Kimball Electronics Reports Q3 Results and Reiterates Guidance for Fiscal 2025 With Sales and Operating Income Expected at High-End of Range; Company Adds New Facility to Support Strategy to Drive Growth in the Medical CMO
Kimball Electronics, Inc. (Nasdaq: KE) today announced financial results for the third quarter ended March 31, 2025.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250506973868/en/
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Three Months Ended |
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Nine Months Ended |
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March 31, |
|
March 31, |
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|
(Amounts in Thousands, except EPS) |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
Net Sales |
$ |
374,607 |
|
|
$ |
425,036 |
|
|
$ |
1,106,255 |
|
|
$ |
1,284,352 |
|
|
Operating Income |
$ |
11,716 |
|
|
$ |
(6,431 |
) |
|
$ |
29,061 |
|
|
$ |
29,669 |
|
|
Adjusted Operating Income (non-GAAP) (1) |
$ |
15,706 |
|
|
$ |
18,733 |
|
|
$ |
41,629 |
|
|
$ |
58,802 |
|
|
Operating Income % |
|
3.1 |
% |
|
|
(1.5 |
)% |
|
|
2.6 |
% |
|
|
2.3 |
% |
|
Adjusted Operating Income (non-GAAP) % |
|
4.2 |
% |
|
|
4.4 |
% |
|
|
3.8 |
% |
|
|
4.6 |
% |
|
Net Income |
$ |
3,817 |
|
|
$ |
(6,076 |
) |
|
$ |
10,403 |
|
|
$ |
12,968 |
|
|
Adjusted Net Income (non-GAAP) (1) |
$ |
6,837 |
|
|
$ |
9,786 |
|
|
$ |
19,718 |
|
|
$ |
31,607 |
|
|
Diluted EPS |
$ |
0.15 |
|
|
$ |
(0.24 |
) |
|
$ |
0.41 |
|
|
$ |
0.51 |
|
|
Adjusted Diluted EPS (non-GAAP) (1) |
$ |
0.27 |
|
|
$ |
0.39 |
|
|
$ |
0.79 |
|
|
$ |
1.25 |
|
|
(1) |
Beginning in the first quarter of fiscal year 2025, adjusted results exclude stock compensation expense. Prior reported periods have been revised accordingly. A reconciliation of GAAP and non-GAAP financial measures is included below. |
Commenting on today’s announcement, Richard D. Phillips, Chief Executive Officer, stated, “I’m proud of the results for the third quarter and our team’s ability to navigate an environment of uncertainty, while focusing on what is controllable. Sales in Q3 were in line with expectations, margins improved sequentially, cash generated from operating activities was positive for the fifth consecutive quarter, and the paydown of debt continued with borrowings now 45% lower than peak levels. We have ample liquidity to weather short-term unpredictability and significant dry powder to opportunistically invest in the business.”
Mr. Phillips continued, “As part of today’s release, we are reiterating our guidance for fiscal 2025 with an expectation of sales and operating income at the high-end of the range, as well as, announcing the addition of a new manufacturing facility in Indianapolis focused on the medical industry. This is another step of repositioning the Company for a return to growth and expanding our medical CMO strategy.”
The Company ended the third quarter of fiscal 2025 with cash and cash equivalents of $51.4 million and borrowing capacity available of $253.2 million. Capital expenditures were $4.0 million, and the company invested $3.0 million to repurchase 175,000 shares of common stock.
