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Stock Monitor: RF Industries Post Earnings Reporting
LONDON, UK / ACCESSWIRE / June 14, 2018 / If you want access to our free earnings report on KEMET Corp. (NYSE: KEM), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=KEM. The Company reported its fourth quarter and full fiscal year 2018 operating and financial results on May 17, 2018. The leading global supplier of electronic components outperformed top- and bottom-line expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the fourth quarter ended March 31, 2018, KEMET’s net sales increased 61.0% to $318.0 million compared to $197.5 million in the quarter ended March 31, 2017. The Company’s revenue numbers surpassed analysts’ estimates of $306.7 million.
For the full fiscal year ended March 31, 2018, KEMET’s net sales were $1.2 billion, up 58.3% compared to $757.8 million in the full fiscal year ended March 31, 2017.
KEMET’s GAAP gross margin improved significantly by 240 basis points (bps) to 27.8% in Q4 FY18 from 25.4% in Q4 FY17. The Company’s non-GAAP gross margin was slightly higher at 28.2%. KEMET’s adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) were $48.5 million in the reported quarter, reflecting an increase of 78% from $27.2 million in the prior year’s same quarter.
For Q4 FY18, KEMET’s US GAAP net income was $2.4 million, or $0.04 per diluted share, which included an unfavorable purchase accounting adjustment of $6.3 million related to the TOKIN acquisition, compared to a net income of $52.9 million, or $0.93 per diluted share, in Q4 FY17.
KEMET’s non-US GAAP adjusted net income was $26.4 million, or $0.45 per diluted share, in Q4 FY18 compared to $7.8 million, or $0.14 per diluted share, in Q4 FY17. The Company’s earnings numbers were ahead of Wall Street’s estimates of $0.41 per share.
For FY18, KEMET’s US GAAP net income was $254.5 million, or $4.34 per diluted share, compared to $48.0 million, or $0.87 per diluted share, in FY17. The Company’s non-US GAAP adjusted net income was $102.7 million, or $1.75 per diluted share, in FY18 compared to $23.9 million, or $0.43 per diluted share, in FY17.
As of March 31, 2018, KEMET’s cash balance was $286.8 million compared to $109.8 million as on March 31, 2017. During the reported quarter, the Company paid $4.3 million towards reducing its term loan in accordance with KEMET’s amortization schedule. At the end of Q4 FY18, KEMET’s total debt stood at $324.6 million versus $388.2 million at the end of Q4 FY17.
During Q4 FY18, KEMET generated approximately $120 million of cash from operations versus $71 million in Q4 FY17. The Company’s capital expenditure was $34.1 million during the reported quarter compared to $13.1 million in the prior year’s same quarter.
For Q1 2019, KEMET is forecasting to spend in the range of $25 million to $35 million, and capital expenditure, including IT and corporate spending related to the TOKIN acquisition, is estimated to be in the band of $80 million to $100 million for FY19.
Stock Performance Snapshot
June 13, 2018 - At Wednesday’s closing bell, KEMET’s stock was slightly up 0.46%, ending the trading session at $23.88.
Volume traded for the day: 817.00 thousand shares.
Stock performance in the last month – up 16.20%; previous three-month period – up 22.65%; past twelve-month period – up 71.92%; and year-to-date – up 58.57%
After yesterday’s close, KEMET’s market cap was at $1.31 billion.
Price to Earnings (P/E) ratio was at 4.55.
The stock is part of the Technology sector, categorized under the Diversified Electronics industry.
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