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Key Tronic Corporation (KTCC)

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Previous Close7.64
Open7.69
Bid0.00 x 1100
Ask0.00 x 900
Day's Range7.55 - 7.89
52 Week Range2.51 - 10.48
Volume27,394
Avg. Volume39,579
Market Cap84.894M
Beta (5Y Monthly)1.96
PE Ratio (TTM)17.23
EPS (TTM)0.46
Earnings DateOct 27, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
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  • Relay Medical & Fio Announces Over $500,000 CAD in Contracts for Fionet Mobile COVID-19 Testing & Tracking Platform; Provides Operational Update
    GlobeNewswire

    Relay Medical & Fio Announces Over $500,000 CAD in Contracts for Fionet Mobile COVID-19 Testing & Tracking Platform; Provides Operational Update

    Fionet Devices Fionet Mobile Devices * Relay & Fio joint venture, Fionet Rapid Response Group, announce over $500,000 CAD in initial contracts * Fionet is a first-of-its-kind mobile testing & tracking platform designed to administer widespread rapid testing, for infectious diseases including COVID-19, and capture real-time data & insights * FRR has begun platform configuration with COVID-19 rapid diagnostic tests from Abbott, Roche and Proprietary Innovation Labs, positioning Fionet to support some of the most widely accessible COVID-19 tests in the world * FRR takes delivery of the first production run of mobile testing devices from its Minneapolis-based contract manufacturing partner KeyTronic (NASDAQ: KTCC) TORONTO, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Relay Medical Corp. (“Relay” or the “Company”) (CSE: RELA, OTC: RYMDF, Frankfurt: EIY2), and Fio Corporation (“Fio”), together Fionet Rapid Response Group (“FRR”) are pleased to provide an update on contracts exceeding $500,000 CAD.In an alliance with South Korean rapid diagnostic test (RDT) maker, IVD Lab Co, FRR announces a contract with funding assistance provided by the National Research Council Canada (NRC) to bring to market a new type of RDT that can greatly ease the burden on hospitals and save lives. Validation of this innovative RDT has started at UHN in Toronto, North America’s largest teaching and research hospital.Fio Corporation holds the IP on the combination of biomarkers that made this test possible. South Korea is a country noted for outstanding production quality of RDTs.This innovative RDT, for use alongside rapid tests that diagnose infectious diseases, is a simple blood test designed to distinguish those infected patients who are at great risk to become critically ill (and hence will need hospitalization) from those who will safely recover at home. US hospital capacity is now capped, yet the number of COVID-infected people is growing. To prevent death toll skyrocketing, it will be indispensable to keep hospital beds for those that will really need them. This test is designed to predict critical illness, or sepsis, in infectious diseases, and will be paired to the Fionet Device.In Kenya, FRR has completed the deployment of Fionet in 10 primary care healthcare facilities in Kenya. The Fionet Patient manager is used for reception, triage, clinical consultation, lab, and pharmacy, including a COVID-19 screening module. FRR team provided configuration services, training, and support to the local teams and currently, the Fionet platform is currently producing reports for the Meru department of health to submit to the Kenya ministry of health.“This deployment in Kenya demonstrates the flexibility and data management strength of Fionet. To control a pandemic, testing in the community must be fused with real-time data capture and distribution, not only when they show up for testing, but also as they follow through with treatment,” said Dr. Michael Greenberg, CEO of Fionet Rapid Response Group and CEO of Fio Corporation.In addition, FRR is in negotiation with several other leading healthcare organizations around the world to pilot and/or deploy Fionet to support rapid testing programs for COVID-19 and other infectious diseases.Fionet begins configuring platform for multiple leading COVID-19 rapid diagnostic testsFRR is pleased to announce it has successfully received multiple COVID-19 lateral flow rapid diagnostic tests that will be configured to operate with the Fionet platform: * Abbott Panbio COVID-19 Ag Rapid Test. The test is CE marked and approved by Health Canada for point of care diagnosis. Abbott Panbio is being used across Europe and Africa and recently, the Government of Canada announced the purchase of 20 million tests to be used by public health authorities to combat the pandemic1. * Roche SARS-CoV-2 Rapid Antigen Test. The test is CE marked for markets accepting the designation including the European Union. Roche previously indicated that it will be able to produce up to 100 million tests per month to distribute worldwide2. * Proprietary Innovation Labs Antibody and Antigen Tests. Relay Medical recently announced the signing of an LOI for the exclusive sales and distribution rights of these tests. Both tests are CE marked with potential production capacity of 25 million per month.With these tests on hand, development activities will commence to configure the Fionet software and analysis engine to be compatible with identifying, error checking and interpretation of results. Onboarding of the tests will support trial or pilot deployments for upcoming clients.Production of Mobile Testing Device FRR is pleased to announce the delivery of the first production run of the new COVID-19 mobile testing devices from its contract manufacturer KeyTronic (NASDAQ: KTCC). This initial run of devices will be used for verification activities, onboarding of rapid diagnostic tests and supporting initial pilots. FRR expects to receive additional devices from the pilot run within the next 2 weeks as part of its first order to activate the assembly line._______________________________ 1 https://www.canada.ca/en/public-services-procurement/news/2020/10/government-of-canada-signs-new-agreement-for-covid-19-rapid-tests.html 2 https://www.roche.com/media/releases/med-cor-2020-09-01b.htm **The Companies are not making any express or implied claims that its product has the ability to eliminate, cure or contain the COVID-19 (or SARS-2 Coronavirus) at this time.About Fio CorporationFio Corporation, privately held and headquartered in Toronto, developed and markets the world’s first integrated guidance & tracking IT platform for decentralized healthcare settings, a new category of solution that raises healthcare quality and lowers healthcare costs. The platform enables average healthcare workers in clinics to deliver a new level of quality-controlled diagnostic testing and case management. Simultaneously, as an automated by-product of its clinical use, the platform captures and provides unprecedented frontline data to remote supervisors and stakeholders, enabling real-time remote tracking, insight distribution, and intervention. Fio operates globally in partnership with local distribution, service, and support organizations and also partners with other companies that license its technologies.Website: www.fio.comAbout Relay Medical Corp. Relay Medical is a MedTech innovation Company headquartered in Toronto, Canada focused on the development of novel technologies in the diagnostics and AI data science sectors.Website: www.relaymedical.comContact: W. Clark Kent President Relay Medical Corp. Office. 647-872-9982 ext. 2 TF. 1-844-247-6633 ext. 2 investor.relations@relaymedical.comBernhard Langer EU Investor Relations Office. +49 (0) 177 774 2314 Email: blanger@relaymedical.comForward-looking Information Cautionary StatementExcept for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law.   Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur.   Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE.  There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control.  There are no assurances that the commercialization plans for the Company’s technologies described in this news release will come into effect on the terms or time frame described herein.   The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law.   The reader is cautioned not to place undue reliance on forward-looking statements.   Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which filings are available at www.sedar.comA photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c73e26ec-59f6-4967-825e-53d60a7386d5

