Últimas noticias sobre Key Tronic (NASDAQ:KTCC) Bolsa

Key Tronic

Key Tronic Corp is an electronic manufacturing service provider. The company provides electronic manufacturing services to original equipment manufacturers in the United States and globally. Its primary services include integrated electronic and mechanical engineering, precision plastic molding, sheet metal fabrication, printed circuit board (PCB) and complete product assembly, component selection, sourcing and procurement, logistics, and new product testing and production. The firm derives a majority of its revenue from the United States.

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Las acciones de Harrow subieron un 23,1% en el premercado. Descubre qué otras compañías están ganando y perdiendo antes de la apertura.

Las acciones de Harrow (HROW) se disparan un 23%; aquí están 20 acciones que se mueven en el premercado

Key Tronic Corp

Shares of Harrow, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HROW#NASDAQ">HROW</a>) rose sharply in pre-market trading after the company reported fourth quarter and year-end 2024 unaudited preliminary financial results and <a href="https://www.benzinga.com/quote/HROW/earnings">issued 2025 revenue guidance</a>.
Harrow shares jumped 23.1% to $28.70 in the pre-market trading session.
Here are some other stocks moving in pre-market trading.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Regencell Bioscience Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGC#NASDAQ">RGC</a>) gained 45.7% to $26.96 in pre-market trading after jumping over 46% on Monday.</li>
<li>Bon Natural Life Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BON#NASDAQ">BON</a>) rose 30.4% to $0.7985 in pre-market trading. Bon Natural Life shares dipped 57% on Monday after the company announced the pricing of a $12 million offering of 8,333,332 shares at $1.44/share.</li>
<li>Genprex, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GNPX#NASDAQ">GNPX</a>) gained 19.2% to $0.4774 in pre-market trading following a 10% surge on Monday.</li>
<li>Canopy Growth Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) gained 17.8% to $1.39 in pre-market trading after jumping 7% on Monday.</li>
<li>Arbe Robotics Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARBE#NASDAQ">ARBE</a>) gained 15% to $1.46 in pre-market after gaining 4% on Monday.</li>
<li>Key Tronic Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KTCC#NASDAQ">KTCC</a>) gained 14.2% to $3.05 in pre-market trading.</li>
<li>FinVolution Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FINV#NYSE">FINV</a>) rose 11% to $10.12 following fourth-quarter results.</li>
<li>X Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XYF#NYSE">XYF</a>) rose 9.3% to $14.10 in pre-market trading after gaining 3% on Monday.</li>
<li>Grab Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRAB#NASDAQ">GRAB</a>) gained 6.3% to $4.73 in pre-market trading.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Avenue Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATXI#NASDAQ">ATXI</a>) shares fell 40.3% to $0.5250 in pre-market trading.</li>
<li>Bakkt Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BKKT#NYSE">BKKT</a>) fell 29.4% to $9.05 in pre-market trading after gaining 7% on Monday.</li>
<li>Hyperfine, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYPR#NASDAQ">HYPR</a>) dipped 25.8% to $0.95 in pre-market trading following fourth-quarter results.</li>
<li>Virpax Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRPX#NASDAQ">VRPX</a>) declined 24.3% to $0.1280 in pre-market trading.</li>
<li>AGM Group Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AGMH#NASDAQ">AGMH</a>) fell 24.1% to $0.0802 in pre-market trading after dipping over 6% on Monday.</li>
<li>AirNet Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ANTE#NASDAQ">ANTE</a>) shares tumbled 18.5% to $1.31 in pre-market trading. AirNet Technology shares jumped 98% on Monday after the company announced the execution of a non-binding investment LOI with LLP STH Corp, a Kazakstan company.</li>
<li>CEL-SCI Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVM#NYSE">CVM</a>) shares fell 13.1% to $0.2469 in pre-market trading. CEL-SCI announced the pricing of $2.56 million best-efforts offering of 16 million shares of common stock.</li>
<li>Arlo Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARLO#NYSE">ARLO</a>) shares dipped 9.3% to $10.01 in pre-market trading after gaining 4% on Monday.</li>
<li>Hallador Energy Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HNRG#NASDAQ">HNRG</a>) fell 6.8% to $10.70 in today's pre-market trading following a fourth-quarter sales miss.</li>
<li>Verastem, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VSTM#NASDAQ">VSTM</a>) fell 6% to $6.80 in pre-market trading after gaining 4% on Monday.</li>
</ul>
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<li><a href="https://www.benzinga.com/markets/25/03/44355158/jim-cramer-says-this-tech-stock-is-a-meme-stock-recommends-buying-accenture">Jim Cramer Calls This Stock A &#8216;Meme Stock,&#8217; Recommends Buying Accenture</a></li>
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Why Harrow Shares Are Trading Higher By 23%; Here Are 20 Stocks Moving Premarket

