Welcome to our dedicated page for Key Tronic news (Ticker: KTCC), a resource for investors and traders seeking the latest updates and insights on Key Tronic stock.
Key Tronic Corporation (NASDAQ: KTCC) is an electronic manufacturing services (EMS) and contract manufacturing company that regularly reports on its financial performance, customer program wins and manufacturing footprint. This news page aggregates company announcements, earnings releases and other updates that the company files or distributes through press releases and SEC current reports.
In its recent communications, Key Tronic has highlighted quarterly and annual financial results, including net sales, gross margin and operating margin trends, as well as the impact of cost reduction initiatives and headcount changes. The company also reports on cash flow from operations, debt levels and non-GAAP measures such as adjusted net income (loss) and adjusted net income (loss) per share, providing reconciliations to GAAP figures.
Beyond earnings, Key Tronic’s news often covers new customer programs and contracts in areas such as pest control, personal protection, air purification, automotive, telecommunications, energy storage, aerospace systems, medical technology, utilities inspection equipment, temperature-controlled shipping solutions and energy resiliency technology. The company has announced a significant manufacturing contract with an energy resilience technology provider and a consigned materials program with a large data processing OEM, which it expects to be meaningful to revenue once fully ramped.
Another recurring theme in Key Tronic’s news is its manufacturing expansion and near-shoring strategy. The company has issued releases about expanding production capacity in Arkansas and Vietnam, shifting operations into a larger facility in Springdale, Arkansas, and right-sizing its Mexico facility to address tariff-related uncertainties and customer demand for rebalanced contract manufacturing.
Investors and followers of KTCC can use this news feed to monitor earnings announcements, program wins, facility expansions, cost structure updates and governance-related disclosures such as reporting dates and annual meeting information.
Key Tronic Corporation (KTCC) reported its third-quarter results for fiscal 2021, revealing revenue of approximately $134.6 million, marking a 21% increase from $111.5 million in the same period last year. Customer demand hit a record high at over $150 million. Despite these gains, challenges included supply chain constraints and rising legal expenses due to an internal investigation. Net income remained steady at $0.9 million or $0.08 per share. Looking ahead, revenue for Q4 is projected between $120 million and $125 million, with earnings expected to fall below previous guidance.
Key Tronic Corporation (Nasdaq: KTCC) has completed an internal investigation regarding irregularities in inventory classification at its Oakdale, MN facility. The Audit Committee discovered accounting errors leading to an understatement of cost of goods sold and an overstatement of inventory, attributed to deficiencies in internal controls. Although there were errors found, no restatement of financial statements is necessary. The Company is filing overdue Quarterly Reports and is cooperating with the SEC. Remedial actions, including enhanced controls and training, are being implemented.
Key Tronic Corporation (Nasdaq: KTCC) received a notice from Nasdaq on May 19, 2021, for failing to file its Quarterly Report on Form 10-Q for the period ending April 3, 2021, and the previous report for the period ending December 26, 2020. This situation places the company in non-compliance with Nasdaq Listing Rule 5250(c)(1) related to timely financial report submissions. However, there is no immediate impact on KTCC's stock listing or trading. The company can submit a plan to regain compliance and potentially receive up to 180 days, until August 16, 2021, to rectify the situation.
Key Tronic Corporation (KTCC) announced preliminary financial results for Q3 FY 2021, projecting revenues of approximately $134.6 million and earnings per share between $0.10 and $0.12. Despite strong customer demand, component supply issues led to factory downtimes and increased expenses. The company also faced legal costs related to an internal investigation, which is ongoing and has delayed quarterly filings. For Q4 FY 2021, Key Tronic estimates revenues between $130 million and $140 million with earnings per share between $0.10 and $0.20.
Key Tronic Corporation (Nasdaq: KTCC) received a notice from Nasdaq on February 17, 2021, indicating non-compliance due to the late filing of its Quarterly Report on Form 10-Q for the quarter ended December 26, 2020. This issue does not immediately affect the trading of its common stock.
The Company has 60 days to submit a compliance plan to Nasdaq and may receive an extension of up to 180 days if accepted. Key Tronic is actively working to file the necessary report within the prescribed timeline.
Key Tronic Corporation (Nasdaq: KTCC) announced it could not file its Quarterly Report on Form 10-Q for the quarter ended December 26, 2020, due to irregularities in inventory classification. The Audit Committee launched an internal investigation and is cooperating with the SEC. Despite these setbacks, the company does not expect a material adverse impact on its historical financial statements. The progress of this investigation may affect the filing timeline of the Form 10-Q.
Key Tronic Corporation (Nasdaq: KTCC) reported significant growth with 13% year-to-date revenue increase. For Q2 FY2021, revenue reached $128.3 million, up 10% from $116.7 million in the same quarter of FY2020. Net income was $1.6 million or $0.14 per share, compared to $0.8 million or $0.08 per share last year. Despite challenges from the COVID-19 pandemic, including $1.8 million in related costs, the company achieved improved margins: gross margin at 8.3% and operating margin at 2.1%. Looking forward, Key Tronic anticipates Q3 revenue between $130 million and $140 million.
Key Tronic Corporation (Nasdaq: KTCC) will report its Q2 fiscal 2021 results after market close on January 26, 2021. A conference call is scheduled for 2:00 PM Pacific (5:00 PM Eastern) on the same day to discuss the results. Investors can access the call via Key Tronic's website or by phone. The company is a leading contract manufacturer providing engineering, materials management, and assembly services across its facilities in the U.S., Mexico, China, and Vietnam, serving major original equipment manufacturers.
Key Tronic Corporation (Nasdaq: KTCC) reported a revenue increase of 17%, totaling $123.2 million for Q1 FY2021, up from $105.3 million in Q1 FY2020.
The growth resulted from new customer programs and rising demand. However, labor shortages due to the COVID-19 pandemic impacted revenue and increased costs by approximately $1.4 million, affecting margins with a gross margin of 8.1% and operating margin of 2.3%.
Net income rose slightly to $1.7 million or $0.16 per share. For Q2 FY2021, the company forecasts revenue between $125 million and $135 million.
Key Tronic Corporation (Nasdaq: KTCC) plans to report its first-quarter fiscal 2021 results after market close on October 27, 2020. The company will host a conference call at 2:00 PM Pacific (5:00 PM Eastern) on the same day to discuss the results. Investors can access the call through Key Tronic’s website or by phone. Key Tronic is a leading contract manufacturer with facilities in the U.S., Mexico, China, and Vietnam, serving major original equipment manufacturers with engineering, materials management, and assembly services.
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