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Kimball Electronics, Inc. reports developments as a global manufacturer offering Electronics Manufacturing Services and Contract Manufacturing Organization solutions. The company serves automotive, medical, industrial, and public safety markets, including safety-critical electronic assemblies for automotive customers and medical CMO manufacturing services.
Company news commonly covers quarterly operating results, sales trends by vertical market, margin and cash-flow commentary, financial guidance, manufacturing capacity updates, sustainability reporting, leadership and governance matters, and participation in investor conferences. Kimball Electronics operates through business units in the United States, China, Mexico, Poland, Romania, and Thailand.
Kimball Electronics (Nasdaq: KE) has announced a shift to a virtual-only 2020 Annual Meeting due to the ongoing COVID-19 pandemic. The meeting is scheduled for November 10, 2020, at 9:00 A.M. EST. Share Owners as of the record date September 8, 2020, are eligible to participate and vote. Attendees must enter a 16-digit control number to join the webcast. Voting is encouraged in advance, though allowed during the meeting. The company emphasizes its commitment to a high-performance culture and offers diverse manufacturing solutions globally.
Kimball Electronics (NASDAQ: KE) has appointed Douglas A. Hass as Associate General Counsel and Assistant Secretary, effective immediately. Previously serving as General Counsel for Lifeway Foods, Mr. Hass brings extensive legal expertise and a decade of experience in the technology sector. John Kahle, VP and General Counsel, noted that Mr. Hass's leadership skills are crucial as the company continues to grow since becoming a public entity in 2014. Kimball Electronics operates globally, providing manufacturing solutions across various industries, focusing on quality and ethical behavior.
Kimball Electronics reported its fourth-quarter financial results for fiscal year 2020, revealing net sales of $286 million, a decline of 10% year-over-year. The company experienced a net loss of $1.3 million, which includes a non-cash goodwill impairment charge of $6.9 million. However, adjusted net income was $8.5 million, with a loss per share of $0.05 and an adjusted diluted EPS of $0.34. The company generated robust operating cash flows of $21.5 million.
Sales in the medical vertical surged 23% year-over-year, while automotive sales fell 43% due to COVID-19 disruptions.
Kimball Electronics (NASDAQ: KE) will report its Q4 fiscal year 2020 financial results on August 18, 2020, post-market. A conference call to discuss these results is scheduled for August 19, 2020, at 10:00 a.m. ET. Interested parties can join via telephone or online webcast. The call will also be archived for later access. Kimball Electronics is a leading provider of manufacturing solutions for various industries, operating globally in multiple countries.
Kimball Electronics, Inc. (NASDAQ: KE) announced internal promotions aimed at accelerating its strategic growth on June 30, 2020. Effective July 1, Steve Korn has been appointed President of Global Electronics Manufacturing Services (EMS) Operations, while Lee Kemper becomes Vice President of Diversified Contract Manufacturing Services (DCMS). CEO Donald D. Charron highlighted their leadership and contributions, noting Korn's role in achieving over $1 billion in sales. The restructuring consolidates operations under Korn to enhance the company's focus on its core EMS business and Industry 4.0 strategy.
Kimball Electronics (NASDAQ: KE) reported third-quarter net sales of $294 million, down 6% year-over-year. The company posted a net income of $6.3 million with diluted earnings per share (EPS) of $0.25. Cash flows from operations were strong at $12.0 million, improving from a cash outflow of $14.6 million in the same quarter last year. They experienced a decline in sales across several verticals, particularly a 12% drop in medical sales, but anticipate increased demand for medical assemblies related to respiratory care. The company reported a return on invested capital of 7.1%.