Kemet Corporation (KEM), a manufacturer of capacitors, reported a third-quarter net loss of $27.8 million or $0.62 per share, compared to net income of $27.2 million or $0.52 per share in the year-ago quarter.
Results for the quarter included a $15.8 million impairment charge related to Tantalum Business Group, and $10.7 million in restructuring charges. Excluding one-time items, adjusted net income for the quarter was $2.0 million or $0.04 per share, compared to adjusted net income of $33.1 million or $0.64 last year.
On average, 4 analysts polled by Thomson Reuters expected the company to earn $0.07 per share for the quarter. Analysts' estimates typically exclude one-time items.
Net sales for the quarter decreased 17.3 percent to $218.8 million from $264.6 million last year. Analysts expected net sales of $218.2 million for the quarter.
Per Loof, CEO, said, "Even though we expect the next couple of quarters to remain challenging we are positioning the Company for a strong rebound through our continuing realignment of facilities in Europe and supply chain integration when the world economy improves."
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