Q2 2024 Knowles Corp Earnings Call Transcript
Key Points
- Knowles Corp (KN) reported $205 million in revenue for Q2 2024, representing an 18% year-over-year growth.
- The MedTech and specialty audio segment showed sequential revenue growth of 4%, driven by strong demand in the hearing health market.
- Precision Devices segment saw a 55% year-over-year revenue increase, largely due to the acquisition of Cornell.
- The company achieved adjusted EBITDA margins of over 45%, indicating strong operational execution.
- Knowles Corp (KN) repurchased $25 million of shares and reduced debt by $34 million, reflecting robust cash generation.
- The Consumer MEMS Microphone (CMM) business faced challenges, with flat sequential growth expected in Q3.
- Gross margins in the Consumer MEMS Microphone segment decreased by 550 basis points year-over-year.
- The industrial end market continues to face headwinds with elevated customer and channel inventories.
- The acquisition of Cornell led to a decrease in gross margins for the Precision Devices segment by 250 basis points.
- Knowles Corp (KN) recorded a $249 million goodwill impairment charge related to the CMM business.
Thank you for standing by. My name is Kayla, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q2 2024 Knowles Corporation earnings conference call. (Operator Instruction) I would now like to turn the call over to Sarah Cook. You may begin.
Thank you, and welcome to our second-quarter 2024 earnings call. I'm Sarah Cook Vice President of Investor Relations and presenting with me today are Jeffrey Niew, our President and CEO, and John Anderson, our Senior Vice President and CFO.
Our call today will include remarks about future expectations, plans and prospects for Knowles, which constitute forward-looking statements for purposes of the Safe Harbor provisions under applicable federal securities laws.
Forward-looking statements in this call will include comments about demand for company products and just bit of trends in company sales expenses and profits and involve a number of risks and uncertainties that could cause actual results
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