Q3 Diluted EPS at High-End of Guided Range; Q3
Non-GAAP Diluted EPS Above High-End of Guided Range
Q3 Cash from Operations Above High-End of
Guided Range
Knowles Corporation (NYSE: KN) ("Knowles" the "Company"), a
leading global supplier of high performance components and
solutions, including capacitors and radio frequency (“RF”) filters,
advanced medtech microphones and balanced armature speakers, and
MEMS microphones for the consumer electronics market, today
announced results for the quarter ended September 30, 2023.
"Knowles delivered third quarter results above our gross margin,
Non-GAAP Diluted EPS and cash from operations guidance," commented
Chief Executive Officer Jeffrey Niew. "Our MedTech & Specialty
Audio ("MSA") segment revenues grew 20% versus the prior year as
demand has returned to more normalized levels. For Precision
Devices ("PD"), revenues continue to be challenged by demand
weakness associated with excess channel inventory, however ordering
trends have improved. In Consumer MEMS Microphones ("CMM"), Q3
revenues returned to year over year growth. While 2023 has been a
challenging year, I am encouraged by the strength of our MSA
business, the positive ordering trends in PD, and our team’s
ability to generate strong cash flows."
Mr. Niew continued, "We are pleased to announce the completion
of the Cornell Dubilier ("CD") acquisition, and extend a warm
welcome to our new partners. This strategic acquisition
significantly expands Knowles’ serviceable available market and
aligns with key growth tailwinds, including increasing defense
budgets, medtech and critical care application growth, as well as
industrial electrification and implementation of next generation
fast charging architectures. As we enter the next phase of our
transformation to an industrial technology company, I am confident
these actions will enhance our ability to grow, innovate and
deliver greater value to our shareholders."
Financial Highlights
The following table highlights the Company’s financial
performance on both a GAAP and supplemental non-GAAP basis (in
millions, except per share data):
Q3-23
Q2-23
Q3-22
Revenues
$175.1
$173.0
$178.2
Gross profit
$77.5
$73.7
$40.0
(as a % of revenues)
44.3%
42.6%
22.4%
Non-GAAP gross profit
$78.1
$72.7
$68.6
(as a % of revenues)
44.6%
42.0%
38.5%
Diluted earnings per share*
$0.18
$0.15
$0.03
Non-GAAP diluted earnings per share
$0.31
$0.23
$0.25
Net cash provided by operating
activities
$39.9
$0.5
$19.1
* Current period results include $0.06 per share in stock-based
compensation expense, $0.03 per share in intangibles amortization
expense, $0.03 per share in acquisition-related costs, and $0.01
per share in restructuring charges.
Fourth Quarter 2023 Outlook
The forward looking guidance for the quarter ending December 31,
2023 is as follows:
GAAP
Adjustments
Non-GAAP
Revenues
$210.0 to $220.0 million
—
$210.0 to $220.0 million
Diluted earnings per share
$0.17 to $0.21
$0.10
$0.27 to $0.31
Net cash provided by operating
activities
$40.0 to $50.0 million
—
$40.0 to $50.0 million
Q4 2023 GAAP results are expected to include approximately $0.06
per share in stock-based compensation expense, $0.03 per share in
intangibles amortization expense, and $0.01 per share in
restructuring charges excluded from Non-GAAP results.
Non-GAAP Financial Measures
In addition to the GAAP results included in this press release,
Knowles has presented supplemental non-GAAP gross profit, earnings
before interest and income taxes, adjusted earnings before interest
and income taxes, non-GAAP diluted earnings per share, free cash
flow, as well as other metrics on a non-GAAP basis that exclude
certain amounts that are included in the most directly comparable
GAAP measure to facilitate evaluation of Knowles’ operating
performance. Non-GAAP results are not presented in accordance with
GAAP. Non-GAAP information should be considered a supplement to,
and not a substitute for, financial statements prepared in
accordance with GAAP. In addition, the non-GAAP financial measures
included in this press release do not have standard meanings and
may vary from similarly titled non-GAAP financial measures used by
other companies. Knowles believes that non-GAAP measures are useful
as supplements to its GAAP results of operations to evaluate
certain aspects of its operations and financial performance, and
its management team primarily focuses on non-GAAP items in
evaluating Knowles’ performance for business planning purposes.
