Key Tronic Q2 revenue up 18% to $145.4M; restructures Mexico ops, guides Q3 rev $135-145M

KEY TRONIC CORP

2023-Q2 EPS reported $0.13 revenue$293,180,000

Revenue $145.4M (+18% YoY); net income $1.1M ($0.10 EPS) vs $1.0M ($0.09 EPS) YoY.
Gross margin improved to 8.1% from 7.2% YoY; operating margin 2.7% vs 2.9%.
Revenue growth driven by US/Vietnam production and $8.1M sale of discontinued program inventory.
Restructuring in Mexico: workforce reduction, $1.0-$2.5M severance in Q3; payback <6 months.
Q3 FY2024 guidance: revenue $135M-$145M; net income $0.00-$0.15 per diluted share.

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 0.9

KEY TRONIC CORP reported the quarter ended December 30, 2023 results: revenue $145.4 million, net income $1.1 million, EPS $0.10 per share.

Period: the quarter ended December 30, 2023
Revenue: $145.4 million
Net income: $1.1 million
EPS: $0.10 per share
Result: preliminary results

Exact text from the filing

For the second quarter of fiscal year 2024, Key Tronic reported total revenue of $145.4 million, up 18% from $123.7 million in the same period of fiscal year 2023.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

KEY TRONIC CORP reported first six months of fiscal year 2024 results: revenue $293.2 million, net income $1.4 million, EPS $0.13 per share.

Period: first six months of fiscal year 2024
Revenue: $293.2 million
Net income: $1.4 million
EPS: $0.13 per share
Result: preliminary results

Exact text from the filing

For the first six months of fiscal year 2024, total revenue was $293.2 million, up 12% from $261.0 million in the same period of fiscal year 2023.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

KEY TRONIC CORP reported third quarter of fiscal 2024 results: revenue $135 million to $145 million, EPS $0.00 to $0.15 per diluted share. Guidance initiated.

Period: third quarter of fiscal 2024
Revenue: $135 million to $145 million
EPS: $0.00 to $0.15 per diluted share
Guidance: initiated
Result: guidance update

Exact text from the filing

For the third quarter of fiscal 2024, Key Tronic expects to report revenue in the range of $135 million to $145 million. The Company also expects to incur a severance expense in the range of $1.0 million to $2.5 million from headcount reductions in its Mexico-based operations, resulting in a net income in the range of $0.00 to $0.15 per diluted share.

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Source: SEC EDGAR

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