Key Tronic Q1 preliminary revenue $147.7M; EPS $0.02 misses on severance costs

KEY TRONIC CORP

2024-Q1 EPS reported $0.03 revenue$147,763,000

Revenue ~$147.7M in line; EPS $0.02 below expectations, including $0.6M severance (≈$0.04-0.05/share).
Workforce cut by 100+ employees in Mexico and US; expected annual savings >$5M.
Power equipment program delayed: production now expected in FY2025 instead of FY2024.
Q2 FY2024 guidance: revenue $135-145M; EPS $0.05-0.10 per diluted share.
Adversely impacted by strong Mexican Peso and high interest expense, though gross margins improving.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.97

KEY TRONIC CORP reported the three months ended September 30, 2023 results: revenue approximately $147.7 million, EPS approximately $0.02 per share. Guidance initiated.

Period: the three months ended September 30, 2023
Revenue: approximately $147.7 million
EPS: approximately $0.02 per share
Guidance: initiated
Result: preliminary results

Exact text from the filing

today announced its preliminary results for the three months ended September 30, 2023. For the first quarter of fiscal 2024, Keytronic expects to report revenue of approximately $147.7 million, in line with revenue expectations, and earnings of approximately $0.02 per share, which are below expectations. The lower than expected earnings are primarily a result of

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Source: SEC EDGAR

accession 0000719733-23-000039

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