Profit | | 103,519 | | | 8.1% | | | | 106,484 | | | 8.0% | |
Selling and Administrative Expenses | | 50,736 | | | 4.0% | | | | 50,204 | | | 3.8% | |
Other General Expense (Income) | | (892 | ) | | (0.1)% | | | | — | | | —% | |
Restructuring Expense | | 1,622 | | | 0.1% | | | | — | | | —% | |
Goodwill Impairment | | 5,820 | | | 0.5% | | | | — | | | —% | |
Asset Impairment | | 16,564 | | | 1.3% | | | | — | | | —% | |
Operating Income | | 29,669 | | | 2.3% | | | | 56,280 | | | 4.2% | |
Interest Income | | 483 | | | —% | | | | 88 | | | —% | |
Interest Expense | | (17,459 | ) | | (1.4)% | | | | (10,790 | ) | | (0.8)% | |
Non-Operating Income (Expense), net | | (959 | ) | | —% | | | | 2,659 | | | 0.2% | |
Other Income (Expense), net | | (17,935 | ) | | (1.4)% | | | | (8,043 | ) | | (0.6)% | |
Income Before Taxes on Income | | 11,734 | | | 0.9% | | | | 48,237 | | | 3.6% | |
Provision for Income Taxes | | (1,234 | ) | | (0.1)% | | | | 11,608 | | | 0.8% | |
Net Income | $ | 12,968 | | | 1.0% | | | $ | 36,629 | | | 2.8% | |
| | | | | | | |
Earnings Per Share of Common Stock: | | | | | | | |
Basic | $ | 0.52 | | | | | $ | 1.47 | | | |
Diluted | $ | 0.51 | | | | | $ | 1.46 | | | |
| | | | | | | |
Average Number of Shares Outstanding: | | | | | | | |
Basic | | 25,084 | | | | | | 24,868 | | | |
Diluted | | 25,263 | | | | | | 25,031 | | | |
Condensed Consolidated Statements of Cash Flows | Nine Months Ended |
(Unaudited) | March 31, |
(Amounts in Thousands) | 2024 | | 2023 |
Net Cash Flow provided by (used for) Operating Activities | $ | 24,717 | | | $ | (57,885) | |
Net Cash Flow used for Investing Activities | | (37,702 | ) | | | (66,497) | |
Net Cash Flow provided by Financing Activities | | 36,571 | | | | 107,148 | |
Effect of Exchange Rate Change on Cash, Cash Equivalents, and Restricted Cash | | (113 | ) | | | (294) | |
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | | 23,473 | | | | (17,528) | |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | | 43,864 | | | | 49,851 | |
Cash, Cash Equivalents, and Restricted Cash at End of Period | $ | 67,337 | | | $ | 32,323 | |
| (Unaudited) | | |
Condensed Consolidated Balance Sheets | March 31,
2024 | | June 30,
2023 |
(Amounts in Thousands) |
ASSETS | | | |
Cash and cash equivalents | $ | 65,208 | | | $ | 42,955 | |
Receivables, net | | 277,894 | | | | 308,167 | |
Contract assets | | 76,073 | | | | 78,798 | |
Inventories | | 396,199 | | | | 450,319 | |
Prepaid expenses and other current assets | | 43,018 | | | | 49,188 | |
Assets held for sale | | 29,619 | | | | — | |
Property and Equipment, net | | 273,823 | | | | 267,684 | |
