Kimball Electronics shares financial resultsAugust 5, 2021
By Herald Staff
JASPER — Kimball Electronics Inc. announced financial results for its fourth quarter and fiscal year ended June 30, 2021.
Fiscal year 2021 set records for net sales, operating income as a percent of net sales, diluted EPS, and cash flow from operating activities.
Net sales for fiscal 2021 were $1.292 billion, an 8% increase to the prior year, with strength in the Automotive and Industrial vertical markets. Foreign currency had a favorable impact of 3% on net sales. During fiscal 2021, cash provided by operating activities was $130 million. The company invested $39 million in capital expenditures.
Net sales for the fourth quarter of fiscal 2021 totaled $329 million, a 15% increase compared to $286 million for the same period last year. The sales growth was driven by a 92% increase in the Automotive vertical market and a 17% increase in Industrial. The Medical vertical market declined 31% from the fourth quarter of 2020 and Public Safety decreased 10%. Foreign currency had a favorable impact of 3% on net sales in the quarter.
“We are very pleased with our operating results for the fourth quarter and the strong finish to a record setting fiscal year 2021," said Chairman and CEO Donald D. Charron. "Our team remains laser-focused on fulfilling commitments made to our customers as we work through the ongoing challenges caused by the pandemic and the global parts shortage."
See a full financial report here.
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