Net Sales by Vertical Market for Q3 Fiscal 2025:
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Three Months Ended |
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Nine Months Ended |
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March 31, |
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March 31, |
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(Amounts in Millions) |
|
2025 |
|
* |
|
|
2024 |
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* |
|
Percent Change |
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|
2025 |
|
* |
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|
2024 |
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* |
|
Percent Change |
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|
Automotive |
$ |
173.1 |
|
46 |
% |
|
$ |
202.0 |
|
47 |
% |
|
(14 |
)% |
|
$ |
554.3 |
|
50 |
% |
|
$ |
614.7 |
|
48 |
% |
|
(10 |
)% |
|
Medical |
|
115.2 |
|
31 |
% |
|
|
113.0 |
|
27 |
% |
|
2 |
% |
|
|
288.9 |
|
26 |
% |
|
|
323.5 |
|
25 |
% |
|
(11 |
)% |
|
Industrial excluding AT&M (1) |
|
86.3 |
|
23 |
% |
|
|
101.9 |
|
24 |
% |
|
(15 |
)% |
|
|
261.0 |
|
24 |
% |
|
|
315.3 |
|
25 |
% |
|
(17 |
)% |
|
Net Sales excluding AT&M (1) |
$ |
374.6 |
|
100 |
% |
$ |
416.9 |
|
98 |
% |
|
(10 |
)% |
|
$ |
1,104.2 |
|
100 |
% |
|
$ |
1,253.5 |
|
98 |
% |
|
(12 |
)% |
|
|
AT&M (1) |
|
— |
|
— |
% |
|
|
8.1 |
|
2 |
% |
|
(100 |
)% |
|
|
2.1 |
|
— |
% |
|
|
30.9 |
|
2 |
% |
|
(93 |
)% |
|
Total Net Sales |
$ |
374.6 |
|
100 |
% |
|
$ |
425.0 |
|
100 |
% |
|
(12 |
)% |
|
$ |
1,106.3 |
|
100 |
% |
|
$ |
1,284.4 |
|
100 |
% |
|
(14 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
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* As a percent of Total Net Sales |
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(1) Sales from our Automation, Test, and Measurement business (AT&M), which was divested effective July 31, 2024, were previously included in the Industrial vertical |
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– Automotive includes electronic power steering, body controls, automated driver assist systems, and electronic braking systems |
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– Medical includes sleep therapy and respiratory care, image guided therapy, in vitro diagnostics, drug delivery, AED, and patient monitoring |
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– Industrial includes climate controls, automation controls, and public safety |
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Company Guidance for Fiscal Year 2025
The Company expects to be at the high-end of its guidance range for both net sales and adjusted operating income. The range for net sales is $1.40 - $1.44 billion, while the range for adjusted operating income(a) is 3.4% - 3.6% of net sales. Capital expenditures are estimated to be at the low-end of the guidance range of $40 - $50 million.
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(a) |
Fiscal year 2025 guidance reflects a change in our adjusted operating income calculation beginning in fiscal year 2025, which excludes stock compensation expense. This change better aligns our presentation with others in our industry. A reconciliation of GAAP and non-GAAP financial measures is included below. |
Forward-Looking Statements
Certain statements contained within this release are considered forward-looking, including our guidance, under the Private Securities Litigation Reform Act of 1995. The statements may be identified by the use of words such as “expect,” “should,” “goal,” “predict,” “will,” “future,” “optimistic,” “confident,” and “believe.” Undue reliance should not be placed on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections. These forward-looking statements are subject to risks and uncertainties including, without limitation, global economic conditions, geopolitical environment and conflicts such as the war in Ukraine, global health emergencies, availability or cost of raw materials and components, tariffs and other trade barriers, foreign exchange rate fluctuations, and our ability to convert new business opportunities into customers and revenue. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of the company are contained in its Annual Report on Form 10-K for the year ended June 30, 2024.
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures. The non-GAAP financial measures contained herein include constant currency growth, net sales excluding Automation, Test & Measurement, adjusted selling and administrative expenses, adjusted operating income, adjusted net income, adjusted diluted EPS, and ROIC. Reconciliations of the reported GAAP numbers to these non-GAAP financial measures are included in the Reconciliation of Non-GAAP Financial Measures section below. Management believes these measures are useful and allow investors to meaningfully trend, analyze, and benchmark the performance of the company’s core operations. The company’s non-GAAP financial measures are not necessarily comparable to non-GAAP information used by other companies.
