KEMET Turns To Profit In Q2, Meets Adj. EPS View, Beats Sales Forecast

(RTTNews) - KEMET Corp. (KEM), a supplier of passive electronic components, reported Thursday that its second-quarter net income was $12.8 million or $0.22 per share, compared to a net loss of $5.0 million or $0.11 per share a year ago.

Adjusted net income was $26.5 million or $0.45 per share, compared to adjusted net income of $7.0 million or $0.13 per share last year.

Net sales of $301.5 million for the quarter increased from net sales of $187.3 million last year, driven primarily by TOKIN net sales of $96.2 million.

On average, three analysts polled by Thomson Reuters expected earnings of $0.45 per share on revenues of $298.51 million for the quarter. Analysts' estimates typically exclude special items.

Per Loof, the Company's Chief Executive Officer, said, "As we predicted, reflecting on the prior quarter the TOKIN acquisition was accretive from the very start of the acquisition. This quarter continued the trend with strong performance as revenue, gross margins and net income improved sequentially over and above the impact of the acquisition."

In pre-market activity, Kemet shares were losing around 5.8 percent to trade at $23.40.