In 5 years of trading this market I don't recall ever seeing this sort of thing. KEM -2 9/16 on 4,3 Mil.
Kemet Corp.'s 1st-Quarter Earnings Soar Above Analyst Estimates
NEW YORK -(Dow Jones)- Electronic-component maker Kemet Corp. Monday reported its fiscal first-quarter earnings more than doubled, easily exceeding analyst expectations.
For the quarter ended June 30, Kemet (KEM) said net income came to $80.2 million, or 90 cents a diluted share, compared with $4.7 million, or six cents a share, in the year-earlier period. Revenue also doubled to $329.2 million from $162.6 million.
The mean estimate of four analysts surveyed by First Call/Thomson Financial was for earnings of 74 cents a share.
Greenville, S.C.-based Kemet said unit volume increased 11%, selling prices rose 10% and that its product mix favored higher-valued capacitors in telecommunications, computer and Internet business segments. A capacitor stores and modulates electricity in gadgets such as mobile phones and laptop computers.
Kemet, one of only three publicly-traded capacitor makers, said it plans to increase prices for noncontract customers and distributors in the September quarter. The company said it has an "outstanding" outlook for future business. |