About Kimball Electronics, Inc.
Kimball Electronics is a global, multifaceted manufacturer offering Electronics Manufacturing Services (EMS) and Contract Manufacturing Organization (CMO) solutions to customers around the world. From our operations in the United States, China, Mexico, Poland, Romania, and Thailand, our teams are proud to provide manufacturing services for a variety of industries. Recognized for a reputation of excellence, we are committed to a high-performance culture that values quality, reliability, value, speed, and ethical behavior. Kimball Electronics, Inc. (Nasdaq: KE) is headquartered in Jasper, Indiana.
To learn more about Kimball Electronics, visit www.kimballelectronics.com.
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Conference Call / Webcast |
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Date: |
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May 7, 2025 |
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Time: |
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10:00 AM Eastern Time |
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Live Webcast: |
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investors.kimballelectronics.com/events-and-presentations/events |
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Dial-In #: |
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877-407-8293 (or 201-689-8349) |
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For those unable to participate in the live webcast, the call will be archived at investors.kimballelectronics.com. |
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Lasting relationships. Global success.
Financial highlights for the third quarter and year-to-date period ended March 31, 2025 are as follows:
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Condensed Consolidated Statements of Income |
|
|
|
|
|
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|||||||
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(Unaudited) |
Three Months Ended |
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(Amounts in Thousands, except Per Share Data) |
March 31, 2025 |
|
March 31, 2024 |
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|
Net Sales |
$ |
374,607 |
|
|
100.0 |
% |
|
$ |
425,036 |
|
|
100.0 |
% |
|
Cost of Sales |
|
347,711 |
|
|
92.8 |
% |
|
|
391,492 |
|
|
92.1 |
% |
|
Gross Profit |
|
26,896 |
|
|
7.2 |
% |
|
|
33,544 |
|
|
7.9 |
% |
|
Selling and Administrative Expenses |
|
13,154 |
|
|
3.6 |
% |
|
|
16,861 |
|
|
3.9 |
% |
|
Other General Expense (Income) |
|
— |
|
|
— |
% |
|
|
(892 |
) |
|
(0.2 |
)% |
|
Restructuring Expense |
|
2,026 |
|
|
0.5 |
% |
|
|
1,622 |
|
|
0.4 |
% |
|
Goodwill Impairment |
|
— |
|
|
— |
% |
|
|
5,820 |
|
|
1.4 |
% |
|
Asset Impairment (Gain on Disposal) |
|
— |
|
|
— |
% |
|
