Key Tronic sees Q2 EPS 4c-7c

Sees revenue $123.5M. The company said, "For the second quarter of fiscal 2023, Key Tronic expects to report revenue of approximately $123.5 million and earnings of approximately $0.04 to $0.07 per share, which includes $2.7 million in insurance gains on equipment storm damage in its Arkansas facility and related operational losses until replacement equipment could be placed. The lower than expected revenue reflects a six-week delay in starting production for the previously announced program with a leading power equipment company. This delay lowered revenue by approximately $20 million for the second quarter of fiscal 2023, but production for this program is currently underway and increasing in the third quarter. At the same time, demand from many of our new and existing customers continued to increase, resulting in a backlog increasing to record levels. We are also seeing improvement in the global supply issues for certain components that have severely limited our production in recent periods."