Goodwill | | 6,191 | | | | 12,011 | |
Other Intangible Assets, net | | 3,197 | | | | 12,335 | |
Other Assets | | 89,606 | | | | 38,262 | |
Total Assets | $ | 1,260,828 | | | $ | 1,259,719 | |
| | | |
LIABILITIES AND SHARE OWNERS' EQUITY | | | |
Current portion of borrowings under credit facilities | $ | 84,618 | | | $ | 46,454 | |
Accounts payable | | 248,174 | | | | 322,274 | |
Advances from customers | | 36,099 | | | | 33,905 | |
Accrued expenses | | 59,621 | | | | 72,515 | |
Liabilities held for sale | | 9,369 | | | | — | |
Long-term debt under credit facilities, less current portion | | 235,000 | | | | 235,000 | |
Long-term income taxes payable | | 3,255 | | | | 5,859 | |
Other long-term liabilities | | 45,631 | | | | 19,718 | |
Share Owners' Equity | | 539,061 | | | | 523,994 | |
Total Liabilities and Share Owners' Equity | $ | 1,260,828 | | | $ | 1,259,719 | |
Other Financial Metrics |
(Unaudited) |
(Amounts in Millions, except CCD) |
| At or For the | | | | |
| Three Months Ended | | Nine Months Ended |
| March 31, | | March 31, |
| 2024 | | 2023 | | 2024 | | 2023 |
Depreciation and Amortization | $ | 10.5 | | | $ | 8.2 | | | $ | 28.5 | | | $ | 23.8 | |
Stock-Based Compensation | $ | 1.8 | | | $ | 2.0 | | | $ | 5.4 | | | $ | 5.4 | |
Cash Conversion Days (CCD) (1) | | 110 | | | | 92 | | | | | |
Open Orders (2) | $ | 831 | | | $ | 882 | | | | | |
(1) | | Cash Conversion Days ("CCD") are calculated as the sum of Days Sales Outstanding plus Contract Asset Days plus Production Days Supply on Hand less Accounts Payable Days and less Advances from Customers Days. CCD, or a similar metric, is used in our industry and by our management to measure the efficiency of managing working capital. |
(2) | | Open Orders are the aggregate sales price of production pursuant to unfulfilled customer orders. |
Select Financial Results of Automation, Test & Measurement |
(Unaudited) |
(Amounts in Millions) |
| Three Months Ended | | Nine Months Ended |
| March 31, | | March 31, |
| 2024 | | 2023 | | 2024 | | 2023 |
Net Sales | $ | 8.1 | | | $ | 16.8 | | | $ | 30.9 | | | $ | 40.6 | |
Operating Income (Loss) (1) | $ | (25.4 | ) | | $ | 1.6 | | | $ | (24.3 | ) | | $ | 0.1 | |
(1) | | Includes goodwill impairment of $5.8 million and asset impairment of $16.6 million for the three and nine months ended March 31, 2024. Also includes allocated corporate overhead expenses. |
Reconciliation of Non-GAAP Financial Measures |
(Unaudited) |
(Amounts in Thousands, except Per Share Data) |
| Three Months Ended | | Nine Months Ended |
| March 31, | | March 31, |
| 2024 | | 2023 | | 2024 | | 2023 |
Net Sales Growth (vs. same period in prior year) | | (12 | )% | | | 32 | % | | | (3 | )% | | | 36% | |
Foreign Currency Exchange Impact | | — | % | | | (2 | )% | | | — | % | | | (4)% | |
Constant Currency Growth | | (12 | )% | | | 34 | % | | | (3 | )% | | | 40% | |
| | | | | | | |
Selling and Administrative Expenses, as reported | $ | 16,861 | | | $ | 17,752 | | | $ | 50,736 | | | $ | 50,204 | |
SERP | | (277 | ) | | | (353 | ) | | | (584 | ) | | | (458) | |
Adjusted Selling and Administrative Expenses | $ | 16,584 | | | $ | 17,399 | | | $ | 50,152 | | | $ | 49,746 | |
| | | | | | | |
Operating Income (Loss), as reported | $ | (6,431 | ) | | $ | 25,220 | | | $ | 29,669 | | | $ | 56,280 | |
SERP | | 277 | | | | 353 | | | | 584 | | | | 458 | |
Legal Settlements (Recovery) | | (892 | ) | | | — | | | | (892 | ) | | | — | |
Restructuring Expense | | 1,622 | | | | — | | | | 1,622 | | | | — | |
Goodwill Impairment | | 5,820 | | | | — | | | | 5,820 | | | | — | |
Asset Impairment | | 16,564 | | | | — | | | | 16,564 | | | | — | |
Adjusted Operating Income | $ | 16,960 | | | $ | 25,573 | | | $ | 53,367 | | | $ | 56,738 | |
| | | | | | | |
Net Income (Loss), as reported | $ | (6,076 | ) | | $ | 16,400 | | | $ | 12,968 | | | $ | 36,629 | |
Adjustments After Measurement Period on GES Acquisition | | — | | | | — | | | | — | | | | 279 | |
Legal Settlements (Recovery), After-Tax | | (676 | ) | | | — | | | | (676 | ) | | | — | |
Restructuring Expense, After-Tax | | 1,230 | | | | — | | | | 1,230 | | | | — | |
Goodwill Impairment, After-Tax | | 4,414 | | | | — | | | | 4,414 | | | | — | |
Asset Impairment, After-Tax | | 9,549 | | | | — | | | | 9,549 | | | | — | |
Adjusted Net Income | $ | 8,441 | | | $ | 16,400 | | | $ | 27,485 | | | $ | 36,908 | |
| | | | | | | |
Diluted Earnings per Share, as reported | $ | (0.24 | ) | | $ | 0.65 | | | $ | 0.51 | | | $ | 1.46 | |
Adjustments After Measurement Period on GES Acquisition | | — | | | | — | | | | — | | | | 0.01 | |
Legal Settlements (Recovery) | | (0.03 | ) | | | — | | | | (0.03 | ) | | | — | |
Restructuring Expense | | 0.05 | | | | — | | | | 0.05 | | | | — | |
Goodwill Impairment | | 0.18 | | | | — | | | | 0.18 | | | | — | |
Asset Impairment | | 0.38 | | | | — | | | | 0.38 | | | | — | |
Adjusted Diluted Earnings per Share | $ | 0.34 | | | $ | 0.65 | | | $ | 1.09 | | | $ | 1.47 | |
| | | | | | | |
| | | Twelve Months Ended |
| | | March 31, |
| | | | | | 2024 | | | | 2023 | |
Operating Income | | | | | $ | 61,118 | | | $ | 76,858 | |
Goodwill Impairment | | | | | | 5,820 | | | | — | |
SERP | | | | | | 827 | | | | (701) | |
