Key Tronic Corporation (KTCC), a provider of Electronic manufacturing services, on Tuesday reported an increase in its fourth quarter net income compared to last year, on a surge in revenues led by new customer programs, as well as improved gross margin. Shares of the company are currently gaining over 17 percent in after-hours trade on the Nasdaq.
The company reported fourth quarter net income of $3.8 million or earnings of $0.35 per share, versus earnings of $1.5 million or $0.15 per share in the prior year.
Total revenues for the fourth quarter jumped 46% to $96.73 million from $66.04 million last year.
Moving forward to the first quarter, the company expects earnings of $0.32 to $0.39 per share on revenues of $94 million to $99million.
The company said economic uncertainties remain a concern, but it expects to ramp up new programs, banking on its logistics strength and expanded production capabilities.
Shares of Key Tronic closed at $8, up 12 cents or 1.52%. In after hours, the stock rallied $1.41 or 17.62%.
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