secwatch.observer — SEC 8-K summary
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Issuer:     KEY TRONIC CORP (KTCC)
CIK:        0000719733
Form:       8-K
Filed at:   2023-10-31T23:59:59+00:00
Accession:  0000719733-23-000042
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/719733/000071973323000042/0000719733-23-000042-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/719733/000071973323000042/ktcc-20231031.htm
  HTML page:      https://secwatch.observer/filing/0000719733-23-000042

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer