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Key Tronic Posts Break-Even Earnings, Y/Y Revenue Dip in Q4
Key Tronic Corporation's (NASDAQ: KTCC) 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'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.
Key Tronic Corporation Price, Consensus and EPS Surprise
Key Tronic Corporation price-consensus-eps-surprise-chart | Key Tronic Corporation Quote
Q4 Results
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 ...