Legal Recovery | | | | | | (1,104 | ) | | | — | |
Restructuring Expense | | | | | | 1,622 | | | | — | |
Asset Impairment | | | | | | 16,564 | | | | — | |
Adjusted Operating Income (non-GAAP) | | | | | $ | 84,847 | | | $ | 76,157 | |
Tax Effect | | | | | | 19,947 | | | | 20,375 | |
After-tax Adjusted Operating Income | | | | | $ | 64,900 | | | $ | 55,782 | |
Average Invested Capital (1) | | | | | $ | 783,059 | | | $ | 659,911 | |
ROIC | | | | | | 8.3 | % | | | 8.5% | |
(1) | | Average invested capital is computed using Share Owners' equity plus current and non-current debt less cash and cash equivalents averaged for the last five quarters. |
Andrew D. Regrut
Vice President, Investor Relations
812.827.4151
Investor.Relations@kimballelectronics.com
インディアナ州ジャスパー。--(BUSINESS WIRE)--キンボールエレクトロニクス株式会社（ナスダック：KE）は本日、2024年度第3四半期の決算を発表しました。純売上高は4億2,500万ドル、純損失は610万ドル、つまり1株あたり0.24ドルです。この結果には、当社が売却する予定のオートメーション、テスト、計測事業の減損と、リストラ費用が含まれていますが、法的和解の回収により一部相殺されています。詳細な調整は、このリリースの後半で提供されます。
- これらの項目を除くと、2024年度第3四半期の調整後純利益は合計840万ドル、希薄化後1株当たり0.34ドル、調整後営業利益は1,700万ドル、純売上高の 4.0% でした。
- 当四半期の営業活動によるキャッシュフローは、在庫削減により4,260万ドルでした。
- 同社は、EMS事業への戦略的注力を強化し、コスト構造を短期的な需要動向に合わせています。
- 厳しい事業環境と資本支出の戦略的な削減に対応して、純売上高の見積もりを更新する一方で、2024年度の調整後営業利益に関するガイダンスを改めて示しました。
| 3 か月が終了 | | 9 か月が終了 |
|  3 月 31 日
| | 3 月 31 日 |
（金額は千単位、EPSを除く） | 2024 | | 2023 | | 2024 | | 2023 |
純売上高 | $ | 425,036 | | | $ | 484,703 | | | $ | 1,284,352 | | | $ | 1,327,288 | |
営業利益 | $ | (6,431) | ) | | $ | 25,220 | | | $ | 29,669 | | | $ | 56,280% | |
調整後営業利益（非GAAP） (1) | $ | 16,960 | | | $ | 25,573 | | | $ | 53,367 | | | $ | 56,738 | |
営業利益% | | (1.5 | )% | | | 5.2 | % | | | 2.3 | % | | | 4.2% | |
調整後営業利益（非GAAP）% | | 4.0 | % | | | 5.3 | % | | | 4.2 | % | | | 4.3% | |
純利益 (損失) | $ | (6,076) | ) | | $ | 16,400% | | | $ | 12,968 | | | $ | 36,629 | |
調整後純利益（非GAAP） (1) | $ | 8,441 | | | $ | 16,400% | | | $ | 27,485 | | | $ | 36,908 | |
希釈後のEPS | $ | (0.24 | ) | | $ | 0.65 | | | $ | 0.51 | | | $ | 1.46 | |
調整後の希薄化後EPS（非GAAP） (1) | $ | 0.34 | | | $ | 0.65 | | | $ | 1.09 | | | $ | 1.47 | |
| | | | | | | | | | | | | | | |
(1) GAAP財務指標と非GAAP財務指標の調整は以下のとおりです。 |
本日の発表について、最高経営責任者のリチャード・D・フィリップスは次のように述べています。「予想どおり、EMS業界の事業環境は依然として厳しい状況にあり、第3四半期の売上高は予想どおりに減少しました。最終市場が軟調に推移しているこの時期に、私たちは「コントロールできるものの管理」に注力し、コスト構造を短期的な需要動向に合わせて積極的に調整し、安定した営業利益率で競争力を維持し、運転資本の改善に注力してきました。」
フィリップス氏は続けます。「私たちは、戦略的焦点を絞り、収益性の高い成長と今後の業績の向上に向けて会社をさらに位置づけるために、有意義な措置を講じています。オートメーション、テスト、計測事業の売却が予定されているため、私たちのチームは中核となるEMS事業にさらに注力し、サポートすることができます。マクロの逆風は2025年度も続くと思われますが、今後18〜24か月間、新規事業に向けた堅調なファネルに支えられた長期的な成長機会への投資を継続し、成長、永続的な顧客関係、日和見的な自社株買いによる株式所有者への現金還元のバランスをとる資本配分戦略を展開しています。」