  • Key Tronic Corporation Announces Results for the First Quarter of Fiscal Year 2021
    GlobeNewswire

    Key Tronic Corporation Announces Results for the First Quarter of Fiscal Year 2021

    Revenue Growth and New Program Wins; Expecting Continued Growth in the Second QuarterSPOKANE VALLEY, Wash., Oct. 27, 2020 (GLOBE NEWSWIRE) -- Key Tronic Corporation (Nasdaq: KTCC), a provider of electronic manufacturing services (EMS), today announced its results for the quarter ended September 26, 2020. For the first quarter of fiscal year 2021, Key Tronic reported total revenue of $123.2 million, up 17% from $105.3 million in the same period of fiscal year 2020. The increase in revenue was due to the successful ramp of new customer programs and increased demand from existing customers. However, partially offsetting the increase in revenue during the first quarter of fiscal year 2021, the Company’s revenue was constrained by labor shortages at its facilities in Juarez due to the COVID-19 pandemic and associated public health measures.During the first quarter of fiscal year 2021, the Company incurred additional costs caused by the COVID-19 crisis totaling approximately $1.4 million or $0.10 per share. These expenses are related to increased compensation at the Company’s Juarez facility in order to reduce turnover of available employees, as well as preventative measures and equipment for employees at all of its facilities in the US, Mexico, China and Vietnam.The pandemic’s adverse impact on revenue and expenses also reduced the Company’s margins. For the first quarter of fiscal year 2021, gross margin was 8.1% and operating margin was 2.3%, compared to gross margin of 8.8% and an operating margin of 2.4%, in the same period of fiscal 2020. For the first quarter of fiscal year 2021, net income was $1.7 million or $0.16 per share, compared to $1.6 million or $0.14 per share for the same period of fiscal year 2020.“We’re pleased with the successful launch of new programs, rebounding customer demand and our strong revenue growth in the first quarter of fiscal 2021,” said Craig Gates, President and Chief Executive Officer. “We are ramping recent program wins and, while some of our legacy customers continued to have reduced demand due to the pandemic and related economic slowdown, several have increased demand during the first quarter of fiscal 2021, including programs for healthcare, industrial controls, and telecommunications. During the first quarter of fiscal 2021, we won new programs involving audio and video editing systems, indoor air quality, utility meters, warehouse management, and automation technologies.”“Moving into the second quarter of fiscal 2021, the COVID-19 crisis continues to present macroeconomic uncertainty and multiple business challenges, but we continue to see the favorable trend of contract manufacturing returning to North America. We remain focused on protecting the health of all of our employees by adhering to current health guidelines, as well as increasing retention of available employees. We expect continued strong revenue growth in the second quarter and continue to invest in new capacity to prepare for long-term growth.”  Business OutlookFor the second quarter of fiscal year 2021, Key Tronic expects to report revenue of approximately $125 million to $135 million, and earnings of approximately $0.15 to $0.25 per diluted share. These expected results assume an effective tax rate of 25% in the coming quarter. Key Tronic is working closely with its customers, key suppliers and employees to minimize the impact of the continued global pandemic. While the Company’s facilities in the US, Mexico, China and Vietnam are currently operating and rigorously following current health guidelines, uncertainty as to the possibility of future temporary closures, customer demand and costs, and future supply chain disruptions during the rapidly changing COVID-19 environment could significantly impact operations in coming periods. Due to the heightened risks associated with the above, we may issue updated guidance during the upcoming quarter.Conference CallKey Tronic 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 “Investor Relations” or by calling 866-248-8441 or +1-323-289-6576 (Access Code: 6871537).  A replay will be available by calling 888-203-1112 or +1-719-457-0820 (Access Code: 6871537).About Key TronicKey Tronic 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’s leading original equipment manufacturers. For more information about Key Tronic visit: www.keytronic.com.