|
16,564 |
|
|
3.9 |
% |
|
Operating Income |
|
11,716 |
|
|
3.1 |
% |
|
|
(6,431 |
) |
|
(1.5 |
)% |
|
Interest Income |
|
100 |
|
|
— |
% |
|
|
83 |
|
|
— |
% |
|
Interest Expense |
|
(2,936 |
) |
|
(0.8 |
)% |
|
|
(5,875 |
) |
|
(1.4 |
)% |
|
Non-Operating Income (Expense), net |
|
(1,726 |
) |
|
(0.4 |
)% |
|
|
(530 |
) |
|
(0.1 |
)% |
|
Other Income (Expense), net |
|
(4,562 |
) |
|
(1.2 |
)% |
|
|
(6,322 |
) |
|
(1.5 |
)% |
|
Income Before Taxes on Income |
|
7,154 |
|
|
1.9 |
% |
|
|
(12,753 |
) |
|
(3.0 |
)% |
|
Provision (Benefit) for Income Taxes |
|
3,337 |
|
|
0.9 |
% |
|
|
(6,677 |
) |
|
(1.6 |
)% |
|
Net Income (Loss) |
$ |
3,817 |
|
|
1.0 |
% |
|
$ |
(6,076 |
) |
|
(1.4 |
)% |
|
|
|
|
|
|
|
|
|
||||||
|
Earnings Per Share of Common Stock: |
|
|
|
|
|
|
|
||||||
|
Basic |
$ |
0.15 |
|
|
|
|
$ |
(0.24 |
) |
|
|
||
|
Diluted |
$ |
0.15 |
|
|
|
|
$ |
(0.24 |
) |
|
|
||
|
Average Number of Shares Outstanding: |
|
|
|
|
|
|
|
||||||
|
Basic |
|
24,728 |
|
|
|
|
|
25,118 |
|
|
|
||
|
Diluted |
|
24,872 |
|
|
|
|
|
25,118 |
|
|
|
||
|
|
|
|
|
|
|
|
|
||||||
|
(Unaudited) |
Nine Months Ended |
||||||||||||
|
(Amounts in Thousands, except Per Share Data) |
March 31, 2025 |
|
March 31, 2024 |
||||||||||
|
Net Sales |
$ |
1,106,255 |
|
|
100.0 |
% |
|
$ |
1,284,352 |
|
|
100.0 |
% |
|
Cost of Sales |
|
1,032,332 |
|
|
93.3 |
% |
|
|
1,180,833 |
|
|
91.9 |
% |
|
Gross Profit |
|
73,923 |
|
|
6.7 |
% |
|
|
103,519 |
|
|
8.1 |
% |
|
Selling and Administrative Expenses |
|
37,107 |
|
|
3.4 |
% |
|
|
50,736 |
|
|
4.0 |
% |
|
Other General Expense (Income) |
|
— |
|
|
— |
% |
|
|
(892 |
) |
|
(0.1 |
)% |
|
Restructuring Expense |
|
9,019 |
|
|
0.8 |
% |
|
|
1,622 |
|
|
0.1 |
% |
|
Goodwill Impairment |
|
— |
|
|
— |
% |
|
|
5,820 |
|
|
0.5 |
% |
|
Asset Impairment (Gain on Disposal) |
|
(1,264 |
) |
|
(0.1 |
)% |
|
|
16,564 |
|
|
1.3 |
% |
|
Operating Income |
|
29,061 |
|
|
2.6 |
% |
|
|
29,669 |
|
|
2.3 |
% |
|
Interest Income |
|
575 |
|
|
0.1 |
% |
|
|
483 |
|
|
— |
% |
|
Interest Expense |
|
(11,969 |
) |
|
(1.1 |
)% |
|
|
(17,459 |
) |
|
(1.4 |
)% |
|
Non-Operating Income (Expense), net |
|
(4,155 |
) |
|
(0.4 |
)% |
|
|
(959 |
) |
|
— |
% |
|
Other Income (Expense), net |
|
(15,549 |
) |
|
(1.4 |
)% |
|
|
(17,935 |
) |
|
(1.4 |
)% |
|
Income Before Taxes on Income |
|
13,512 |
|
|
1.2 |
% |
|
|
11,734 |
|
|
0.9 |
% |
|
Provision (Benefit) for Income Taxes |
|
3,109 |
|
|
0.3 |
% |
|
|
(1,234 |
) |
|
(0.1 |
)% |
|
Net Income |
$ |
10,403 |
|
|
0.9 |
% |
|
$ |
12,968 |
|
|
1.0 |
% |
|
|
|
|
|
|
|
|
|
||||||
|
Earnings Per Share of Common Stock: |
|
|
|
|
|
|
|
||||||
|
Basic |
$ |
0.42 |
|
|
|
|
$ |
0.52 |
|
|
|
||
|
Diluted |
$ |
0.41 |
|
|
|
|
$ |
0.51 |
|
|
|
||
|
|
|
|
|
|
|
|
|
||||||
|
Average Number of Shares Outstanding: |
|
|
|
|
|
|
|
||||||
|
