Key Tronic Corporation reports lower revenue due to cyberattack, but improves gross margin

From GlobeNewswire: 2024-08-13 16:08:00

Key Tronic Corporation reported total revenue of $125.7 million for the fourth quarter of fiscal year 2024, down from $162.6 million in the same period last year. A cybersecurity incident caused disruptions, leading to $2.3 million in expenses and $15 million in unfulfilled revenue. The Company incurred a net loss of $(0.8) million for the full year of fiscal 2024.

Despite the cyberattack, Key Tronic improved its gross margin to 9.0% in Q4. President and CEO Brett Larsen mentioned workforce reductions in Mexico resulting in $10 million annual savings. The Company also secured new programs in industrial moving equipment, medical devices, and consumer air filtration products.

Key Tronic expects revenue in the range of $140 million to $150 million and earnings of $0.10 to $0.20 per diluted share for the first quarter of fiscal 2025. The Company will host a conference call at 2:00 PM Pacific (5:00 PM Eastern) to discuss its financial results today. Key Tronic is a leading contract manufacturer offering design and manufacturing services globally.



Read more at GlobeNewswire:: Key Tronic Corporation Announces Results for the Fourth