Key Tronic Corp. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2016; Provides Earnings Guidance for the Third Quarter of 2017
January 01, 2017 at 02:31 am IST
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Key Tronic Corp. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2016. For the quarter, the company reported net sales of $118,517,000 against $116,403,000 a year ago. Operating income was $2,547,000 against $2,403,000 a year ago. Income before income taxes was $1,995,000 against $1,882,000 a year ago. Net income was $1,528,000 against $1,787,000 a year ago. Net income per share diluted was $0.14 against $0.16 per share a year ago.
For the six months, the company reported net sales of $235,652,000 against $242,612,000 a year ago. Operating income was $5,337,000 against $4,183,000 a year ago. Income before income taxes was $4,196,000 against $3,129,000 a year ago. Net income was $3,320,000 against $2,604,000 a year ago. Net income per share diluted was $0.30 against $0.23 per share a year ago.
For the third quarter of fiscal year 2017, the company expects to report revenue in the range of $115 million to $120 million, and earnings in the range of $0.11 to $0.16 per diluted share. These expected results assume an effective tax rate of 20% in the quarter.
Key Tronic Corporation is a contract manufacturer offering value-added design and manufacturing services. The Company provides full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, distribution and unparalleled customer service. It provides a mix of manufacturing services for outsourced original equipment manufacturing (OEM) products. Its services include product design, surface mount technologies (SMT) and pin through hole capability for printed circuit board assembly, tool making, precision plastic molding, sheet metal fabrication and painting, liquid injection molding, complex assembly, prototype design and full product assembly. Its customers include some of the original equipment manufacturers, and its combined capabilities and vertical integration are proving to be a desirable offering to its expanded customer base. Its manufacturing facilities are located in the United States, Mexico, China and Vietnam.
Key Tronic Corp. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2016; Provides Earnings Guidance for the Third Quarter of 2017