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Key Tronic Corporation (KTCC) delivers electronic manufacturing services (EMS) and precision engineering solutions to global OEMs. This news hub provides investors and industry professionals with direct access to the company's official communications and market developments.
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Key Tronic (KTCC) reported Q4 fiscal 2024 results, with revenue of $125.7 million, down from $162.6 million in Q4 2023. Full-year 2024 revenue was $559.4 million, compared to $588.1 million in 2023. Despite a cybersecurity incident causing $15 million in unfulfilled orders and $2.3 million in additional expenses, the company improved its gross margin to 9.0% in Q4. Net income for Q4 was $0.0 million or $0.00 per share, compared to $1.1 million or $0.10 per share in Q4 2023. For fiscal 2025's first quarter, Key Tronic expects revenue between $140-150 million and earnings of $0.10-$0.20 per diluted share.
Key Tronic (Nasdaq: KTCC) has announced its plans to report the fourth quarter and year-end financial results for fiscal 2024 after market close on August 13, 2024. The company will host a conference call to discuss these results at 2:00 PM Pacific (5:00 PM Eastern) on the same day. Investors and interested parties can access the conference call through the company's website at www.keytronic.com under 'Investor Relations' or by calling specific phone numbers. A replay of the call will also be available on the company's website.
Key Tronic (Nasdaq: KTCC) announced preliminary results for Q4 FY2024, impacted by a cybersecurity incident on May 6, 2024. The incident caused disruptions at Mexico and U.S. sites, resulting in $2.3 million additional expenses and an estimated $15 million revenue loss. Key Tronic expects to report Q4 revenue of $125 million and a net loss of $0.00 per share, below previous guidance. The company anticipates a rebound in Q1 FY2025, projecting revenue between $140-$150 million and earnings of $0.10-$0.20 per diluted share. Operational efficiencies from headcount reductions and a favorable weakening of the Mexican Peso are expected to contribute to the recovery.
Key Tronic (Nasdaq: KTCC) announced that Craig D. Gates, the retiring President and CEO, will transition to the role of technical advisor effective June 30, 2024. Gates will provide technical advice and support to incoming President and CEO, Brett R. Larsen, and will continue as a member of the Board of Directors. Gates expressed his commitment to Key Tronic's future by maintaining his stock ownership and board membership. He emphasized his confidence in Brett Larsen's leadership and the company's preparedness for the leadership transition.
Key Tronic reported total revenue of $140.5 million for the third quarter of fiscal year 2024, compared to $164.6 million in the same period of fiscal year 2023, impacted by severe weather events and softening demand in Mexico.
The Company's margins and profitability were significantly impacted by severance costs, high labor costs, and interest expense, resulting in a gross margin of 5.8% and an operating margin loss of (0.4)%.
Net loss was $(2.2) million or $(0.21) per share for the quarter, compared to net income of $2.0 million or $0.18 per share in 2023.
Key Tronic expects fourth-quarter revenue in the range of $135 million to $145 million, with earnings between $0.03 to $0.10 per diluted share.
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