Knowles also believes that these measures assist it with comparing
its performance between various reporting periods on a consistent
basis, as these measures remove from operating results the impact
of items that, in Knowles’ opinion, do not reflect its core
operating performance including, for example, stock-based
compensation, certain intangibles amortization expense, impairment
charges, restructuring, production transfer costs, and other
charges which management considers to be outside our core operating
results. Knowles believes that its presentation of these non-GAAP
financial measures is useful because it provides investors and
securities analysts with the same information that Knowles uses
internally for purposes of assessing its core operating
performance. For a reconciliation of these non-GAAP financial
measures to the most directly comparable GAAP financial measures,
see the reconciliation table accompanying this release.
Webcast and Conference Call Information
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 today at
3:30 p.m. Central time. The webcast replay will be available after
7:00 p.m. Central time today.
A conference call replay will be available after 7:00 p.m.
Central time on November 2 through 11:59 p.m. Central time on
November 9 at (800) 770-2030 (Toll-Free Dial-In); (647) 362-9199
(Toll Dial-In). The conference ID is 8736083. A webcast replay will
also be accessible via the Knowles website at
http://investor.knowles.com for a limited time.
About Knowles
Knowles is a market leader and global provider of advanced
micro-acoustic microphones and balanced armature speakers, audio
solutions, and high performance capacitors and RF products, serving
the consumer electronics, medtech, defense, electric vehicle,
industrial, and communications markets. Knowles uses its leading
position in SiSonic™ micro-electro-mechanical systems ("MEMS")
microphones and strong capabilities in audio processing
technologies to optimize audio systems and improve the user
experience across consumer applications. Knowles is also a leader
in hearing health acoustics, high performance capacitors, and RF
solutions for a diverse set of markets. Knowles’ focus on the
customer, combined with unique technology, proprietary
manufacturing techniques, and global operational expertise, enables
it to deliver innovative solutions across multiple applications.
Founded in 1946 and headquartered in Itasca, Illinois, Knowles is a
global organization with employees in over a dozen 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 plans, objectives, expectations, financial performance,
and continued business operations. 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, including those statements related to our
expectations regarding the acquisition of Cornell Dubilier 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. Other
risks and uncertainties include, but are not limited to: unforeseen
changes in MEMS microphone demand from our largest customers,
particularly our top five customers, who represent a significant
portion of revenues for our Consumer MEMS Microphone segment; 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, including due to inflation, rising interest rates,
negative impacts caused by pandemics and public health crises, or
the impacts of geopolitical uncertainties; the impact of changes to
laws and regulations that affect the Company’s ability to offer
products or services to customers in different regions; our ability
to achieve 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; disruption caused by a cybersecurity incident, including a
cyber attack, cyber breach, theft, or other unauthorized access;
difficulties or delays in and/or the Company’s inability to realize
expected 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; a
sustained decline in our stock price and market capitalization may
result in the impairment of certain intangible or long-lived
assets; market risk associated with fluctuations in commodity
