Kemet Corp. reported higher net sales and narrowing losses in preliminary results for the quarter ended June 30.
The Greenville-based supplier of electronic components said net sales totaled $212.9 million for its fiscal first quarter, up from $202.1 million for the same period last year.
The company said that its U.S. GAAP net loss from continuing operations, $10.5 million or 23 cents per basic and diluted share, compares with a net loss of $33.6 million or 75 cents per basic and diluted share, for the same quarter a year ago.
The company said results were adjusted to reflect discontinued operations as the Film and Electrolytic Business group completed the sale of its machinery division on April 30.
Non-U.S. GAAP Adjusted net loss improved to $1.9 million or 4 cents per basic and diluted share, compared with $15.5 million or 35 cents per basic and diluted share, for the same period in 2013.
“We were pleased that the financial results for the quarter were consistent with our expectations. Our operating margins continued to improve even though revenue, in line with our forecast, declined slightly from the prior quarter,” said Per Loof, Kemet’s chief executive officer.
“Margins remain our primary focus now that the majority of our restructuring efforts have concluded and we expect to see noteworthy improvement in our operating margins next quarter with continued improvement each quarter throughout this fiscal year driven by our prior cost reduction actions.”
Kemet manufactures lines of surface mount and through hole capacitor technologies across tantalum, ceramic, film, aluminum, electrolytic, and paper dielectrics.