当社は、2024年度第3四半期に現金および現金同等物が6,520万ドル、クレジットファシリティの未払い借入が3億1,960万ドルでした。これには長期に分類される2億3,500万ドルと、利用可能な借入能力は1億1,740万ドルでした。第3四半期の資本支出は1,340万ドルでした。
2024年度第3四半期の垂直市場別の純売上高：
| 3 か月が終了 | | | | 9 か月が終了 | | |
| 3 月 31 日 | | | | 3 月 31 日 | | |
(金額 (百万単位) | 2024 | | * | | 2023 | | * | | パーセント
変更 | | 2024 | | * | | 2023 | | * | | パーセント
変更 |
自動車 (1) | $ | 202.0 | | | 47% | | | $ | 221.9 | | | 46% | | | (9)% | | | $ | 614.7 | | | 48% | | | $ | 615.3 | | | 46% | | | —% | |
医療 (1) | | 113.0 | | | 27% | | | | 135.5 | | | 28% | | | (17)% | | | | 323.5 | | | 25% | | | | 377.1 | | | 29% | | | (14)% | |
工業用 (1) | | 110.0 | | | 26% | | | | 127.3 | | | 26% | | | (14)% | | | | 346.2 | | | 27% | | | | 334.9 | | | 25% | | | 3% | |
総純売上 | $ | 425.0 | | | | | $ | 484.7 | | | | | (12)% | | | $ | 1,284.4 | | | | | $ | 1,327.3 | | | | | (3)% | |
| | | | | | | | | | | | | | | | | | | |
* 総純売上高に占める割合 |
(1) 2024会計年度から、以前に「その他」で報告されていたその他の売上が、それぞれのエンドマーケットの3つの業種で報告されるようになりました。それ以前のすべての期間は、現在の期間の表示に合わせて再構成されています |
|
— 自動車には、電子パワーステアリング、ボディコントロール、自動運転支援システム、電子ブレーキシステムが含まれます |
— 医療には、睡眠療法と呼吸治療、画像誘導療法、体外診断、ドラッグデリバリー、AED、患者モニタリングが含まれます |
— 産業には、気候制御、自動化制御、光学検査、および公共安全が含まれます |
2024会計年度のガイダンス
当社は、2024会計年度の調整後営業利益が純売上高の4.2％から4.6％になるという予想を改めて表明しました。現在の経済環境に対応して、純売上高は、以前の見積もりである2％から4％の減少と比較して、4％から6％減少すると予想されています。資本支出は、以前の予想では7,000万ドルから8,000万ドルでしたが、5,500万ドルから6,000万ドルの範囲になると推定されています。
将来の見通しに関する記述
このリリースに含まれる特定の記述は、1995年の民間証券訴訟改革法に基づき、2024会計年度のガイダンスを含め、将来の見通しに関するものと見なされています。これらの発言は、「期待する」、「すべき」、「目標」、「予測」、「意志」、「未来」、「楽観的」、「自信がある」、「信じる」などの言葉を使用して識別できます。これらの将来の見通しに関する記述に過度に依存するべきではありません。これらの記述は、将来の出来事に対する現在の予想に基づいているため、本質的に不確実性の影響を受けやすいです。基礎となる仮定が不正確であることが判明した場合、または既知または未知のリスクや不確実性が実現した場合、実際の結果は当社の予想や予測と大きく異なる可能性があります。これらの将来の見通しに関する記述は、世界的な経済状況、ウクライナ戦争などの地政学的環境と紛争、世界的な健康上の緊急事態、原材料や部品の入手可能性またはコスト、為替レートの変動、新しいビジネスチャンスを顧客と収益に転換する当社の能力などを含むがこれらに限定されないリスクと不確実性の影響を受けます。会社の将来の業績に影響を与える可能性のあるその他のリスク要因に関するその他の注意事項は、2023年6月30日までの年度のForm 10-Kの年次報告書に含まれています。
非GAAPベースの財務指標
このプレスリリースには、非GAAP財務指標が含まれています。ここに含まれる非GAAP財務指標には、固定通貨成長、調整後営業利益、調整後純利益、調整希薄化後EPS、およびROICが含まれます。報告されたGAAP数値とこれらの非GAAP財務指標との調整は、以下の「非GAAP財務指標の調整」セクションに含まれています。経営陣は、これらの指標は有用であり、投資家が会社の中核事業の業績を有意義に傾向、分析、ベンチマークすることを可能にすると考えています。会社の非GAAP財務指標は、必ずしも他の企業が使用している非GAAP情報と比較できるわけではありません。
キンボール・エレクトロニクス社について
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キンボール・エレクトロニクスの詳細については、次のサイトをご覧ください。
電話会議/ウェブキャスト |
| | |
日付: | | 2024年5月8日 |
時間: | | 東部標準時の午前 10:00 |
ライブ・ウェブキャスト: | | investors.kimballelectronics.com/イベントとプレゼンテーション/イベント |
ダイヤルイン番号: | | 404-975-4839（その他の場所-833-470-1428） |
カンファレンス ID: | | 889032 |
ライブWebキャストに参加できない方のために、電話会議はinvestors.kimballelectronics.comにアーカイブされます。
