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    Kimball Electronics Reports Q3 Results and Reiterates Guidance for Fiscal 2025 With Sales and Operating Income Expected at High-End of Range; Company Adds New Facility to Support Strategy to Drive Growth in the Medical CMO

    5/6/25 5:31:00 PM ET
    $KE
    Electrical Products
    Technology
    Get the next $KE alert in real time by email

    Third Quarter Fiscal 2025 Highlights

    • Net sales totaled $374.6 million
    • Operating income of $11.7 million, or 3.1% of net sales, adjusted operating income of 4.2%
    • Inventory of $296.6 million, a reduction of $9.6 million from Q2
    • Cash generated by operating activities of $30.9 million, the fifth consecutive quarter of positive cash flow
    • Borrowings on credit facilities of $178.8 million, a $26.2 million decrease from the second quarter, and down $116 million, or 40%, in the fiscal year

    Kimball Electronics, Inc. (NASDAQ:KE) today announced financial results for the third quarter ended March 31, 2025.

    This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250506973868/en/

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Nine Months Ended

     

    March 31,

     

    March 31,

    (Amounts in Thousands, except EPS)

     

    2025

     

     

     

    2024

     

     

     

    2025

     

     

     

    2024

     

    Net Sales

    $

    374,607

     

     

    $

    425,036

     

     

    $

    1,106,255

     

     

    $

    1,284,352

     

    Operating Income

    $

    11,716

     

     

    $

    (6,431

    )

     

    $

    29,061

     

     

    $

    29,669

     

    Adjusted Operating Income (non-GAAP) (1)

    $

    15,706

     

     

    $

    18,733

     

     

    $

    41,629

     

     

    $

    58,802

     

    Operating Income %

     

    3.1

    %

     

     

    (1.5

    )%

     

     

    2.6

    %

     

     

    2.3

    %

    Adjusted Operating Income (non-GAAP) %

     

    4.2

    %

     

     

    4.4

    %

     

     

    3.8

    %

     

     

    4.6

    %

    Net Income

    $

    3,817

     

     

    $

    (6,076

    )

     

    $

    10,403

     

     

    $

    12,968

     

    Adjusted Net Income (non-GAAP) (1)

    $

    6,837

     

     

    $

    9,786

     

     

    $

    19,718

     

     

    $

    31,607

     

    Diluted EPS

    $

    0.15

     

     

    $

    (0.24

    )

     

    $

    0.41

     

     

    $

    0.51

     

    Adjusted Diluted EPS (non-GAAP) (1)

    $

    0.27

     

     

    $

    0.39

     

     

    $

    0.79

     

     

    $

    1.25

     

    (1)

    Beginning in the first quarter of fiscal year 2025, adjusted results exclude stock compensation expense. Prior reported periods have been revised accordingly. A reconciliation of GAAP and non-GAAP financial measures is included below.

    Commenting on today's announcement, Richard D. Phillips, Chief Executive Officer, stated, "I'm proud of the results for the third quarter and our team's ability to navigate an environment of uncertainty, while focusing on what is controllable. Sales in Q3 were in line with expectations, margins improved sequentially, cash generated from operating activities was positive for the fifth consecutive quarter, and the paydown of debt continued with borrowings now 45% lower than peak levels. We have ample liquidity to weather short-term unpredictability and significant dry powder to opportunistically invest in the business."

    Mr. Phillips continued, "As part of today's release, we are reiterating our guidance for fiscal 2025 with an expectation of sales and operating income at the high-end of the range, as well as, announcing the addition of a new manufacturing facility in Indianapolis focused on the medical industry. This is another step of repositioning the Company for a return to growth and expanding our medical CMO strategy."

    The Company ended the third quarter of fiscal 2025 with cash and cash equivalents of $51.4 million and borrowing capacity available of $253.2 million. Capital expenditures were $4.0 million, and the company invested $3.0 million to repurchase 175,000 shares of common stock.

