Key Tronic Q1 revenue up 8% to $147.8M; EPS drops to $0.03 on $0.6M severance

KEY TRONIC CORP

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

Revenue $147.8M vs $137.3M YoY (+8%); net income $0.3M ($0.03/sh) vs $1.2M ($0.11/sh).
Gross margin 7.4% vs 7.6%; operating margin 2.2% vs 2.4%; severance costs of $0.6M reduced earnings by ~$0.04-0.05/sh.
Workforce reduced by over 100 employees in Mexico and US; expects annual OpEx savings >$5M.
Large power equipment program delayed to fiscal 2025; new wins in security, sporting goods, environmental, industrial controls.
Q2 FY2024 guidance: revenue $135-145M, EPS $0.05-0.10, effective tax rate 20%.

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 0.85

KEY TRONIC CORP reported the quarter ended September 30, 2023 results: revenue $147.8 million, net income $0.3 million or $0.03 per share, EPS $0.03 per share. Guidance reaffirmed.

Period: the quarter ended September 30, 2023
Revenue: $147.8 million
Net income: $0.3 million or $0.03 per share
EPS: $0.03 per share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

30, 2023. These results are in line with the preliminary results announced on October 24, 2023. For the first quarter of fiscal year 2024, Keytronic reported total revenue of $147.8 million, up 8% from $137.3 million in the same period of fiscal year 2023. The Company’s gross margin for the first quarter of 2024 was 7.4% and operating margin was 2.2%, compared to a

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Source: SEC EDGAR

accession 0000719733-23-000042

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