永続的な関係。グローバルな成功。
2024年3月31日に終了した第3四半期および年初来の財務ハイライトは次のとおりです。
要約連結損益計算書 |
(未監査) | 3 か月が終了 |
（千単位の金額、1株当たりのデータを除く） | 2024年3月31日 | | 2023年3月31日 |
純売上高 | $ | 425,036 | | | 100.0% | | | $ | 484,703 | | | 100.0% | |
売上原価 | | 391,492 | | | 92.1% | | | | 441,731 | | | 91.1% | |
売上総利益 | | 33,544です | | | 7.9% | | | | 42,972 | | | 8.9% | |
販売費および管理費 | | 16,861 | | | 3.9% | | | | 17,752 | | | 3.7% | |
その他の一般費用（収入） | | (892) | ) | | (0.2)% | | | | — | | | —% | |
リストラ費用 | | 1,622です | | | 0.4% | | | | — | | | —% | |
のれん減損 | | 5,820 | | | 1.4% | | | | — | | | —% | |
資産減損 | | 16,564 | | | 3.9% | | | | — | | | —% | |
営業利益 (損失) | | (6,431) | ) | | (1.5)% | | | | 25,220 | | | 5.2% | |
利息収入 | | 83 | | | —% | | | | 45 | | | —% | |
支払利息 | | (5,875) | ) | | (1.4)% | | | | (4,822) | ) | | (1.0)% | |
営業外収益（費用）、純額 | | (530) | ) | | (0.1)% | | | | 1,433 | | | 0.3% | |
その他の収益（費用）、純額 | | (6,322) | ) | | (1.5)% | | | | (3,344) | ) | | (0.7)% | |
所得に対する税引前利益 | | (12,753) | ) | | (3.0)% | | | | 21,876 | | | 4.5% | |
所得税引当金 | | (6,677) | ) | | (1.6)% | | | | 5,476 | | | 1.1% | |
純利益 (損失) | $ | (6,076) | ) | | (1.4)% | | | $ | 16,400% | | | 3.4% | |
| | | | | | | |
普通株式の1株当たり利益： | | | | | | | |
ベーシック | $ | (0.24 | ) | | | | $ | 0.66 | | | |
希釈 | $ | (0.24 | ) | | | | $ | 0.65 | | | |
発行済株式の平均数： | | | | | | | |
ベーシック | | 25,118 | | | | | | 24,898 | | | |
希釈 | | 25,118 | | | | | | 25,067 | | | |
| | | | | | | |
(未監査) | 9 か月が終了 |
（千単位の金額、1株当たりのデータを除く） | 2024年3月31日 | | 2023年3月31日 |
純売上高 | $ | 1,284,352 | | | 100.0% | | | $ | 1,327,288 | | | 100.0% | |
売上原価 | | 1,180,833 | | | 91.9％ | | | | 1,220,804 | | | 92.0% | |
売上総利益 | | 103,519 | | | 8.1% | | | | 106,484 | | | 8.0% | |
販売費および管理費 | | 50,736 | | | 4.0% | | | | 50,204 | | | 3.8% | |
その他の一般費用（収入） | | (892) | ) | | (0.1)% | | | | — | | | —% | |
リストラ費用 | | 1,622です | | | 0.1% | | | | — | | | —% | |
のれん減損 | | 5,820 | | | 0.5% | | | | — | | | —% | |
資産減損 | | 16,564 | | | 1.3% | | | | — | | | —% | |
営業利益 | | 29,669 | | | 2.3% | | | | 56,280% | | | 4.2% | |
利息収入 | | 483 | | | —% | | | | 88 | | | —% | |
支払利息 | | (17,459) | ) | | (1.4)% | | | | (10,790) | ) | | (0.8)% | |
営業外収益（費用）、純額 | | (959) | ) | | —% | | | | 2,659 | | | 0.2% | |
その他の収益（費用）、純額 | | (17,935) | ) | | (1.4)% | | | | (8,043 | ) | | (0.6)% | |
所得に対する税引前利益 | | 11,734 | | | 0.9% | | | | 48,237 | | | 3.6% | |
所得税引当金 | | (1,234) | ) | | (0.1)% | | | | 11,608 | | | 0.8% | |
純利益 | $ | 12,968 | | | 1.0% | | | $ | 36,629 | | | 2.8% | |
| | | | | | | |
普通株式の1株当たり利益： | | | | | | | |
ベーシック | $ | 0.52 | | | | | $ | 1.47 | | | |
希釈 | $ | 0.51 | | | | | $ | 1.46 | | | |