    Net Sales by Vertical Market for Q3 Fiscal 2025:

     

    Three Months Ended

     

     

     

    Nine Months Ended

     

     

     

    March 31,

     

     

     

    March 31,

     

     

    (Amounts in Millions)

     

    2025

     

    *

     

     

    2024

     

    *

     

    Percent

    Change

     

     

    2025

     

    *

     

     

    2024

     

    *

     

    Percent Change

    Automotive

    $

    173.1

     

    46

    %

     

    $

    202.0

     

    47

    %

     

    (14

    )%

     

    $

    554.3

     

    50

    %

     

    $

    614.7

     

    48

    %

     

    (10

    )%

    Medical

     

    115.2

     

    31

    %

     

     

    113.0

     

    27

    %

     

    2

    %

     

     

    288.9

     

    26

    %

     

     

    323.5

     

    25

    %

     

    (11

    )%

    Industrial excluding AT&M (1)

     

    86.3

     

    23

    %

     

     

    101.9

     

    24

    %

     

    (15

    )%

     

     

    261.0

     

    24

    %

     

     

    315.3

     

    25

    %

     

    (17

    )%

    Net Sales excluding AT&M (1)

    $

    374.6

     

    100

    %

    $

    416.9

     

    98

    %

     

    (10

    )%

     

    $

    1,104.2

     

    100

    %

     

    $

    1,253.5

     

    98

    %

     

    (12

    )%

    AT&M (1)

     

    —

     

    —

    %

     

     

    8.1

     

    2

    %

     

    (100

    )%

     

     

    2.1

     

    —

    %

     

     

    30.9

     

    2

    %

     

    (93

    )%

    Total Net Sales

    $

    374.6

     

    100

    %

     

    $

    425.0

     

    100

    %

     

    (12

    )%

     

    $

    1,106.3

     

    100

    %

     

    $

    1,284.4

     

    100

    %

     

    (14

    )%

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    * As a percent of Total Net Sales

     

     

     

     

     

     

     

     

     

     

     

     

    (1) Sales from our Automation, Test, and Measurement business (AT&M), which was divested effective July 31, 2024, were previously included in the Industrial vertical

    – Automotive includes electronic power steering, body controls, automated driver assist systems, and electronic braking systems

    – Medical includes sleep therapy and respiratory care, image guided therapy, in vitro diagnostics, drug delivery, AED, and patient monitoring

    – Industrial includes climate controls, automation controls, and public safety

    Company Guidance for Fiscal Year 2025

    The Company expects to be at the high-end of its guidance range for both net sales and adjusted operating income. The range for net sales is $1.40 - $1.44 billion, while the range for adjusted operating income(a) is 3.4% - 3.6% of net sales. Capital expenditures are estimated to be at the low-end of the guidance range of $40 - $50 million.

    (a)

    Fiscal year 2025 guidance reflects a change in our adjusted operating income calculation beginning in fiscal year 2025, which excludes stock compensation expense. This change better aligns our presentation with others in our industry. A reconciliation of GAAP and non-GAAP financial measures is included below.

    Forward-Looking Statements

    Certain statements contained within this release are considered forward-looking, including our guidance, under the Private Securities Litigation Reform Act of 1995. The statements may be identified by the use of words such as "expect," "should," "goal," "predict," "will," "future," "optimistic," "confident," and "believe." Undue reliance should not be placed on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections. These forward-looking statements are subject to risks and uncertainties including, without limitation, global economic conditions, geopolitical environment and conflicts such as the war in Ukraine, global health emergencies, availability or cost of raw materials and components, tariffs and other trade barriers, foreign exchange rate fluctuations, and our ability to convert new business opportunities into customers and revenue. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of the company are contained in its Annual Report on Form 10-K for the year ended June 30, 2024.

    Non-GAAP Financial Measures

    This press release contains non-GAAP financial measures. The non-GAAP financial measures contained herein include constant currency growth, net sales excluding Automation, Test & Measurement, adjusted selling and administrative expenses, adjusted operating income, adjusted net income, adjusted diluted EPS, and ROIC. Reconciliations of the reported GAAP numbers to these non-GAAP financial measures are included in the Reconciliation of Non-GAAP Financial Measures section below. Management believes these measures are useful and allow investors to meaningfully trend, analyze, and benchmark the performance of the company's core operations. The company's non-GAAP financial measures are not necessarily comparable to non-GAAP information used by other companies.

    About Kimball Electronics, Inc.

    Kimball Electronics is a global, multifaceted manufacturer offering Electronics Manufacturing Services (EMS) and Contract Manufacturing Organization (CMO) solutions to customers around the world. From our operations in the United States, China, Mexico, Poland, Romania, and Thailand, our teams are proud to provide manufacturing services for a variety of industries. Recognized for a reputation of excellence, we are committed to a high-performance culture that values quality, reliability, value, speed, and ethical behavior. Kimball Electronics, Inc. (NASDAQ:KE) is headquartered in Jasper, Indiana.