Basic |
|
24,859 |
|
|
|
|
|
25,084 |
|
|
|
||
|
Diluted |
|
25,047 |
|
|
|
|
|
25,263 |
|
|
|
||
| Condensed Consolidated Statements of Cash Flows |
Nine Months Ended |
||||||
|
(Unaudited) |
March 31, |
||||||
|
(Amounts in Thousands) |
|
2025 |
|
|
|
2024 |
|
|
Net Cash Flow provided by Operating Activities |
$ |
105,870 |
|
|
$ |
24,717 |
|
|
Net Cash Flow used for Investing Activities |
|
(5,160 |
) |
|
|
(37,702 |
) |
|
Net Cash Flow (used for) provided by Financing Activities |
|
(126,615 |
) |
|
|
36,571 |
|
|
Effect of Exchange Rate Change on Cash, Cash Equivalents, and Restricted Cash |
|
13 |
|
|
|
(113 |
) |
|
Net (Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash |
|
(25,892 |
) |
|
|
23,473 |
|
|
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period |
|
78,779 |
|
|
|
43,864 |
|
|
Cash, Cash Equivalents, and Restricted Cash at End of Period |
$ |
52,887 |
|
|
$ |
67,337 |
|
|
(Unaudited) |
|
|
|||
|
Condensed Consolidated Balance Sheets |
March 31,
|
|
June 30,
|
||
|
(Amounts in Thousands) |
|||||
|
ASSETS |
|
|
|
||
|
Cash and cash equivalents |
$ |
51,377 |
|
$ |
77,965 |
|
Receivables, net |
|
251,138 |
|
|
282,336 |
|
Contract assets |
|
78,378 |
|
|
76,320 |
|
Inventories |
|
296,602 |
|
|
338,116 |
|
Prepaid expenses and other current assets |
|
29,808 |
|
|
44,682 |
|
Assets held for sale |
|
— |
|
|
27,587 |
|
Property and Equipment, net |
|
268,351 |
|
|
269,659 |
|
Goodwill |
|
6,191 |
|
|
6,191 |
|
Other Intangible Assets, net |
|
2,601 |
|
|
2,994 |
|
Other Assets, net |
|
90,109 |
|
|
82,069 |
|
Total Assets |
$ |
1,074,555 |
|
$ |
1,207,919 |
|
|
|
|
|
||
|
LIABILITIES AND SHARE OWNERS’ EQUITY |
|
|
|
||
|
Current portion of long-term debt |
$ |
28,900 |
|
$ |
59,837 |
|
Accounts payable |
|
215,430 |
|
|
213,551 |
|
Advances from customers |
|
39,676 |
|
|
30,151 |
|
Accrued expenses |
|
46,951 |
|
|
63,189 |
|
Liabilities held for sale |
|
— |
|
|
8,594 |
|
Long-term debt, less current portion |
|
149,376 |
|
|
235,000 |
|
Long-term income taxes payable |
|
— |
|
|
3,255 |
|
Other long-term liabilities |
|
46,107 |
|
|
53,881 |
|
Share Owners’ Equity |
|
548,115 |
|
|
540,461 |
|
Total Liabilities and Share Owners’ Equity |
$ |
1,074,555 |
|
$ |
1,207,919 |
|
Other Financial Metrics |
|
|
|
|
||||
|
(Unaudited) |
|
|
|
|
|
|||
|
(Amounts in Millions, except CCD) |
|
|
|
|
|
|||
|
|
At or For the |
|||||||
|
|
Three Months Ended |
|||||||
|
|
March 31, |
|
December 31, |
|
March 31, |
|||
|
|
|
2025 |
|
|
2024 |
|
|
2024 |
|
Depreciation and Amortization |
$ |
9.2 |
|
$ |
9.1 |
|
$ |
10.5 |
|
Cash Conversion Days (CCD) (1) |
|
99 |
|
|
107 |
|
|
110 |
|
Open Orders (2) |
$ |
642 |
|
$ |
564 |
|
$ |
831 |
|
(1) |
