KEMET Q2 Profit Rises, Results Beat Estimates - Quick Facts

(RTTNews) - KEMET Corp. (KEM) on Thursday reported net income for the second quarter of $40.3 million or $0.68 per share, up from $35.2 million or $0.60 per share in the year-ago period.

Adjusted net income was $48.2 million or $0.82 per share, compared to $32.3 million or $0.55 per share in the prior-year quarter.

Net sales for the quarter rose 5.4 percent to $345.2 million from $327.6 million in year-ago period.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.74 per share for the quarter on revenues of $343.58 million. Analysts' estiamtes typically exclude special items.

"As we look forward to the rest of our fiscal year, we expect adjusting inventory levels in the distribution channel, a slowdown in the automotive segment and Europe in general. However, going forward we expect to hold our gross margin in a similar range to this quarter from 33.5% to 35.0%, supported by our structural changes," Greg Thompson, Chief Financial Officer said.