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Kimball Electronics Inc. (KE+1.08%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing shows a decrease in net sales to $357.4 million from $421.2 million in the same quarter the previous year, with declines across the automotive, medical, and industrial end markets.
Gross profit for the quarter was $23.4 million, representing 6.6% of net sales, compared to 8.2% in the same quarter of the previous year.
Operating income decreased to $8.2 million from $16.6 million in the previous year, impacted by restructuring expenses of $4.7 million.
Net income for the quarter was $3.4 million, down from $8.3 million in the previous year, with diluted earnings per share of $0.14 compared to $0.33.
Cash provided by operating activities was $74.9 million, while cash used in investing and financing activities was $1.2 million and $97.3 million, respectively.
Kimball Electronics had a working capital of $397.6 million as of December 31, 2024, with a current ratio of 2.3.
The company reported a decrease in open orders to $564 million from $836 million as of December 31, 2023.
The filing also details the company's restructuring efforts, including the closure of its Tampa facility, expected to be completed by the end of the fiscal year.
Kimball Electronics maintains a primary credit facility with a borrowing capacity of $300 million, with $194.6 million available as of December 31, 2024.
The company continues to focus on cost control and managing future growth prospects, with capital expenditure commitments of approximately $17 million.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kimball Electronics Inc. quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.