    To learn more about Kimball Electronics, visit www.kimballelectronics.com.

    Conference Call / Webcast

     

     

     

     

     

    Date:

     

    May 7, 2025

     

    Time:

     

    10:00 AM Eastern Time

     

    Live Webcast:

     

    investors.kimballelectronics.com/events-and-presentations/events

     

    Dial-In #:

     

    877-407-8293 (or 201-689-8349)

     

     

     

     

     

    For those unable to participate in the live webcast, the call will be archived at investors.kimballelectronics.com.

    Lasting relationships. Global success.

    Financial highlights for the third quarter and year-to-date period ended March 31, 2025 are as follows:

    Condensed Consolidated Statements of Income

     

     

     

     

     

     

    (Unaudited)

    Three Months Ended

    (Amounts in Thousands, except Per Share Data)

    March 31, 2025

     

    March 31, 2024

    Net Sales

    $

    374,607

     

     

    100.0

    %

     

    $

    425,036

     

     

    100.0

    %

    Cost of Sales

     

    347,711

     

     

    92.8

    %

     

     

    391,492

     

     

    92.1

    %

    Gross Profit

     

    26,896

     

     

    7.2

    %

     

     

    33,544

     

     

    7.9

    %

    Selling and Administrative Expenses

     

    13,154

     

     

    3.6

    %

     

     

    16,861

     

     

    3.9

    %

    Other General Expense (Income)

     

    —

     

     

    —

    %

     

     

    (892

    )

     

    (0.2

    )%

    Restructuring Expense

     

    2,026

     

     

    0.5

    %

     

     

    1,622

     

     

    0.4

    %

    Goodwill Impairment

     

    —

     

     

    —

    %

     

     

    5,820

     

     

    1.4

    %

    Asset Impairment (Gain on Disposal)

     

    —

     

     

    —

    %

     

     

    16,564

     

     

    3.9

    %

    Operating Income

     

    11,716

     

     

    3.1

    %

     

     

    (6,431

    )

     

    (1.5

    )%

    Interest Income

     

    100

     

     

    —

    %

     

     

    83

     

     

    —

    %

    Interest Expense

     

    (2,936

    )

     

    (0.8

    )%

     

     

    (5,875

    )

     

    (1.4

    )%

    Non-Operating Income (Expense), net

     

    (1,726

    )

     

    (0.4

    )%

     

     

    (530

    )

     

    (0.1

    )%

    Other Income (Expense), net

     

    (4,562

    )

     

    (1.2

    )%

     

     

    (6,322

    )

     

    (1.5

    )%

    Income Before Taxes on Income

     

    7,154

     

     

    1.9

    %

     

     

    (12,753

    )

     

    (3.0

    )%

    Provision (Benefit) for Income Taxes

     

    3,337

     

     

    0.9

    %

     

     

    (6,677

    )

     

    (1.6

    )%

    Net Income (Loss)

    $

    3,817

     

     

    1.0

    %

     

    $

    (6,076

    )

     

    (1.4

    )%

     

     

     

     

     

     

     

     

    Earnings Per Share of Common Stock:

     

     

     

     

     

     

     

    Basic

    $

    0.15

     

     

     

     

    $

    (0.24

    )

     

     

    Diluted

    $

    0.15

     

     

     

     

    $

    (0.24

    )

     

     

    Average Number of Shares Outstanding:

     

     

     

     

     

     

     

    Basic

     

    24,728

     

     

     

     

     

    25,118

     

     

     

    Diluted

     

    24,872

     

     

     

     

     

    25,118

     

     

     

     

     

     

     

     

     

     

     

    (Unaudited)

    Nine Months Ended

    (Amounts in Thousands, except Per Share Data)

    March 31, 2025

     

    March 31, 2024

    Net Sales

    $

    1,106,255

     

     

    100.0

    %

     

    $

    1,284,352

     

     

    100.0

    %

    Cost of Sales

     

    1,032,332

     

     

    93.3

    %

     

     

    1,180,833

     

     

    91.9

    %

    Gross Profit

     

    73,923

     

     

    6.7

    %

     

     

    103,519

     

     

    8.1

    %

    Selling and Administrative Expenses

     

    37,107

     

     

    3.4

    %

     

     

    50,736

     

     

    4.0

    %

    Other General Expense (Income)

     

    —

     

     

    —

    %

     

     

