Knowles Corporation (NYSE: KN), a market leader and global
provider of advanced micro-acoustic, audio processing, and
precision device solutions, today announced preliminary revenue for
the third quarter ended September 30, 2020.
“Revenue for the third quarter of 2020 is expected to be
approximately $206 million, which is above the high end of our
previously issued guidance range of $185 to $200 million. Our third
quarter revenue was driven by stronger-than-expected MEMS
microphone demand in multiple end markets and higher-than-expected
shipments into the hearing health market,” said Jeffrey Niew,
president and CEO of Knowles. “I look forward to providing
additional details on the quarter during our earnings call on
October 29, 2020.”
Webcast and Conference Call Information
The Company will provide a more detailed review of its financial
results and business when it reports its third quarter 2020 results
on October 29, 2020.
Investors can listen to a live or replay webcast of the
Company’s quarterly financial conference call at
http://investor.knowles.com. The live webcast will begin on October
29, 2020 at 3:30 p.m. Central time. The webcast replay will be
available after 7:00 p.m. Central time that day.
Investors can also listen to the conference call at 3:30 p.m.
Central time on October 29, 2020 by calling (844) 589-0917 (United
States) or (647) 253-8649 (International). The conference call
replay will be available after 7:00 p.m. Central time October 29,
2020 through 11:59 p.m. Central time on November 5, 2020 at (800)
585-8367 (United States) or (416) 621-4642 (International). The
access code is 5867752. A webcast replay will also be accessible
via the Knowles website at http://investor.knowles.com.
Preliminary Financial Information
Preliminary revenue for the fiscal third quarter represents the
most current information available to management. The Company has
not completed its financial closing procedures for the quarter
ended September 30, 2020 and its actual results could vary
materially from the preliminary revenue estimate. As a result,
investors should exercise caution in relying on this information
and should not draw any inferences from this information regarding
financial or operating data not provided. This preliminary revenue
estimate is not meant to be a comprehensive statement of our
financial results for the third quarter ended September 30, 2020
and should not be viewed as a substitute for full financial
statements prepared in accordance with GAAP.
About Knowles
Knowles Corporation (NYSE: KN) is a market leader and global
provider of advanced micro-acoustic, audio processing, and
precision device solutions, serving the mobile consumer
electronics, communications, medtech, defense, automotive, and
industrial markets. Knowles uses its leading position in MEMS
(micro-electro-mechanical systems) microphones and strong
capabilities in audio processing technologies to optimize audio
systems and improve the user experience in mobile, ear, and IoT
applications. Knowles is also the leader in acoustic components,
high-end capacitors, and mmWave RF solutions for a diverse set of
markets. Knowles’ focus on the customer, combined with unique
technology, proprietary manufacturing techniques, rigorous testing,
and global scale, enables it to deliver innovative solutions that
optimize the user experience. Founded in 1946 and headquartered in
Itasca, Illinois, Knowles is a global organization with employees
in 12 countries. The company continues to invest in high value
solutions to diversify its revenue and increase exposure to high
growth markets. For more information, visit knowles.com.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the safe harbor provisions of the United States Private
Securities Litigation Reform Act of 1995, such as statements about
our future financial performance, our continued business operations
during the COVID-19 pandemic and expectations for continued
investments. The words “believe,” “expect,” “anticipate,”
“project,” “estimate,” “budget,” “continue,” “could,” “intend,”
“may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,”
“would,” “objective,” “forecast,” “goal,” “guidance,” “outlook,”
“effort,” “target,” and similar expressions, among others,
generally identify forward-looking statements, which speak only as
of the date the statements were made. The statements in this news
release are based on currently available information and the
current expectations, forecasts, and assumptions of Knowles’
management concerning risks and uncertainties that could cause
actual outcomes or results to differ materially from those outcomes
or results that are projected, anticipated, or implied in these
statements, including risks relating to the COVID-19 pandemic and
governmental responses to it, including but not limited to, the
impact on our supply chain, customer demand, and costs associated
with our operations. Other risks and uncertainties include, but are
not limited to: unforeseen changes in MEMS microphone demand from
our largest customers, in particular, two North American, a Korean,
and Chinese OEM customers; our ongoing ability to execute our
strategy to diversify our end markets and customers; our ability to
stem or overcome price erosion in our segments; fluctuations in our
stock's market price; fluctuations in operating results and cash
flows; our ability to prevent or identify quality issues in our
products or to promptly remedy any such issues that are identified;
the timing of OEM product launches; risks associated with
increasing our inventories in advance of anticipated orders by
customers; global economic instability; the impact of changes to
laws and regulations that affect the Company’s ability to offer
products or services to customers in different regions; risks
associated with shareholder activism, including proxy contests; our
ability to achieve continued reductions in our operating expenses;
the ability to qualify our products and facilities with customers;
our ability to obtain, enforce, defend or monetize our intellectual
property rights; difficulties or delays in and/or the Company’s
inability to realize expected cost synergies from its acquisitions;
increases in the costs of critical raw materials and components;
availability of raw materials and components; managing new product
ramps and introductions for our customers; our dependence on a
limited number of large customers; our ability to maintain and
expand our existing relationships with leading OEMs in order to
maintain and increase our revenue; increasing competition and new
entrants in the market for our products; our ability to develop new
or enhanced products or technologies in a timely manner that
achieve market acceptance; our reliance on third parties to
manufacture, assemble, and test our products and sub-components;
escalating international trade tensions, new or increased tariffs
and trade wars among countries; financial risks, including risks
relating to currency fluctuations, credit risks and fluctuations in
the market value of the Company; market risk associated with
fluctuations in commodity prices, particularly for various precious
metals used in our manufacturing operation, and changes in tax
laws, changes in tax rates and exposure to additional tax
liabilities; and other risks, relevant factors, and uncertainties
identified in our Annual Report on Form 10-K for the fiscal year
ended December 31, 2019, subsequent Reports on Forms 10-Q and 8-K
and our other filings we make with the U.S. Securities and Exchange
Commission. Knowles disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20201013005349/en/
Mike Knapp Investor Relations Phone: 630.238.5236
Email: mike.knapp@knowles.com
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