Key Tronic To Expand Operations In Arkansas And Vietnam

Key Tronic (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KTCC#NASDAQ">KTCC</a>) reported quarterly losses of $(0.38) per share. This is a 480 percent decrease over earnings of $0.10 per share from the same period last year. The company reported $113.85 million in sales this quarter. This is a 21.71 percent decrease over sales of $145.42 million the same period last year.

Earnings

Key Tronic Q2 Adj EPS $(0.38) Down From $0.10 YoY, Sales $113.85M Down From $145.42M YoY

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Earnings Scheduled For February 4, 2025

<h3>Gainers</h3>
<ul>
<li>Nvni Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVNI#NASDAQ">NVNI</a>) stock moved upwards by 45.6% to $2.17 during Friday's pre-market session. The market value of their outstanding shares is at $78.5 million. </li>
<li>Twilio (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TWLO#NYSE">TWLO</a>) shares rose 21.59% to $137.89. The market value of their outstanding shares is at $22.1 billion. </li>
<li>WISeKey Intl Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKEY#NASDAQ">WKEY</a>) stock moved upwards by 15.97% to $9.44. The market value of their outstanding shares is at $105.6 million. </li>
<li>Ostin Technology Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OST#NASDAQ">OST</a>) shares increased by 15.28% to $2.79. The market value of their outstanding shares is at $5.0 million. </li>
<li>Alpha Modus Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMOD#NASDAQ">AMOD</a>) stock increased by 12.96% to $2.02. The market value of their outstanding shares is at $26.7 million. </li>
<li>Kingsoft Cloud Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KC#NASDAQ">KC</a>) stock rose 10.58% to $10.55. The market value of their outstanding shares is at $2.5 billion. </li>
</ul>
<h3>Losers</h3>
<ul>
<li>Telefonaktiebolaget L M (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ERIC#NASDAQ">ERIC</a>) stock decreased by 10.4% to $7.97 during Friday's pre-market session. The company's market cap stands at $26.5 billion. As per the press release, Q4 earnings came out today. </li>
<li>Optical Cable (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OCC#NASDAQ">OCC</a>) shares declined by 8.22% to $5.25. The market value of their outstanding shares is at $43.1 million. </li>
<li>Ichor Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICHR#NASDAQ">ICHR</a>) stock decreased by 6.8% to $27.42. The company's market cap stands at $924.9 million. </li>
<li>Key Tronic (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KTCC#NASDAQ">KTCC</a>) shares declined by 6.48% to $3.9. The market value of their outstanding shares is at $41.9 million. </li>
<li>Bit Origin (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BTOG#NASDAQ">BTOG</a>) stock declined by 6.17% to $0.52. The market value of their outstanding shares is at $4.4 million. </li>
<li>Valens Semiconductor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLN#NYSE">VLN</a>) stock fell 5.76% to $2.76. The company's market cap stands at $293.7 million. 
See Also: <a href="http://www.benzinga.com/money/tech-stocks/" title="www.benzinga.com/money/tech-stocks/">www.benzinga.com/money/tech-stocks/</a></li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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12 Information Technology Stocks Moving In Friday's Pre-Market Session