    (892

    )

     

    (0.1

    )%

    Restructuring Expense

     

    9,019

     

     

    0.8

    %

     

     

    1,622

     

     

    0.1

    %

    Goodwill Impairment

     

    —

     

     

    —

    %

     

     

    5,820

     

     

    0.5

    %

    Asset Impairment (Gain on Disposal)

     

    (1,264

    )

     

    (0.1

    )%

     

     

    16,564

     

     

    1.3

    %

    Operating Income

     

    29,061

     

     

    2.6

    %

     

     

    29,669

     

     

    2.3

    %

    Interest Income

     

    575

     

     

    0.1

    %

     

     

    483

     

     

    —

    %

    Interest Expense

     

    (11,969

    )

     

    (1.1

    )%

     

     

    (17,459

    )

     

    (1.4

    )%

    Non-Operating Income (Expense), net

     

    (4,155

    )

     

    (0.4

    )%

     

     

    (959

    )

     

    —

    %

    Other Income (Expense), net

     

    (15,549

    )

     

    (1.4

    )%

     

     

    (17,935

    )

     

    (1.4

    )%

    Income Before Taxes on Income

     

    13,512

     

     

    1.2

    %

     

     

    11,734

     

     

    0.9

    %

    Provision (Benefit) for Income Taxes

     

    3,109

     

     

    0.3

    %

     

     

    (1,234

    )

     

    (0.1

    )%

    Net Income

    $

    10,403

     

     

    0.9

    %

     

    $

    12,968

     

     

    1.0

    %

     

     

     

     

     

     

     

     

    Earnings Per Share of Common Stock:

     

     

     

     

     

     

     

    Basic

    $

    0.42

     

     

     

     

    $

    0.52

     

     

     

    Diluted

    $

    0.41

     

     

     

     

    $

    0.51

     

     

     

     

     

     

     

     

     

     

     

    Average Number of Shares Outstanding:

     

     

     

     

     

     

     

    Basic

     

    24,859

     

     

     

     

     

    25,084

     

     

     

    Diluted

     

    25,047

     

     

     

     

     

    25,263

     

     

     

    Condensed Consolidated Statements of Cash Flows

    Nine Months Ended

    (Unaudited)

    March 31,

    (Amounts in Thousands)

     

    2025

     

     

     

    2024

     

    Net Cash Flow provided by Operating Activities

    $

    105,870

     

     

    $

    24,717

     

    Net Cash Flow used for Investing Activities

     

    (5,160

    )

     

     

    (37,702

    )

    Net Cash Flow (used for) provided by Financing Activities

     

    (126,615

    )

     

     

    36,571

     

    Effect of Exchange Rate Change on Cash, Cash Equivalents, and Restricted Cash

     

    13

     

     

     

    (113

    )

    Net (Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash

     

    (25,892

    )

     

     

    23,473

     

    Cash, Cash Equivalents, and Restricted Cash at Beginning of Period

     

    78,779

     

     

     

    43,864

     

    Cash, Cash Equivalents, and Restricted Cash at End of Period

    $

    52,887

     

     

    $

    67,337

     

    (Unaudited)

     

     

    Condensed Consolidated Balance Sheets

    March 31,

    2025

     

    June 30,

    2024

    (Amounts in Thousands)

    ASSETS

     

     

     

    Cash and cash equivalents

    $

    51,377

     

    $

    77,965

    Receivables, net

     

    251,138

     

     

    282,336

    Contract assets

     

    78,378

     

     

    76,320

    Inventories

     

    296,602

     

     

    338,116

    Prepaid expenses and other current assets

     

    29,808

     

     

    44,682

    Assets held for sale

     

    —

     

     

    27,587

    Property and Equipment, net

     

    268,351

     

     

    269,659

    Goodwill

     

    6,191

     

     

    6,191

    Other Intangible Assets, net

     

    2,601

     

     

    2,994

    Other Assets, net

     

    90,109

     

     

    82,069

    Total Assets

    $

    1,074,555

     

    $

    1,207,919

     

     

     

     

    LIABILITIES AND SHARE OWNERS' EQUITY

     

     

     

    Current portion of long-term debt

    $

    28,900

     

    $

    59,837

    Accounts payable

     

    215,430

     

     

    213,551

    Advances from customers

     

    39,676

     

     

    30,151

    Accrued expenses

     

    46,951

     

     

    63,189

    Liabilities held for sale

     

    —

     

     