| | | | | | | |
発行済株式の平均数： | | | | | | | |
ベーシック | | 25,084 | | | | | | 24,868 | | | |
希釈 | | 25,263 | | | | | | 25,031 | | | |
要約連結キャッシュフロー計算書 | 9 か月が終了 |
(未監査) | 3 月 31 日 |
(千単位の金額) | 2024 | | 2023 |
営業活動によって提供される（使用される）純キャッシュフロー | $ | 24,717です | | | $ | (57,885) | |
投資活動に使用された純キャッシュフロー | | (37,702 | ) | | | (66,497) | |
財務活動によって提供されるネットキャッシュフロー | | 36,571 | | | | 107,148 | |
現金、現金同等物、制限付現金に対する為替レート変動の影響 | | (113) | ) | | | (294) | |
現金、現金同等物、制限付現金の純増額（減少） | | 23,473 | | | | (17,528) | |
期初の現金、現金同等物、制限付現金 | | 43,864 | | | | 49,851 | |
期末の現金、現金同等物、制限付現金 | $ | 67,337 | | | $ | 32,323 | |
| (未監査) | | |
要約連結貸借対照表 | 3 月 31 日
2024 | | 6月30日
2023 |
(千単位の金額) |
資産 | | | |
現金および現金同等物 | $ | 65,208 | | | $ | 42,955 | |
売掛金、純額 | | 277,894 | | | | 308,167 | |
契約資産 | | 76,073 | | | | 78,798 | |
インベントリ | | 396,199 | | | | 450,319 | |
前払費用およびその他の流動資産 | | 43,018 | | | | 49,188 | |
売却目的で保有されている資産 | | 29,619 | | | | — | |
資産および設備、純額 | | 273,823 | | | | 267,684 | |
グッドウィル | | 6,191 | | | | 12,011 | |
その他の無形資産、純額 | | 3,197 | | | | 12,335 | |
その他の資産 | | 89,606 | | | | 38,262 | |
総資産 | $ | 1,260,828 | | | $ | 1,259,719 | |
| | | |
負債と株式所有者' エクイティ | | | |
クレジットファシリティに基づく現在の借入額 | $ | 84,618 | | | $ | 46,454 | |
買掛金 | | 248,174 | | | | 322,274 | |
顧客からの前払金 | | 36,099 | | | | 33,905 | |
未払費用 | | 59,621 | | | | 72,515 | |
売却目的で保有されている負債 | | 9,369 | | | | — | |
クレジットファシリティに基づく長期負債、流動部分を差し引いたもの | | 235,000 | | | | 235,000 | |
長期所得税の支払い | | 3,255 | | | | 5,859 | |
その他の長期負債 | | 45,631 | | | | 19,718 | |
株式所有者の株式 | | 539,061 | | | | 523,994 | |
負債総額と株主資本 | $ | 1,260,828 | | | $ | 1,259,719 | |
その他の財務指標 |
(未監査) |
（金額は百万単位、CCDを除く） |
| で、または | | | | |
| 3 か月が終了 | | 9 か月が終了 |
| 3 月 31 日 | | 3 月 31 日 |
| 2024 | | 2023 | | 2024 | | 2023 |
減価償却と償却 | $ | 10.5 | | | $ | 8.2 | | | $ | 28.5 | | | $ | 23.8 | |
株式ベースの報酬 | $ | 1.8 | | | $ | 2.0 | | | $ | 5.4 | | | $ | 5.4 | |
現金換算日数（CCD） (1) | | 110 | | | | 92 | | | | | |
オープンオーダー (2) | $ | 831 | | | $ | 882 | | | | | |
(1) | | 現金換算日数（「CCD」）は、未払い売上日数+契約資産日数+製造日数+手持ち在庫日数から買掛金日数を差し引き、顧客日数を差し引いて計算されます。CCD、または同様の指標は、運転資金管理の効率性を測定するために、私たちの業界や経営陣によって使用されています。 |
(2) | | 未処理注文は、未出荷の顧客注文に基づく生産品の総販売価格です。 |
自動化、テスト、測定の財務結果を選択してください |
(未監査) |
(金額 (百万単位) |
| 3 か月が終了 | | 9 か月が終了 |
| 3 月 31 日 | | 3 月 31 日 |
| 2024 | | 2023 | | 2024 | | 2023 |
純売上高 | $ | 8.1 | | | $ | 16.8 | | | $ | 30.9 | | | $ | 40.6 | |
営業利益 (損失) (1) | $ | (25.4 | ) | | $ | 1.6 | | | $ | (24.3 | ) | | $ | 0.1 | |
(1) | | 2024年3月31日に終了した3か月と9か月間の580万ドルののれん減損と1,660万ドルの資産減損が含まれます。配分された企業諸経費も含まれます。 |
非GAAP財務指標の調整 |
(未監査) |
（千単位の金額、1株当たりのデータを除く） |
| 3 か月が終了 | | 9 か月が終了 |
| 3 月 31 日 | | 3 月 31 日 |