Guidance

Key Tronic Expects Q3 2025 Revenue Between $115M-$130M; EPS $0.00-$0.15

Key Tronic Corporation Sees Q2 Revenue ~$114M, EPS $(0.48)-$(0.40), Below Prior Guidance; Co. Cites Impact From Unexpected Component Shortages, Lower Production During Holiday And Reduced Demand From Certain Customers

Key Tronic Corporation (Nasdaq KTCC), a world class provider of manufacturing and design engineering services, today announced that it expects to begin manufacturing in the second half of 2025 for a market revolutionizing, innovative energy resilience technology provider.&nbsp; &nbsp;
<a href="https://www.globenewswire.com/Tracker?data=lxZvPzcbpevcDjwGNa051O_y3v_FdsWgYmVjKcnSY-WP3RQbYo_uB4l4K0kqH1NCbnFAYV-n2UUMNwD7j8pxxQ==">Key Tronic</a> has been awarded the manufacturing of an industry leading, innovative energy resiliency product. Initial production will ramp in late 2025 at the Key Tronic manufacturing campuses in Juarez, Mexico and Arkansas. Once fully ramped, Key Tronic believes the yearly revenue could exceed $60 million dollars.

Contracts

Key Tronic To Begin Manufacturing Innovative Energy Resilience Product In H2 2025 With Potential $60M Yearly Revenue

Key Tronic (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KTCC#NASDAQ">KTCC</a>) is looking for Q2 GAAP EPS of $0.05-0.15. sees sales of $130.000 million-140.000 million.

Key Tronic Sees Q2 GAAP EPS $0.05-0.15; Sees Sales $130.000M-140.000M.

Key Tronic (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KTCC#NASDAQ">KTCC</a>) reported quarterly earnings of $0.11 per share. This is a 266.67 percent increase over earnings of $0.03 per share from the same period last year. The company reported $131.56 million in sales this quarter. This is a 12.36 percent decrease over sales of $150.11 million the same period last year.

