{"id":727334,"date":"2023-01-31T16:06:08","date_gmt":"2023-01-31T21:06:08","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/key-tronic-corporation-announces-results-for-the-second-quarter-of-fiscal-year-2023\/"},"modified":"2023-01-31T16:06:08","modified_gmt":"2023-01-31T21:06:08","slug":"key-tronic-corporation-announces-results-for-the-second-quarter-of-fiscal-year-2023","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/key-tronic-corporation-announces-results-for-the-second-quarter-of-fiscal-year-2023\/","title":{"rendered":"Key Tronic Corporation Announces Results for the Second Quarter of Fiscal Year 2023"},"content":{"rendered":"

\nExpected Increase in Revenue and Earnings; New Program Wins; Preparing for Growth in Coming Quarters
\n<\/h2>\n
\n

SPOKANE VALLEY, Wash., Jan. 31, 2023 (GLOBE NEWSWIRE) — Key Tronic Corporation<\/strong> (Nasdaq: KTCC), a provider of electronic manufacturing services (EMS), today announced its results for the quarter ended December\u00a031, 2022.<\/p>\n

For the second quarter of fiscal year 2023, Key Tronic reported total revenue of $123.7 million, compared to $134.5 million in the same period of fiscal year 2022. For the first six months of fiscal year 2023, total revenue was $261.0 million, compared to $267.2 million in the same period of fiscal year 2022.<\/p>\n

As previously announced, revenue for the second quarter of fiscal year 2023 was impacted by a six-week delay in starting production for a large program with a leading power equipment company. This delayed revenue by approximately $20 million from the second quarter of fiscal 2023, but production for this program is currently underway and increasing in the third quarter.<\/p>\n

For the second quarter of fiscal year 2023, the Company\u2019s gross margin was 7.2% and operating margin was 2.9%, compared to a gross margin of 7.3% and an operating margin of 1.2% in the same period of fiscal year 2022. The gross margin in the second quarter of fiscal year 2023 was adversely impacted by business interruption and other operational losses related to storm damage to the Company\u2019s Arkansas facility, as well as by preparations for expected sales growth in the second quarter and increased labor costs in both the US and Mexico. While profitability is expected to improve in coming quarters with expected increases in revenue, higher interest rates on our line of credit and increasing wages will limit a portion of that expected improvement.<\/p>\n

For the second quarter of fiscal year 2023, net income was $1.0 million or $0.09 per share, compared to $0.6 million or $0.05 per share for the same period of fiscal year 2022. The Company\u2019s results for the second quarter of fiscal year 2023 include a gain on insurance proceeds of $2.7 million or approximately $0.19 per share related to equipment damaged in the storm at the Company\u2019s Arkansas facility. The Company is still determining further business interruption proceeds related to the operational losses incurred in the past two quarters as a result of the storm damage. For the first six months of fiscal year 2023, net income was $2.1 million or $0.20 per share, compared to $1.4 million or $0.13 per share for the same period of fiscal year 2022.<\/p>\n

\u201cWe\u2019re pleased with the successful ramp of new programs and our expanding customer base in the second quarter of fiscal 2023, despite the six-week delay for the large, previously announced power equipment program,\u201d said Craig Gates, President and Chief Executive Officer. \u201cProduction for that program is now back on track and rapidly ramping up.\u201d<\/p>\n

\u201cDuring the second quarter of fiscal year 2023, we continued to see the favorable trend of contract manufacturing returning to North America. We won new programs involving outdoor power equipment, battery management, automated sprinklers and biometric sensor technology. We move into the third quarter with record backlog and we\u2019re seeing improvement in the global supply issues for certain components that have severely limited our production in recent periods.\u201d<\/p>\n

The financial data presented for the second quarter of fiscal year 2023 should be considered preliminary and could be subject to change, as the Company\u2019s independent auditor has not completed their review procedures.<\/p>\n

\n Business Outlook<\/strong>\n <\/p>\n

For the third quarter of fiscal 2023, Key Tronic expects to report revenue in the range of $160 million to $170 million and earnings in the range of $0.15 to $0.25 per diluted share. These expected results assume an effective tax rate of 25% in the coming quarter.<\/p>\n

\n Conference Call<\/strong>\n <\/p>\n

Keytronic will host a conference call to discuss its financial results at 2:00 PM Pacific (5:00 PM Eastern) today. A broadcast of the conference call will be available at www.keytronic.com under \u201cInvestor Relations\u201d or by calling 888-204-4368 or +1-323-994-2093 (Access Code: 5318438). A replay will be available at www.keytronic.com under \u201cInvestor Relations\u201d.<\/p>\n

\n About Key Tronic<\/strong>\n <\/p>\n

Keytronic is a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. The Company provides its customers full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world\u2019s leading original equipment manufacturers. For more information about Keytronic visit: www.keytronic.com.<\/p>\n

