Kimball reports revenue growth for quarterFebruary 5, 2019
From Local Sources
JASPER — Kimball International Inc. announced Monday results for the quarter that ended Dec. 31.
The company reports revenue growth of 13 percent, or 11 percent on an organic basis, led by double-digit growth in commercial, health care and hospitality verticals. Reported order growth is 5 percent, or 4 percent on an organic basis, with double-digit increases in health care and education verticals.
According to the company, increases in tariffs, steel and transportation costs were mitigated by cost savings initiatives.
“I was very pleased with our revenue growth during the quarter,” said CEO Kristie Juster. “It was a strong delivery with growth across 5 of our 6 verticals combined with continued diligent management of our cost savings initiatives. In fact, we are increasing our projected savings from these initiatives in fiscal year 2019 from $7 million to $10 million, made possible by the hard work and ideas from our dedicated employees.”
She added that the company’s strong financial position allowed solid investments in strategic growth initiatives for 2019, such as new products, the health care vertical, deeper focus on the Architectural and Design community and the recently announced David Edward acquisition.
“These strategic investments are a critical step in setting the foundation for our next chapter of growth,” Juster said. “Since becoming CEO in November, I have valued my time getting to know our employees, obtaining a deeper understanding of our core competency of manufacturing and connecting with our dealer partners. It is truly an exciting time for Kimball International. We are actively involved in the development of our new growth strategy that is grounded in a clear purpose and a renewed focus on the opportunities ahead of us. We at Kimball International are committed to delivering long-term value for our shareowners.”
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