Key Tronic Q1 Adj $0.11 Up From $0.03 YoY, Sales $131.56M Down From $150.11M YoY

Key Tronic Corporation&#39;s (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ktcc#NASDAQ">KTCC</a>) fourth-quarter fiscal 2024 results reflected significant impacts of a cybersecurity incident that disrupted its operations, leading to mixed performance. The company faced notable challenges, including a sharp year-over-year decline in revenues and break-even earnings, stemming from its inability to fulfill orders during the quarter.
However, strategic cost-cutting measures, including workforce reductions and favorable currency fluctuations, provided some relief. As the company navigates the aftermath of the cyberattack, management&#39;s outlook for the first quarter of fiscal 2025 suggests a recovery, with an anticipated boost in revenues and earnings as Key Tronic continues to capitalize on business opportunities and operational efficiencies.
<div class="chart_embed">
<h3>Key Tronic Corporation Price, Consensus and EPS Surprise</h3>
<img alt="Key Tronic Corporation Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/ab/1723645981.png" style="height:265px; width:531px" title="" />
Key Tronic Corporation price-consensus-eps-surprise-chart | Key Tronic Corporation Quote
</div>
<h3>Q4 Results</h3>
KTCC reported fourth-quarter fiscal 2024 break-even earnings per share, declining from 10 cents in the year-ago quarter.
Total quarterly revenues were $125.7 million, a significant decline from $162.6 million in the prior-year quarter.
Weak quarterly earnings primarily resulted from the inability to fulfill approximately $15 million in orders during the quarter as a result of the cyberattack. The negatives were partially offset by lower operating expenses, aided by workforce reductions in Mexico and favorable currency fluctuations.
<h3>Key Business Metrics</h3>
Net income for fourth-quarter fiscal 2024 was break-even, whereas it reported $1.1 million in fourth-quarter fiscal 2023. This decline reflects increased cybersecurity-related expenses, offset partially by an insurance gain and the weakening of the Mexican Peso, which reduced expenses.
Adjusted net income, which excludes certain one-time expenses, was $1.1 million, up slightly from $1 million in fourth-quarter fiscal 2023.
The company maintained a gross margin of 9% for fourth-quarter fiscal 2024, slightly up from 8.5% in the prior-year quarter, aided by workforce reductions in Mexico and favorable currency fluctuations.
Operating income for the quarter was $2.7 million, down from $4.2 million in the prior-year period. This decline was driven by lower revenues and higher operating expenses, including cybersecurity costs.
<h3>Expenses</h3>
The company saw a decrease in total operating expenses to $8.6 million from $9.7 million in the prior-year quarter.
However, interest expenses rose to $3.2 million from $2.9 million in fourth-quarter fiscal 2023, further pressuring the bottom line. The company reported a slight tax benefit in fourth-quarter fiscal 2024, which helped mitigate the overall net loss for the full fiscal year.
<h3>Cash &amp; Debt</h3>
Key Tronic ended fourth-quarter fiscal 2024 with cash and cash equivalents of $4.8 million, up from $3.6 million at the end of fourth-quarter fiscal 2023.
Net long-term debt stood at $116.4 million as of Jun 29, 2024, a decrease from $121.5 million a year earlier.
<h3>Management Guidance</h3>
Key Tronic projects first-quarter fiscal 2025 revenues of $140-$150 million and earnings per diluted share between 10 cents and 20 cents. This outlook assumes a continued recovery from the cybersecurity incident and a gradual improvement in production efficiencies, particularly in its Mexico operations. Management is optimistic about a strong pipeline of new businesses, driven by trends in on-shoring and dual sourcing of contract manufacturing, positioning it for growth in the upcoming fiscal year.
<h3>Other Developments</h3>
In the fiscal fourth quarter, Key Tronic continued to expand its customer base, securing new programs across various sectors, including industrial moving equipment, medical devices and consumer products. The company also emphasized its strategic shift toward on-shoring and dual sourcing, particularly in its Mexico, U.S. and Vietnam facilities. This trend is expected to support growth and enhance operational resilience.
In summary, while the cyberattack posed significant challenges, Key Tronic&#39;s proactive response and ongoing strategic initiatives position it for recovery and growth in the upcoming fiscal year. Investors should monitor the execution of the company&#39;s recovery plans and the realization of anticipated operational efficiencies.
<h3>View</h3>
The fiscal fourth-quarter results were heavily influenced by external disruptions, most notably a cyberattack that affected the company&#39;s operations in Mexico and the United States. The incident led to $2.3 million in additional expenses, including costs related to new IT infrastructure and continued wage payments during the disruption. However, management has noted that most of the unfulfilled orders are expected to be recovered in fiscal 2025.
<a href="https://www.zacks.com/stock/news/2322185/key-tronic-ktcc-posts-break-even-earnings-y-y-revenue-dip-in-q4?cid=CS-BENZ-FT-analyst_blog|earnings_article-2322185">To read this article on Zacks.com click here.</a>

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Key Tronic Posts Break-Even Earnings, Y/Y Revenue Dip in Q4

WIIM

Key Tronic shares are trading higher after the company reported a year-over-year increase in Q4 adjusted EPS results.

Key Tronic (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KTCC#NASDAQ">KTCC</a>) reported quarterly earnings of $0.10 per share. This is a 11.11 percent increase over earnings of $0.09 per share from the same period last year. The company reported $125.69 million in sales this quarter. This is a 22.71 percent decrease over sales of $162.61 million the same period last year.