    8,594

    Long-term debt, less current portion

     

    149,376

     

     

    235,000

    Long-term income taxes payable

     

    —

     

     

    3,255

    Other long-term liabilities

     

    46,107

     

     

    53,881

    Share Owners' Equity

     

    548,115

     

     

    540,461

    Total Liabilities and Share Owners' Equity

    $

    1,074,555

     

    $

    1,207,919

    Other Financial Metrics

     

     

     

     

    (Unaudited)

     

     

     

     

     

    (Amounts in Millions, except CCD)

     

     

     

     

     

     

    At or For the

     

    Three Months Ended

     

    March 31,

     

    December 31,

     

    March 31,

     

     

    2025

     

     

    2024

     

     

    2024

    Depreciation and Amortization

    $

    9.2

     

    $

    9.1

     

    $

    10.5

    Cash Conversion Days (CCD) (1)

     

    99

     

     

    107

     

     

    110

    Open Orders (2)

    $

    642

     

    $

    564

     

    $

    831

    (1)

    Cash Conversion Days ("CCD") are calculated as the sum of Days Sales Outstanding plus Contract Asset Days plus Production Days Supply on Hand less Accounts Payable Days and less Advances from Customers Days. CCD, or a similar metric, is used in our industry and by our management to measure the efficiency of managing working capital.

    (2)

    Open Orders are the aggregate sales price of production pursuant to unfulfilled customer orders. Our declining open orders are primarily due to the cancellation of a major automotive program and other demand reductions, as well as reduced lead times on customer orders as compared to March 31, 2024, when parts were more constrained.

    Select Financial Results of Automation, Test and Measurement

     

     

     

     

    (Unaudited)

     

     

     

     

     

     

     

    (Amounts in Millions)

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Nine Months Ended

     

    March 31,

     

    March 31,

     

     

    2025

     

     

    2024

     

     

     

    2025

     

     

    2024

     

    Net Sales

    $

    —

     

    $

    8.1

     

     

    $

    2.1

     

    $

    30.9

     

    Operating Income (Loss) (1)

    $

    —

     

    $

    (25.4

    )

     

    $

    0.8

     

    $

    (24.3

    )

    (1)

    Includes gain on sale of $1.3 million following the close of the sale on July 31, 2024 for the nine months ended March 31, 2025. Includes goodwill impairment of $5.8 million and asset impairment of $16.6 million for the three and nine months ended March 31, 2024. Each period also includes allocated corporate overhead expenses.

    Reconciliation of Non-GAAP Financial Measures

     

     

     

     

     

     

     

    (Unaudited, Amounts in Thousands, except Per Share Data)

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Nine Months Ended

     

    March 31,

     

    March 31,

     

     

    2025

     

     

     

    2024

     

     

     

    2025

     

     

     

    2024

     

    Net Sales Growth (vs. same period in prior year)

     

    (12

    )%

     

     

    (12

    )%

     

     

    (14

    )%

     

     

    (3

    )%

    Foreign Currency Exchange Impact

     

    (1

    )%

     

     

    —

    %

     

     

    —

    %

     

     

    —

    %

    Constant Currency Growth

     

    (11

    )%

     

     

    (12

    )%

     

     

    (14

    )%

     

     

    (3

    )%

     

     

     

     

     

     

     

     

    Selling and Administrative Expenses, as reported

    $

    13,154

     

     

    $

    16,861

     

     

    $

    37,107

     

     

    $

    50,736

     

    Stock Compensation Expense

     

    (1,955

    )

     

     

    (1,773

    )

     

     

    (4,528

    )

     

     

    (5,435

    )

    SERP

     

    (9

    )

     

     

    (277

    )

     

     

    (285

    )

     

     

    (584

    )

    Adjusted Selling and Administrative Expenses

    $

    11,190

     

     

    $

    14,811

     

     

    $

    32,294

     

     

    $

    44,717

     

     

     

     

     

     

     

     

     

    Operating Income (Loss), as reported

    $

    11,716

     

     

    $

    (6,431

    )

     

    $

    29,061

     

     

    $

    29,669

     

    Stock Compensation Expense

     

    1,955

     

     

     

    1,773

     

     

     

    4,528

     

     

     

    5,435

     

    SERP

     

    9

     

     

     

    277

     

     

     

    285

     

     

     

    584

     

    Legal Settlements (Recovery)

     

    —

     

     

     

    (892

    )

     

     

