Kimball Electronics Records Q1 Profit

Sourced from Inside Indiana Buisness

JASPER – Jasper-based Kimball Electronics Inc. (Nasdaq: KE) is reporting fiscal first quarter net income of $16.8 million, compared to $6.5 million during the same period a year ago.

The company manufactures electronics for the automotive, industrial, and medical industries.

Chief Executive Officer Donald Charron says sales in the company’s medical division increased 25% from the first quarter of 2020.

“Because of the disciplined response and extraordinary effort of our people around the world, we were able to perform our mission as an “essential business” and support the significant increases from our medical customers for their respiratory care and patient monitoring products,” said Charron.

The company says it set quarterly records in sales, operating income, and net income.

Looking ahead, Charron says he expects sales in its medical sector to normalize and return to pre-COVID-19 levels in the next fiscal quarter.

He says sales in the automotive division increased 61% over the previous quarter, which represents a rebound in the automotive manufacturing sector.

“Beyond our excellent financial results, we never lost sight of the fact that the health and safety of our employees remain our number one priority, and we continue to make every effort to keep our facilities safe.  The number of our employees testing positive for COVID-19 has been kept at a low level and disruptions have been kept to a minimum,” said Charron.

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