prices, particularly for various precious metals used in our
manufacturing operation, 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, 2022,
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.
INVESTOR SUPPLEMENT -
THIRD QUARTER 2023
KNOWLES CORPORATION
CONSOLIDATED STATEMENTS OF
EARNINGS
(in millions, except per share
amounts)
(unaudited)
Quarter Ended
September 30,
2023
June 30, 2023
September 30,
2022
Revenues
$
175.1
$
173.0
$
178.2
Cost of goods sold
102.7
105.8
110.1
Gain on sale of fixed assets
(5.2
)
(4.8
)
—
Restructuring charges - cost of goods
sold
0.1
(1.7
)
28.1
Gross profit
77.5
73.7
40.0
Research and development expenses
19.8
19.7
19.3
Selling and administrative expenses
34.6
36.5
32.6
Restructuring charges
1.5
0.6
2.7
Operating expenses
55.9
56.8
54.6
Operating earnings (loss)
21.6
16.9
(14.6
)
Interest expense, net
0.6
0.8
1.1
Other income, net
(0.5
)
(1.3
)
(2.1
)
Earnings (loss) before income
taxes
21.5
17.4
(13.6
)
Provision for (benefit from) income
taxes
4.9
3.8
(16.3
)
Net earnings
$
16.6
$
13.6
$
2.7
Net earnings per share:
Basic
$
0.18
$
0.15
$
0.03
Diluted
$
0.18
$
0.15
$
0.03
Weighted-average common shares
outstanding:
Basic
90.8
91.4
91.4
Diluted
91.4
91.8
92.0
KNOWLES CORPORATION
CONSOLIDATED STATEMENTS OF
EARNINGS
(in millions, except per share
amounts)
(unaudited)
Nine Months Ended
September 30,
2023
September 30,
2022
Revenues
$
492.4
$
567.6
Cost of goods sold
298.9
338.5
Gain on sale of fixed assets
(10.0
)
—
Restructuring charges - cost of goods
sold
(1.5
)
28.1
Gross profit
205.0
201.0
Research and development expenses
59.5
63.7
Selling and administrative expenses
104.9
95.6
Impairment charges
—
239.8
Restructuring charges
3.1
9.8
Operating expenses
167.5
408.9
Operating earnings (loss)
37.5
(207.9
)
Interest expense, net
2.2
2.7
Other expense (income), net
0.5
(0.9
)
Earnings (loss) before income
taxes
34.8
(209.7
)
Provision for income taxes
9.8
12.4
Net earnings (loss)
$
25.0
$
(222.1
)
Net earnings (loss) per share:
Basic
$
0.27
$
(2.42
)
Diluted
$
0.27
$
(2.42
)
Weighted-average common shares
outstanding:
Basic
91.2
91.9
Diluted
91.9
91.9
KNOWLES CORPORATION
RECONCILIATION OF GAAP
FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES (1)
(in millions, except per share
amounts)
(unaudited)
Quarter Ended
Nine Months Ended
September 30,
2023
June 30, 2023
September 30,
2022
September 30,
2023
September 30,
2022
Gross profit
$
77.5
$
73.7
$
40.0
$
205.0
$
201.0
Gross profit as % of revenues
44.3
%
42.6
%
22.4
%
41.6
%
35.4
%
Stock-based compensation expense
0.5
0.7
0.5
1.7
1.4
Restructuring charges
0.1
(1.7
)
28.1
(1.5
)
28.1
Non-GAAP gross profit
$
78.1
$
72.7
$
68.6
$
205.2
$
230.5
Non-GAAP gross profit as % of revenues
44.6
%
42.0
%
38.5
%
41.7
%
40.6
%
Research and development
expenses
$
19.8
$
19.7
$
19.3
$
59.5
$
63.7
Stock-based compensation expense
(1.1
)
(1.8
)
(1.2
)
(4.6
)
(4.2
)
Intangibles amortization expense
(1.6
)
(1.6
)
(1.6
)
(4.8
)
(4.8
)
Other (2)
(0.1
)
(0.1
)
—
(0.2
)
(0.2
)
Non-GAAP research and development
expenses
$
17.0
$
16.2
$
16.5
$
49.9
$
54.5
Selling and administrative
expenses
$
34.6
$
36.5
$
32.6
$
104.9
$
95.6
Stock-based compensation expense
(5.3
)
(4.6
)
(5.1
)
(15.5
)
(16.0
)
Intangibles amortization expense
(1.4
)
(1.3
)
(1.5
)
(4.0
)
(4.4
)
Acquisition-related costs (3)
(3.0
)
—
—
(3.0
)
—
Other (2)
(0.1
)
(0.5
)
—
(0.2
)
(0.1
)
Non-GAAP selling and administrative
expenses
$
24.8
$
30.1
$
26.0
$
82.2
$
75.1
Operating expenses
$
55.9
$
56.8
$
54.6
$
167.5
$
408.9
Stock-based compensation expense
(6.4
)
(6.4
)
(6.3
)
(20.1
)
(20.2
)
Intangibles amortization expense
(3.0
)
(2.9
)
(3.1
)
(8.8
)
(9.2
)
Impairment charges
—
—
—
—
(239.8
)
Restructuring charges
(1.5
)
(0.6
)
(2.7
)
(3.1
)
(9.8
)
Acquisition-related costs (3)
(3.0
)
—
—
(3.0
)
—
Other (2)
(0.2
)
(0.6
)
—
(0.4
)
(0.3
)
Non-GAAP operating expenses
$
41.8
$
46.3
$
42.5
$
132.1
$
129.6
Net earnings (loss)
$
16.6
$
13.6
$
2.7
$
25.0
$
(222.1
)
Interest expense, net
0.6
0.8
1.1
2.2
2.7
Provision for (benefit from) income
