Key Tronic Corporation reports developments as a Nasdaq-listed electronic manufacturing services provider and contract manufacturer for original equipment manufacturers. Its updates center on quarterly and annual operating results, reporting dates, gross margin trends, customer demand, new program launches and program wins across engineering, materials management, assembly, in-house testing and distribution services.
The company’s news also covers manufacturing-footprint decisions in the United States, Mexico and Vietnam, tariff-related operating conditions, cost-reduction actions, capital-structure disclosures and annual meeting timing. Business updates commonly connect revenue trends and margins to customer order patterns, turnkey and consigned materials programs, and the company’s role in outsourced electronic and mechanical manufacturing.
Key Tronic (KTCC) has announced preliminary results for Q2 FY2025, expecting revenue of approximately $114 million and a net loss of $0.40-$0.48 per share, both below previous guidance. The underperformance is attributed to unexpected component shortages, lower holiday season production, and reduced customer demand, resulting in a $15 million revenue shortfall.
The company anticipates reporting $1.0 million in write-offs related to debt refinancing. However, KTCC expects recovery in Q3 FY2025, projecting revenue between $115-130 million and earnings of $0.00-$0.15 per diluted share. The company is implementing efficiency measures, including headcount reductions, while securing new aerospace and energy resiliency programs.
Key Tronic (Nasdaq: KTCC) has secured new financing arrangements with Bank of Montreal and Callodine Commercial Finance, extending through December 2029. The combined financing provides up to $143 million in availability, subject to borrowing base and other limitations. This new agreement replaces the existing asset-based credit line with Bank of America, which was due to expire in December 2025.
The company expects to write off approximately $0.9 million in unamortized capitalized loan fees. According to CFO Tony Voorhees, the new financing is expected to enhance working capital access, lower interest expenses, and provide greater financial flexibility to support long-term growth plans.
Key Tronic (KTCC) reported Q1 FY2025 results with revenue of $131.6 million, down from $150.1 million in Q1 FY2024. Despite revenue decline due to program delays, the company showed improved profitability with gross margins of 10.1% and operating margins of 3.4%. Net income reached $1.1 million ($0.10 per share), up from $0.3 million. Mexico facilities production increased 10% sequentially, benefiting from headcount reductions and favorable peso exchange rates. The company won new programs in manufacturing equipment, vehicle lighting, and pest control. For Q2 FY2025, Key Tronic expects revenue between $130-140 million with earnings of $0.05-0.15 per share.
Key Tronic (Nasdaq: KTCC) has announced it will release its first quarter fiscal 2025 financial results after market close on November 5, 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 can access the conference call through the company's website under the Investor Relations section or by calling the provided phone numbers with access code 7268667. A replay of the call will be available on the company's website.
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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