Kimball reports highest quarterly sales in 15 yearsNovember 6, 2018
From Local Sources
JASPER — Kimball International Inc. announced Monday $194.1 million in sales for the first quarter of fiscal year 2019 that ended Sept. 30, marking its highest quarterly sales in more than 15 years.
For the same quarter, revenue growth was 11 percent, 8 percent on an organic basis. Order growth was 18 percent, or 15 percent on an organic basis.
“We continued on a positive note with our highest revenues in over 15 years and strong double-digit organic order growth in the first quarter,” CEO Kristie Juster said. “Our order backlog is strong and operating cash flow remains robust, enabling us to continue to invest in further growth and value creation.”
She added that the company continues “to be challenged by higher transportation, steel, and other commodity costs, as well as tariffs that have been implemented along with additional tariff increases in the future.”
“We are working to mitigate these cost increases by negotiating pricing with suppliers, continuous improvement initiatives, price increases and our previously announced $7 million cost reduction initiatives and anticipate these actions will offset the higher costs beginning in the second quarter of fiscal year 2019 and beyond,” she said. “Our return on capital was higher than any of the public companies in the office furniture industry.”
To see the full financial report, visit www.kimballinternational.com/irhome.
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