Key Tronic Q4 Adj. EPS $0.10 Up From $0.09 YoY, Sales $125.69M Down From $162.61M YoY

Key Tronic Q4 2024 Revenue $125.7M Vs $162.6M YoY

Key Tronic Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KTCC#NASDAQ">KTCC</a>), a provider of electronic manufacturing services (EMS), today announced its preliminary results for the fourth quarter of fiscal year ended June 29, 2024. &nbsp;
As previously disclosed, Key Tronic detected a cybersecurity incident on May 6, 2024 that caused disruptions and limited access to portions of the Company's business applications supporting operations and corporate functions, including financial and operating reporting systems, at its Mexico and U.S. sites during the fourth quarter of fiscal 2024.
During the disruption of business, Key Tronic continued to pay wages in accordance with statutory requirements. The Company also deployed new IT-related infrastructure and engaged cyber security experts to remediate the incident. Due to this event, the Company incurred approximately $2.3 million of additional expenses and believes that it lost approximately $15 million of revenue during the fourth quarter. Most of these orders are recoverable and are expected to be fulfilled in fiscal year 2025. Partially offsetting these additional expenses was an insurance gain in the amount of $0.7 million that was also recorded during the quarter.
As a result, Key Tronic expects to report revenue of approximately $125 million for the fourth quarter of fiscal 2024, and a net loss of approximately $0.00 per share, both of which are below previous guidance.
Key Tronic expects revenue and earnings to rebound in the first quarter of fiscal year 2025 as production has resumed across its facilities. In addition, the Company is beginning to realize operational efficiencies as a result of headcount reductions announced in the third quarter of fiscal year 2024, coupled with a favorable weakening in the Mexican Peso to the US dollar of approximately 10% that occurred during June. At the same time, Key Tronic continues to win new programs and reduce inventories to be more in line with current revenue levels.
For the first quarter of 2025, the Company expects to report revenue in the range of $140 million to $150 million and earnings in the range of $0.10 to $0.20 per diluted share.

Key Tronic Preliminary Q4 EPS $0.00; Revenue Of ~$125M; Sees Q1 2025 EPS $0.10-$0.20; Revenue $140M-$150M

The most oversold stocks in the information technology sector presents an opportunity to buy into undervalued companies. `
The RSI is a momentum indicator, which compares a stock&#8217;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#8217;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the <a href="https://www.benzinga.com/topic/rsi">RSI is below 30</a>, according to <a href="https://pro.benzinga.com/">Benzinga Pro</a>.
Here's the latest list of major oversold players in this sector, having an RSI near or below 30.
<h3 class="wp-block-heading">Key Tronic Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KTCC#NASDAQ">KTCC</a>)</h3>
<ul>
<li>On June 20, Key Tronic announced a consulting arrangement with Craig D. Gates. The company's stock fell around 9% over the past month and has a <a href="https://www.benzinga.com/quote/KTCC">52-week low of $3.60</a>.</li>
<li>RSI Value: 29.48</li>
<li>KTCC Price Action: Shares of Key Tronic gained 0.5% to close at $3.72 on Tuesday.</li>
<li><a href="https://pro.benzinga.com/dashboard">Benzinga Pro's real-time newsfeed</a> alerted to latest Key Tronic's news.</li>
</ul>
<h3 class="wp-block-heading">Amplitech Group Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMPG#NASDAQ">AMPG</a>)</h3>
<ul>
<li>On May 30, AmpliTech announced the receipt of notice from Nasdaq regaining compliance. The company's stock fell around 7% over the past month. It <a href="https://www.benzinga.com/quote/AMPG">has a 52-week low</a> of $1.00.</li>
<li>RSI Value: 26.81</li>
<li>AMPG Price Action: Shares of Amplitech Group fell 1% to close at $1.04 on Tuesday.</li>
<li>Benzinga Pro's charting tool helped identify the <a href="https://pro.benzinga.com/dashboard">trend in Amplitech Group's stock</a>.</li>
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<h3 class="wp-block-heading">Datasea Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DTSS#NASDAQ">DTSS</a>)</h3>
<ul>
<li>On July 3, Datasea announced the closing of $2.25 million registered direct offering. The company's stock fell around 21% over the past five days and has a 52-week <a href="https://www.benzinga.com/quote/DTSS">low of $1.42</a>.</li>
<li>RSI Value: 25.82</li>
<li>DTSS Price Action: Shares of Datasea closed at $2.69 on Tuesday.</li>
<li>Benzinga Pro's signals feature notified of a potential <a href="https://pro.benzinga.com/dashboard">breakout in Datasea shares</a>.</li>
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Key Tronic Says Operations And Corporate Functions Have Been Restored, And We Believe That The Unauthorized Third Party No Longer Has Access To The Company's IT Systems; Says Determined That The Threat Actor Accessed And Exfiltrated Limited Data From The Company's Environment, Which Includes Some Personally Identifiable Information