Cash Conversion Days (“CCD”) are calculated as the sum of Days Sales Outstanding plus Contract Asset Days plus Production Days Supply on Hand less Accounts Payable Days and less Advances from Customers Days. CCD, or a similar metric, is used in our industry and by our management to measure the efficiency of managing working capital. |
|
|
(2) |
Open Orders are the aggregate sales price of production pursuant to unfulfilled customer orders. Our declining open orders are primarily due to the cancellation of a major automotive program and other demand reductions, as well as reduced lead times on customer orders as compared to March 31, 2024, when parts were more constrained. |
|
Select Financial Results of Automation, Test and Measurement |
|
|
|
|
|||||||||
|
(Unaudited) |
|
|
|
|
|
|
|
||||||
|
(Amounts in Millions) |
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||
|
|
March 31, |
|
March 31, |
||||||||||
|
|
|
2025 |
|
|
2024 |
|
|
|
2025 |
|
|
2024 |
|
|
Net Sales |
$ |
— |
|
$ |
8.1 |
|
|
$ |
2.1 |
|
$ |
30.9 |
|
|
Operating Income (Loss) (1) |
$ |
— |
|
$ |
(25.4 |
) |
|
$ |
0.8 |
|
$ |
(24.3 |
) |
|
(1) |
Includes gain on sale of $1.3 million following the close of the sale on July 31, 2024 for the nine months ended March 31, 2025. Includes goodwill impairment of $5.8 million and asset impairment of $16.6 million for the three and nine months ended March 31, 2024. Each period also includes allocated corporate overhead expenses. |
|
Reconciliation of Non-GAAP Financial Measures |
|
|
|
|
|
|
|
||||||||
|
(Unaudited, Amounts in Thousands, except Per Share Data) |
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
March 31, |
|
March 31, |
||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
Net Sales Growth (vs. same period in prior year) |
|
(12 |
)% |
|
|
(12 |
)% |
|
|
(14 |
)% |
|
|
(3 |
)% |
|
Foreign Currency Exchange Impact |
|
(1 |
)% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
Constant Currency Growth |
|
(11 |
)% |
|
|
(12 |
)% |
|
|
(14 |
)% |
|
|
(3 |
)% |
|
|
|
|
|
|
|
|
|
||||||||
|
Selling and Administrative Expenses, as reported |
$ |
13,154 |
|
|
$ |
16,861 |
|
|
$ |
37,107 |
|
|
$ |
50,736 |
|
|
Stock Compensation Expense |
|
(1,955 |
) |
|
|
(1,773 |
) |
|
|
(4,528 |
) |
|
|
(5,435 |
) |
|
SERP |
|
(9 |
) |
|
|
(277 |
) |
|
|
(285 |
) |
|
|
(584 |
) |
|
Adjusted Selling and Administrative Expenses |
$ |
11,190 |
|
|
$ |
14,811 |
|
|
$ |
32,294 |
|
|
$ |
44,717 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating Income (Loss), as reported |
$ |
11,716 |
|
|
$ |
(6,431 |
) |
|
$ |
29,061 |
|
|
$ |
29,669 |
|
|
Stock Compensation Expense |
|
1,955 |
|
|
|
1,773 |
|
|
|
4,528 |
|
|
|
5,435 |
|
|
SERP |
|
9 |
|
|
|
277 |
|
|
|
285 |
|
|
|
584 |
|
|
Legal Settlements (Recovery) |
|
— |
|
|
|
(892 |
) |
|
|
— |
|
|
|
(892 |
) |
|
Restructuring Expense |
|
2,026 |
|
|
|
1,622 |
|
|
|
9,019 |
|
|
|
1,622 |
|
|
Goodwill Impairment |