\n Forward-Looking Statements<\/strong>\n <\/p>\n

Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to those including such words as aims, anticipates, believes, continues, estimates, expects, hopes, intends, plans, predicts, projects, targets, or will, similar verbs, or nouns corresponding to such verbs, which may be forward looking. Forward-looking statements also include other passages that are relevant to expected future events, performances, and actions or that can only be fully evaluated by events that will occur in the future. Forward-looking statements in this release include, without limitation, the Company\u2019s statements regarding its expectations with respect to financial conditions and results, including revenue and earnings during periods of fiscal year 2023, risks of manufacturing supply chain and operational disruptions, demand for certain products and the effectiveness of some of our programs, business from new customers and programs, improvement of supply chain delivery and impacts from operational streamlining. There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements, including but not limited to: the future of the global economic environment and its impact on our customers and suppliers; the availability of components from the supply chain; the availability of a healthy workforce; the accuracy of suppliers\u2019 and customers\u2019 forecasts; development and success of customers\u2019 programs and products; timing and effectiveness of ramping of new programs; success of new-product introductions; the risk of legal proceedings or governmental investigations relating to the subject of the internal investigation by the Company\u2019s Audit Committee and related or other unrelated matters; acquisitions or divestitures of operations or facilities; technology advances; changes in pricing policies by the Company, its competitors, customers or suppliers; impact of new governmental legislation and regulation, including tax reform, tariffs and related activities, such trade negotiations and other risks; and other factors, risks, and uncertainties detailed from time to time in the Company\u2019s SEC filings.<\/p>\n

\n
\n
\n <\/strong>\n <\/p>\n

\n KEY TRONIC CORPORATION AND SUBSIDIARIES<\/strong>
\n
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Three\u00a0Months\u00a0Ended<\/strong>\n <\/td>\n\n Six\u00a0Months\u00a0Ended<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n December 31, 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n\n January 1, 2022<\/strong>\n <\/td>\n\n December 31, 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n\n January 1, 2022<\/strong>\n <\/td>\n<\/tr>\n
Net sales<\/td>\n$<\/td>\n123,708<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n134,456<\/td>\n\u00a0<\/td>\n$<\/td>\n260,971<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n267,218<\/td>\n<\/tr>\n
Cost of sales<\/td>\n\u00a0<\/td>\n114,788<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n124,648<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n241,672<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n247,272<\/td>\n<\/tr>\n
Gross profit<\/td>\n\u00a0<\/td>\n8,920<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,808<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19,299<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19,946<\/td>\n<\/tr>\n
Research, development and engineering expenses<\/td>\n\u00a0<\/td>\n2,287<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,498<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,583<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,947<\/td>\n<\/tr>\n
Selling, general and administrative expenses<\/td>\n\u00a0<\/td>\n5,735<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,659<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,391<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,254<\/td>\n<\/tr>\n
Gain on insurance proceeds, net of losses<\/td>\n\u00a0<\/td>\n(2,710<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,644<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n<\/tr>\n
Total operating expenses<\/td>\n\u00a0<\/td>\n5,312<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,157<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,330<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,201<\/td>\n<\/tr>\n
Operating income<\/td>\n\u00a0<\/td>\n3,608<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,651<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,969<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,745<\/td>\n<\/tr>\n
Interest expense, net<\/td>\n\u00a0<\/td>\n2,507<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,095<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,394<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,087<\/td>\n<\/tr>\n
Income before income taxes<\/td>\n\u00a0<\/td>\n1,101<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n556<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,575<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,658<\/td>\n<\/tr>\n
Income tax provision<\/td>\n\u00a0<\/td>\n134<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(31<\/td>\n)<\/td>\n\u00a0<\/td>\n456<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n256<\/td>\n<\/tr>\n
Net income<\/td>\n$<\/td>\n967<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n587<\/td>\n\u00a0<\/td>\n$<\/td>\n2,119<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,402<\/td>\n<\/tr>\n
Net income per share \u2014 Basic<\/td>\n$<\/td>\n0.09<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.05<\/td>\n\u00a0<\/td>\n$<\/td>\n0.20<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.13<\/td>\n<\/tr>\n
Weighted average shares outstanding \u2014 Basic<\/td>\n\u00a0<\/td>\n10,762<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,762<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,762<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,762<\/td>\n<\/tr>\n
Net income per share \u2014 Diluted<\/td>\n$<\/td>\n0.09<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.05<\/td>\n\u00a0<\/td>\n$<\/td>\n0.20<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.13<\/td>\n<\/tr>\n
Weighted average shares outstanding \u2014 Diluted<\/td>\n\u00a0<\/td>\n10,832<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,057<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,832<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,055<\/td>\n<\/tr>\n<\/table>\n