| 2024 | | 2023 | | 2024 | | 2023 |
純売上高の伸び率（前年同期比） | | (12) | )% | | | 32 | % | | | (3) | )% | | | 36% | |
外貨両替の影響 | | — | % | | | (2) | )% | | | — | % | | | (4)% | |
絶え間ない通貨成長 | | (12) | )% | | | 34 | % | | | (3) | )% | | | 40% | |
| | | | | | | |
報告どおり、販売費と管理費 | $ | 16,861 | | | $ | 17,752 | | | $ | 50,736 | | | $ | 50,204 | |
SERP | | (277) | ) | | | (353) | ) | | | (584) | ) | | | (458) | |
調整後の販売費と管理費 | $ | 16,584 | | | $ | 17,399% | | | $ | 50,152 | | | $ | 49,746 | |
| | | | | | | |
報告どおり、営業利益（損失） | $ | (6,431) | ) | | $ | 25,220 | | | $ | 29,669 | | | $ | 56,280% | |
SERP | | 277 | | | | 353 | | | | 584 | | | | 458 | |
法的和解（回復） | | (892) | ) | | | — | | | | (892) | ) | | | — | |
リストラ費用 | | 1,622です | | | | — | | | | 1,622です | | | | — | |
のれん減損 | | 5,820 | | | | — | | | | 5,820 | | | | — | |
資産減損 | | 16,564 | | | | — | | | | 16,564 | | | | — | |
調整後営業利益 | $ | 16,960 | | | $ | 25,573 | | | $ | 53,367 | | | $ | 56,738 | |
| | | | | | | |
報告どおりの純利益（損失） | $ | (6,076) | ) | | $ | 16,400% | | | $ | 12,968 | | | $ | 36,629 | |
GES取得時の測定期間後の調整 | | — | | | | — | | | | — | | | | 279 | |
法的和解（回収）、税引き後 | | (676) | ) | | | — | | | | (676) | ) | | | — | |
リストラ費用、税引き後 | | 1,230 | | | | — | | | | 1,230 | | | | — | |
のれん減損、税引き後 | | 4,414 | | | | — | | | | 4,414 | | | | — | |
資産減損、税引き後 | | 9,549 | | | | — | | | | 9,549 | | | | — | |
調整後純利益 | $ | 8,441 | | | $ | 16,400% | | | $ | 27,485 | | | $ | 36,908 | |
| | | | | | | |
報告どおり、希薄化後の1株当たり利益 | $ | (0.24 | ) | | $ | 0.65 | | | $ | 0.51 | | | $ | 1.46 | |
GES取得時の測定期間後の調整 | | — | | | | — | | | | — | | | | 0.01 | |
法的和解（回復） | | (0.03) | ) | | | — | | | | (0.03) | ) | | | — | |
リストラ費用 | | 0.05 | | | | — | | | | 0.05 | | | | — | |
のれん減損 | | 0.18 | | | | — | | | | 0.18 | | | | — | |
資産減損 | | 0.38 | | | | — | | | | 0.38 | | | | — | |
調整後の希薄化後の1株当たり利益 | $ | 0.34 | | | $ | 0.65 | | | $ | 1.09 | | | $ | 1.47 | |
| | | | | | | |
| | | 12 か月が終了 |
| | | 3 月 31 日 |
| | | | | | 2024 | | | | 2023 | |
営業利益 | | | | | $ | 61,118 | | | $ | 76,858 | |
のれん減損 | | | | | | 5,820 | | | | — | |
SERP | | | | | | 827 | | | | (701) | |
法的回復 | | | | | | (1,104) | ) | | | — | |
リストラ費用 | | | | | | 1,622です | | | | — | |
資産減損 | | | | | | 16,564 | | | | — | |
調整後営業利益（非GAAP） | | | | | $ | 84,847 | | | $ | 76,157 | |
税効果 | | | | | | 19,947 | | | | 20,375です | |
税引き後の調整後営業利益 | | | | | $ | 64,900 | | | $ | 55,782 | |
平均投資資本 (1) | | | | | $ | 783,059 | | | $ | 659,911 | |
ロイック | | | | | | 8.3 | % | | | 8.5% | |
(1) | | 平均投資資本は、株式所有者の自己資本と流動負債と非流動負債から、過去5四半期の平均の現金および現金同等物を差し引いて計算されます。 |
アンドリュー・D・レグルト
投資家向け広報担当副社長
812.827.4151
Investor.Relations@kimballelectronics.com
