Key Tronic shares up after strong 4Q

Key Tronic shares jump after 4Q net income more than doubles on strong customer growth

Associated Press

SPOKANE VALLEY, Wash. (AP) -- Shares of the electronic manufacturing services company Key Tronic Corp. jumped on Wednesday after its fiscal fourth-quarter net income more than doubled as it added new customers.

The company earned $3.8 million, or 35 cents per share, for the quarter that ended June 30. That was up from $1.5 million, or 15 cents per share, during the same period a year earlier.

Revenue rose 46 percent to $96.7 million, from $66 million a year ago, the company reported on Tuesday.

Its shares jumped $1.94, or 24.3 percent, to close at $9.94 Wednesday.

Key Tronic ended the fiscal year with 165 different programs for 48 customers, up from 119 programs for 33 customers a year earlier. President and CEO Craig Gates said the profit growth was due to the "rapid production ramp up of new customer programs."

The company said it expects first-quarter revenue of $94 million to $99 million, and earnings of 32 cents to 39 cents per share.

For the full fiscal year, Key Tronic earned $11.6 million, or $1.10 per share, more than double its year-earlier net income of $5.7 million, or 55 cents per share. Revenue rose to $346.5 million, up 36 percent from $253.8 million a year earlier.

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