Knowles (KN) Tops Q3 EPS by 4c, Revenues Beat; Offers 4Q EPS/Revenue Outlook

Knowles (NYSE: KN) reported Q3 EPS of $0.34, $0.04 better than the analyst estimate of $0.30. Revenue for the quarter came in at $236.2 million versus the consensus estimate of $219.76 million.

“We delivered Q3 revenues above the high end of our guidance range,” said Jeffrey Niew, president and CEO of Knowles. “Sales in our Audio segment were 19 percent higher than the year ago period driven by Mobile, Ear and IoT markets. Revenue from Chinese customers more than doubled year-over-year on strong MEMS microphone demand and higher than expected sales of Intelligent Audio solutions. In the Precision Devices segment, revenues increased more than 30 percent from the year ago period and we achieved record sales for the third consecutive quarter due to strong demand for capacitors across defense, industrial and automotive end markets.”

“We expect to see full year 2018 revenue growth of 11 percent driven by both segments. Our transition from an acoustic component supplier to an audio solutions provider is well underway and we are at the very early stages of penetrating a greater-than-$1 billion market opportunity in audio processing. I continue to believe that our core capabilities in acoustics, signal processing and algorithms are unique and we are positioned for continued growth across all of our end markets in 2019,” continued Niew.

GUIDANCE:

Knowles sees Q4 2018 EPS of $0.31-$0.37, versus the consensus of $0.34. Knowles sees Q4 2018 revenue of $210-240 million, versus the consensus of $224.99 million.

For earnings history and earnings-related data on Knowles (KN) click here.

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