|
— |
|
|
|
5,820 |
|
|
|
— |
|
|
|
5,820 |
|
|
Asset Impairment (Gain on Disposal) |
|
— |
|
|
|
16,564 |
|
|
|
(1,264 |
) |
|
|
16,564 |
|
|
Adjusted Operating Income |
$ |
15,706 |
|
|
$ |
18,733 |
|
|
$ |
41,629 |
|
|
$ |
58,802 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net Income (Loss), as reported |
$ |
3,817 |
|
|
$ |
(6,076 |
) |
|
$ |
10,403 |
|
|
$ |
12,968 |
|
|
Stock Compensation Expense, After-Tax |
|
1,483 |
|
|
|
1,345 |
|
|
|
3,434 |
|
|
|
4,122 |
|
|
Legal Settlements (Recovery), After-Tax |
|
— |
|
|
|
(676 |
) |
|
|
— |
|
|
|
(676 |
) |
|
Restructuring Expense, After-Tax |
|
1,537 |
|
|
|
1,230 |
|
|
|
6,840 |
|
|
|
1,230 |
|
|
Goodwill Impairment, After-Tax |
|
— |
|
|
|
4,414 |
|
|
|
— |
|
|
|
4,414 |
|
|
Asset Impairment (Gain on Disposal), After-Tax |
|
— |
|
|
|
9,549 |
|
|
|
(959 |
) |
|
|
9,549 |
|
|
Adjusted Net Income |
$ |
6,837 |
|
|
$ |
9,786 |
|
|
$ |
19,718 |
|
|
$ |
31,607 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Diluted Earnings per Share, as reported |
$ |
0.15 |
|
|
$ |
(0.24 |
) |
|
$ |
0.41 |
|
|
$ |
0.51 |
|
|
Stock Compensation Expense |
|
0.06 |
|
|
|
0.05 |
|
|
|
0.14 |
|
|
|
0.16 |
|
|
Legal Settlements (Recovery) |
|
— |
|
|
|
(0.03 |
) |
|
|
— |
|
|
|
(0.03 |
) |
|
Restructuring Expense |
|
0.06 |
|
|
|
0.05 |
|
|
|
0.27 |
|
|
|
0.05 |
|
|
Goodwill Impairment |
|
— |
|
|
|
0.18 |
|
|
|
— |
|
|
|
0.18 |
|
|
Asset Impairment (Gain on Disposal) |
|
— |
|
|
|
0.38 |
|
|
|
(0.03 |
) |
|
|
0.38 |
|
|
Adjusted Diluted Earnings per Share |
$ |
0.27 |
|
|
$ |
0.39 |
|
|
$ |
0.79 |
|
|
$ |
1.25 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Twelve Months Ended |
|
|
|
|
||||||||||
|
|
March 31, |
|
|
|
|
||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
|
|
|
||||
|
Operating Income |
$ |
48,669 |
|
|
$ |
61,118 |
|
|
|
|
|
||||
|
Goodwill Impairment |
|
— |
|
|
|
5,820 |
|
|
|
|
|
||||
|
SERP |
|
381 |
|
|
|
827 |
|
|
|
|
|
||||
|
Restructuring Expense |
|
9,783 |
|
|
|
1,622 |
|
|
|
|
|
||||
|
Asset Impairment (Gain on Disposal) |
|
(788 |
) |
|
|
16,564 |
|
|
|
|
|
||||
|
Legal Settlements (Recovery) |
|
— |
|
|
|
(1,104 |
) |
|
|
|
|
||||
|
Stock Compensation Expense |
|
6,278 |
|
|
|
6,992 |
|
|
|
|
|
||||
|
Adjusted Operating Income (non-GAAP) |
$ |
64,323 |
|
|
$ |
91,839 |
|
|
|
|
|
||||
|
Tax Effect |
|
20,174 |
|
|
|
21,698 |
|
|
|
|
|
||||
|
After-tax Adjusted Operating Income |
$ |
44,149 |
|
|
$ |
70,141 |
|
|
|
|
|
||||
|
Average Invested Capital (1) |
$ |
726,208 |
|
|
$ |
783,059 |
|
|
|
|
|
||||
|
ROIC |
|
6.1 |
% |
|
|
9.0 |
% |
|
|
|
|
||||
|
(1) |
Average invested capital is computed using Share Owners’ equity plus current and non-current debt less cash and cash equivalents averaged for the last five quarters. |
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