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Knowles Corporation  (KN)
Other Ticker:  
 
    Sector  Technology    Industry Consumer Electronics
   Industry Consumer Electronics
   Sector  Technology
 



  Knowles Corporation Outlook

On November 2 2023 the Knowles Corporation provided following guidance

low expectations, said Jeffrey Niew, President and CEO of Knowles. Our strong performance was driven by robust demand across our diversified end markets and continued execution of our strategic initiatives.

Financial Highlights:

- Net sales for the third quarter of 2023 were $275.2 million, an increase of 12% compared to the same period last year. This growth was primarily driven by strong demand for our high-performance components and solutions.

- Gross margin for the third quarter of 2023 was 38.5%, reflecting an improvement of 150 basis points compared to the same period in the previous year. This increase was primarily due to favorable product mix and operational efficiencies.

- Non-GAAP diluted earnings per share (EPS) for the third quarter of 2023 were $0.48, an increase of 60% compared to the same period last year. This growth was driven by higher sales and improved gross margin.

- Cash flow from operations for the third quarter of 2023 was $30.6 million, an increase of 17% compared to the same period last year. This improvement was primarily driven by higher net sales and improved profitability.

- The acquisition of Cornell Dubilier, a leading manufacturer of capacitors, was successfully completed during the third quarter of 2023. This acquisition further strengthens Knowles' product portfolio and enhances its position in the capacitors market.

Outlook for Q4 2023:

- Knowles expects net sales for the fourth quarter of 2023 to be in the range of $290 million to $310 million, representing a year-over-year growth of 5% to 12%. This growth is expected to be driven by continued strong demand for our high-performance components and solutions.

- Gross margin for the fourth quarter of 2023 is expected to be in the range of 37% to 40%, reflecting continued favorable product mix and operational efficiencies.

- Non-GAAP diluted EPS for the fourth quarter of 2023 is expected to be in the range of $0.43 to $0.50, representing a year-over-year growth of 20% to 35%. This growth is expected to be driven by higher net sales and improved profitability.

- Cash flow from operations for the fourth quarter of 2023 is expected to be in the range of $25 million to $35 million, reflecting continued strong operational performance.

In summary, Knowles Corporation reported strong financial results for the third quarter of 2023, driven by robust demand across its diversified end markets. The company expects to continue this positive momentum in the fourth quarter, with higher net sales, improved gross margin, and increased profitability. The completion of the acquisition of Cornell Dubilier further enhances Knowles' market position and strengthens its product portfolio.


 KN $16.1000 $0.4000 2.55%

 Volume (M): 83   Open : 15.71    52 Wk Avg :  16.28





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