    —

     

     

     

    (892

    )

    Restructuring Expense

     

    2,026

     

     

     

    1,622

     

     

     

    9,019

     

     

     

    1,622

     

    Goodwill Impairment

     

    —

     

     

     

    5,820

     

     

     

    —

     

     

     

    5,820

     

    Asset Impairment (Gain on Disposal)

     

    —

     

     

     

    16,564

     

     

     

    (1,264

    )

     

     

    16,564

     

    Adjusted Operating Income

    $

    15,706

     

     

    $

    18,733

     

     

    $

    41,629

     

     

    $

    58,802

     

     

     

     

     

     

     

     

     

    Net Income (Loss), as reported

    $

    3,817

     

     

    $

    (6,076

    )

     

    $

    10,403

     

     

    $

    12,968

     

    Stock Compensation Expense, After-Tax

     

    1,483

     

     

     

    1,345

     

     

     

    3,434

     

     

     

    4,122

     

    Legal Settlements (Recovery), After-Tax

     

    —

     

     

     

    (676

    )

     

     

    —

     

     

     

    (676

    )

    Restructuring Expense, After-Tax

     

    1,537

     

     

     

    1,230

     

     

     

    6,840

     

     

     

    1,230

     

    Goodwill Impairment, After-Tax

     

    —

     

     

     

    4,414

     

     

     

    —

     

     

     

    4,414

     

    Asset Impairment (Gain on Disposal), After-Tax

     

    —

     

     

     

    9,549

     

     

     

    (959

    )

     

     

    9,549

     

    Adjusted Net Income

    $

    6,837

     

     

    $

    9,786

     

     

    $

    19,718

     

     

    $

    31,607

     

     

     

     

     

     

     

     

     

    Diluted Earnings per Share, as reported

    $

    0.15

     

     

    $

    (0.24

    )

     

    $

    0.41

     

     

    $

    0.51

     

    Stock Compensation Expense

     

    0.06

     

     

     

    0.05

     

     

     

    0.14

     

     

     

    0.16

     

    Legal Settlements (Recovery)

     

    —

     

     

     

    (0.03

    )

     

     

    —

     

     

     

    (0.03

    )

    Restructuring Expense

     

    0.06

     

     

     

    0.05

     

     

     

    0.27

     

     

     

    0.05

     

    Goodwill Impairment

     

    —

     

     

     

    0.18

     

     

     

    —

     

     

     

    0.18

     

    Asset Impairment (Gain on Disposal)

     

    —

     

     

     

    0.38

     

     

     

    (0.03

    )

     

     

    0.38

     

    Adjusted Diluted Earnings per Share

    $

    0.27

     

     

    $

    0.39

     

     

    $

    0.79

     

     

    $

    1.25

     

     

     

     

     

     

     

     

     

     

    Twelve Months Ended

     

     

     

     

     

    March 31,

     

     

     

     

     

     

    2025

     

     

     

    2024

     

     

     

     

     

    Operating Income

    $

    48,669

     

     

    $

    61,118

     

     

     

     

     

    Goodwill Impairment

     

    —

     

     

     

    5,820

     

     

     

     

     

    SERP

     

    381

     

     

     

    827

     

     

     

     

     

    Restructuring Expense

     

    9,783

     

     

     

    1,622

     

     

     

     

     

    Asset Impairment (Gain on Disposal)

     

    (788

    )

     

     

    16,564

     

     

     

     

     

    Legal Settlements (Recovery)

     

    —

     

     

     

    (1,104

    )

     

     

     

     

    Stock Compensation Expense

     

    6,278

     

     

     

    6,992

     

     

     

     

     

    Adjusted Operating Income (non-GAAP)

    $

    64,323

     

     

    $

    91,839

     

     

     

     

     

    Tax Effect

     

    20,174

     

     

     

    21,698

     

     

     

     

     

    After-tax Adjusted Operating Income

    $

    44,149

     

     

    $

    70,141

     

     

     

     

     

    Average Invested Capital (1)

    $

    726,208

     

     

    $

    783,059

     

     

     

     

     

    ROIC

     

    6.1

    %

     

     

    9.0

    %

     

     

     

     

    (1)

    Average invested capital is computed using Share Owners' equity plus current and non-current debt less cash and cash equivalents averaged for the last five quarters.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250506973868/en/

    Andrew D. Regrut

    Treasurer and Investor Relations Officer

    812.827.4151

    [email protected]

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