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 word as aims, anticipates, believes, 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’s statements regarding its expectations with respect to financial conditions and results, including revenue and earnings during periods of fiscal year 2021, risks of manufacturing supply chain and operational disruptions and relating to the health of employees due to COVID-19 health pandemic, demand for certain products and the effectiveness of some of our programs, effects of recent tax reform and tariff measures and trade tensions, business from new customers and programs, improvement of supply chain delivery and impacts from legal proceedings and 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, particularly during the COVID-19 health crisis; the availability of components from the supply chain; the availability of a healthy workforce; the accuracy of suppliers’ and customers’ forecasts; development and success of customers’ programs and products; timing and effectiveness of ramping of new programs; success of new-product introductions; 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 including those related to COVID-19 response; and other factors, risks, and uncertainties detailed from time to time in the Company’s SEC filings. KEY TRONIC CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) (Unaudited) Three Months Ended  September 26, 2020 September 28, 2019 Net sales$123,207  $105,285  Cost of sales113,192  96,012  Gross profit10,015  9,273  Research, development and engineering expenses2,245  1,660  Selling, general and administrative expenses4,974  5,074  Total operating expenses7,219  6,734  Operating income2,796  2,539  Interest expense, net681  710  Income before income taxes2,115  1,829  Income tax provision396  277  Net income$1,719  $1,552  Net income per share — Basic$0.16  $0.14  Weighted average shares outstanding — Basic10,760  10,760  Net income per share — Diluted$0.16  $0.14  Weighted average shares outstanding — Diluted11,040  10,805         KEY TRONIC CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) September 26, 2020 June 27, 2020 ASSETS    Current assets:    Cash and cash equivalents$1,471  $553  Trade receivables, net of allowance for doubtful accounts of $609 and $60991,563  86,123  Contract assets24,458  23,753  Inventories, net119,791  115,020  Other18,782  17,315  Total current assets256,065  242,764  Property, plant and equipment, net33,316  31,764  Operating lease right-of-use assets, net16,370  17,568  Other assets:    Deferred income tax asset9,632  10,178  Other2,429  2,587  Total other assets12,061  12,765  Total assets$317,812  $304,861  LIABILITIES AND SHAREHOLDERS’ EQUITY    Current liabilities:    Accounts payable$79,146  $80,204  Accrued compensation and vacation7,641  10,428  Current portion of debt, net906  7,508  Other13,957  14,079  Total current liabilities101,650  112,219  Long-term liabilities:    Term loans4,021  3,258  Revolving loan79,539  60,094  Operating lease liabilities11,502  12,624  Deferred income tax liability232  234  Other long-term obligations1,386  875  Total long-term liabilities96,680  77,085  Total liabilities198,330  189,304  Shareholders’ equity:    Common stock, no par value—shares authorized 25,000; issued and outstanding 10,760 and 10,760 shares, respectively47,009  46,946  Retained earnings71,830  70,111  Accumulated other comprehensive income (loss)643  (1,500) Total shareholders’ equity119,482  115,557  Total liabilities and shareholders’ equity$317,812  $304,861           CONTACTS:Brett Larsen Chief Financial Officer Key Tronic Corporation (509) 927-5500 Michael Newman Investor Relations StreetConnect (206) 729-3625

  • GlobeNewswire

    Keytronic Corporation Announces First Quarter Reporting Date

    SPOKANE VALLEY, Wash., Oct. 14, 2020 (GLOBE NEWSWIRE) -- Key Tronic Corporation (Nasdaq: KTCC), announced today that it plans to report its results for the first quarter of fiscal 2021 after market close on October 27, 2020. Key Tronic will host a conference call to discuss its financial results at 2:00 PM Pacific (5:00 PM Eastern) on October 27, 2020. A broadcast of the conference call will be available at www.keytronic.com under “Investor Relations” or by calling 866-248-8441 or +1-323-289-6576 (Access Code: 6871537). A replay will be available by calling 888-203-1112 or +1-719-457-0820 (Access Code: 6871537).About Key TronicKey Tronic 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’s leading original equipment manufacturers. For more information about Key Tronic visit: www.keytronic.com.      CONTACTS: Brett Larsen Michael Newman   Chief Financial Officer Investor Relations   Key Tronic Corporation StreetConnect   (509) 927-5500 (206) 729-3625