\n
\n
\n <\/strong>\n <\/p>\n

\n KEY TRONIC CORPORATION AND SUBSIDIARIES<\/strong>
\n
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n December 31, 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n\n July 2, 2022<\/strong>\n <\/td>\n<\/tr>\n
\n ASSETS<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current assets:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents<\/td>\n\u00a0<\/td>\n$<\/td>\n810<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,707<\/td>\n\u00a0<\/td>\n<\/tr>\n
Trade receivables, net of allowance for doubtful accounts of $14 and $12<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n134,290<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n135,876<\/td>\n\u00a0<\/td>\n<\/tr>\n
Contract assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n28,329<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n21,974<\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventories, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n171,749<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n155,741<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n28,969<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,710<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total current assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n364,147<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n340,008<\/td>\n\u00a0<\/td>\n<\/tr>\n
Property, plant and equipment, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n27,110<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n26,012<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating lease right-of-use assets, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18,652<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,731<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other assets:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred income tax asset<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,911<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,055<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,928<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,117<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total other assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22,839<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,172<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total assets<\/td>\n\u00a0<\/td>\n$<\/td>\n432,748<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n406,923<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n LIABILITIES AND SHAREHOLDERS<\/strong>\u2019 EQUITY<\/strong><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current liabilities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts payable<\/td>\n\u00a0<\/td>\n$<\/td>\n140,704<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n121,393<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accrued compensation and vacation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,813<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,836<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current portion of debt, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,667<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,402<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18,285<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23,036<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total current liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n173,469<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n163,667<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term liabilities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Term loans<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,603<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,716<\/td>\n\u00a0<\/td>\n<\/tr>\n
Revolving loan<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n109,704<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n94,577<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating lease liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,084<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,023<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred income tax liability<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n64<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other long-term obligations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,553<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,998<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total long-term liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n131,968<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n118,378<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n305,437<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n282,045<\/td>\n\u00a0<\/td>\n<\/tr>\n
Shareholders\u2019 equity:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common stock, no par value\u2014shares authorized 25,000; issued and outstanding 10,762 and 10,762 shares, respectively<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n47,576<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n47,474<\/td>\n\u00a0<\/td>\n<\/tr>\n
Retained earnings<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n79,948<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n77,829<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accumulated other comprehensive income (loss)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(213<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(425<\/td>\n)<\/td>\n<\/tr>\n
Total shareholders\u2019 equity<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n127,311<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n124,878<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total liabilities and shareholders\u2019 equity<\/td>\n\u00a0<\/td>\n$<\/td>\n432,748<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n406,923<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n CONTACTS:<\/strong>\n <\/td>\n\u00a0<\/td>\nBrett Larsen<\/td>\n\u00a0<\/td>\nMichael Newman<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nChief Financial Officer<\/td>\n\u00a0<\/td>\nInvestor Relations<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nKey Tronic Corporation<\/td>\n\u00a0<\/td>\nStreetConnect<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n(509) 927-5500<\/td>\n\u00a0<\/td>\n(206) 729-3625<\/td>\n<\/tr>\n<\/table>\n


\n
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Expected Increase in Revenue and Earnings; New Program Wins; Preparing for Growth in Coming Quarters SPOKANE VALLEY, Wash., Jan. 31, 2023 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq: KTCC), a provider of electronic manufacturing services (EMS), today announced its results for the quarter ended December\u00a031, 2022. For the second quarter of fiscal year 2023, Key Tronic reported total revenue of $123.7 million, compared to $134.5 million in the same period of fiscal year 2022. For the first six months of fiscal year 2023, total revenue was $261.0 million, compared to $267.2 million in the same period of fiscal year 2022. As previously announced, revenue for the second quarter of fiscal year 2023 was impacted by a six-week delay in starting … <\/p>\n

Continue reading “Key Tronic Corporation Announces Results for the Second Quarter of Fiscal Year 2023”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-727334","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nKey Tronic Corporation Announces Results for the Second Quarter of Fiscal Year 2023 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/key-tronic-corporation-announces-results-for-the-second-quarter-of-fiscal-year-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Key Tronic Corporation Announces Results for the Second Quarter of Fiscal Year 2023 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Expected Increase in Revenue and Earnings; New Program Wins; Preparing for Growth in Coming Quarters SPOKANE VALLEY, Wash., Jan. 31, 2023 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq: KTCC), a provider of electronic manufacturing services (EMS), today announced its results for the quarter ended December\u00a031, 2022. For the second quarter of fiscal year 2023, Key Tronic reported total revenue of $123.7 million, compared to $134.5 million in the same period of fiscal year 2022. For the first six months of fiscal year 2023, total revenue was $261.0 million, compared to $267.2 million in the same period of fiscal year 2022. 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