Key Tronic (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KTCC#NASDAQ">KTCC</a>) reported quarterly losses of $(0.21) per share. This is a 216.67 percent decrease over earnings of $0.18 per share from the same period last year. The company reported $140.53 million in sales this quarter. This is a 14.60 percent decrease over sales of $164.55 million the same period last year.

Key Tronic Q3 EPS $(0.21) Down From $0.18 YoY, Sales $140.53M Down From $164.55M YoY

For the fourth quarter of fiscal 2024, the Company expects to report revenue in the range of $135 million to $145 million and earnings in the range of $0.00 to $0.10 per diluted share.
The revenue and earnings estimates for the third and fourth quarters of fiscal 2024, and the finalization of financial results for the third quarter of 2024, are subject to completion of the Company's quarterly close and review procedures which are still ongoing. The Company plans to report its complete results and host its earnings conference call for the third quarter of fiscal 2024 on May 7, 2024. Details for the conference call have been announced in a separate press release.

Key Tronic Corporation Sees Q4 2024 EPS $0.00-$0.10; Revenue $135M-$145M

Key Tronic Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KTCC#NASDAQ">KTCC</a>), a provider of electronic manufacturing services (EMS), today announced its preliminary results for the three months ended March 30, 2024.
For the third quarter of fiscal 2024, Key Tronic expects to report revenue of approximately $140 million, in line with revenue expectations, and a net loss of approximately ($0.18) to ($0.23) per share, which is below expectations.
The lower than expected earnings are primarily a result of severance costs of approximately $3.7 million, or $0.27 per diluted share, as the Company reduced its workforce by over 450 employees in Mexico. Moreover, the severance costs were incurred late in the third quarter, which limited the previously planned payroll expense reductions anticipated in the third quarter. The workforce reduction reflects softening demand for a number of different programs with high labor content and is expected to save more than $10 million annually.
Key Tronic expects production levels from Mexico-based facilities to recover in coming quarters due to recently won programs. The Company does not anticipate needing to increase its net headcount in coming periods, which would reflect significant improvements to operating efficiencies.
During the third quarter of fiscal 2024, Key Tronic's facilities in Mississippi and Arkansas were also offline for approximately two weeks due to severe winter weather events, resulting in unanticipated lost production capacity incurring a loss of contribution margin of approximately $1 million or $0.07 per diluted share. The Company also continued to be adversely impacted by the strengthening of the Mexican Peso by approximately 5% , increasing expenses by approximately $1.5 million or $0.11 per diluted share.

Key Tronic Corporation Announces Preliminary Q3 EPS $(0.18)-$(0.23); Revenue ~$140M; Says Lower Than Expected Earnings Are Primarily A Result Of Severance Costs Of ~$3.7M, Or $0.27 Per Diluted Share, As The Company Reduced Its Workforce By Over 450 Employees In Mexico

Press Releases

Key Tronic Corporation Announces Results for the Fourth Quarter of Fiscal Year 2024

Key Tronic Corporation Announces First Quarter Reporting Date

Key Tronic Corporation Announces Results for the First Quarter of Fiscal Year 2025

Financing

Key Tronic Corporation Announces New Credit Facilities

Key Tronic Corporation Announces Preliminary Results for the Second Quarter of Fiscal Year 2025

Key Tronic Corporation Announces Second Quarter Reporting Date

Key Tronic Corporation Awarded Major New Contract with Energy Resilience Technology Provider

Key Tronic Corporation Announces Results For the Second Quarter of Fiscal Year 2025

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Key Tronic Corporation Plans to Expand Operations in Arkansas and Vietnam

Key Tronic Corporation Executes New Lease to Expand Domestic Operations In Arkansas

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