taxes
4.9
3.8
(16.3
)
9.8
12.4
Earnings (loss) before interest and
income taxes
22.1
18.2
(12.5
)
37.0
(207.0
)
Earnings (loss) before interest and income
taxes as % of revenues
12.6
%
10.5
%
(7.0
)%
7.5
%
(36.5
)%
Stock-based compensation expense
6.9
7.1
6.8
21.8
21.6
Intangibles amortization expense
3.0
2.9
3.1
8.8
9.2
Impairment charges
—
—
—
—
239.8
Restructuring charges
1.6
(1.1
)
30.8
1.6
37.9
Acquisition-related costs (3)
3.0
—
—
3.0
—
Other (2)
0.2
0.6
—
0.4
3.7
Adjusted earnings before interest and
income taxes
$
36.8
$
27.7
$
28.2
$
72.6
$
105.2
Adjusted earnings before interest and
income taxes as % of revenues
21.0
%
16.0
%
15.8
%
14.7
%
18.5
%
Net earnings (loss)
$
16.6
$
13.6
$
2.7
$
25.0
$
(222.1
)
Interest expense, net
0.6
0.8
1.1
2.2
2.7
Provision for (benefit from) income
taxes
4.9
3.8
(16.3
)
9.8
12.4
Earnings (loss) before interest and
income taxes
22.1
18.2
(12.5
)
37.0
(207.0
)
Non-GAAP reconciling adjustments (5)
14.7
9.5
40.7
35.6
312.2
Depreciation expense
7.6
8.2
9.8
25.0
32.5
Adjusted earnings before interest,
income taxes, depreciation, and amortization ("EBITDA")
$
44.4
$
35.9
$
38.0
$
97.6
$
137.7
Adjusted EBITDA as a % of revenues
25.4
%
20.8
%
21.3
%
19.8
%
24.3
%
Quarter Ended
Nine Months Ended
September 30,
2023
June 30, 2023
September 30,
2022
September 30,
2023
September 30,
2022
Provision for (benefit from) income
taxes
$
4.9
$
3.8
$
(16.3
)
$
9.8
$
12.4
Income tax effects of non-GAAP reconciling
adjustments (4)
2.0
1.2
20.1
4.3
1.5
Non-GAAP provision for income
taxes
$
6.9
$
5.0
$
3.8
$
14.1
$
13.9
Net earnings (loss)
$
16.6
$
13.6
$
2.7
$
25.0
$
(222.1
)
Non-GAAP reconciling adjustments (5)
14.7
9.5
40.7
35.6
312.2
Income tax effects of non-GAAP reconciling
adjustments (4)
2.0
1.2
20.1
4.3
1.5
Non-GAAP net earnings
$
29.3
$
21.9
$
23.3
$
56.3
$
88.6
Diluted earnings (loss) per
share
$
0.18
$
0.15
$
0.03
$
0.27
$
(2.42
)
Earnings per share non-GAAP reconciling
adjustment
0.13
0.08
0.22
0.33
3.35
Non-GAAP diluted earnings per
share
$
0.31
$
0.23
$
0.25
$
0.60
$
0.93
Diluted average shares
outstanding
91.4
91.8
92.0
91.9
91.9
Non-GAAP adjustment (6)
2.6
3.1
2.2
2.5
3.2
Non-GAAP diluted average shares
outstanding (6)
94.0
94.9
94.2
94.4
95.1
Notes:
(1)
In addition to the GAAP financial measures
included herein, Knowles has presented certain non-GAAP financial
measures that exclude certain amounts that are included in the most
directly comparable GAAP measures. Knowles believes that non-GAAP
measures are useful as supplements to its GAAP results of
operations to evaluate certain aspects of its operations and
financial performance, and its management team primarily focuses on
non-GAAP items in evaluating Knowles' performance for business
planning purposes. Knowles also believes that these measures assist
it with comparing its performance between various reporting periods
on a consistent basis, as these measures remove from operating
results the impact of items that, in Knowles' opinion, do not
reflect its core operating performance. Knowles believes that its
presentation of non-GAAP financial measures is useful because it
provides investors and securities analysts with the same
information that Knowles uses internally for purposes of assessing
its core operating performance.
(2)
In 2023, Other expenses include
non-recurring professional service fees related to an evaluation of
a reorganization. In addition, Other expenses include the ongoing
net lease cost (income) related to facilities not used in
operations. In 2022, Other expenses represent an adjustment to
pre-spin-off pension obligations of $3.4 million, which was
recorded during the second quarter of 2022 in Other expense
(income), net line on the Consolidated Statements of Earnings, and
the ongoing net lease cost related to facilities not used in
operations.
(3)
These expenses are related to the
acquisition of Cornell Dubilier by the Precision Devices
segment.
(4)
Income tax effects of non-GAAP reconciling
adjustments are calculated using the applicable tax rates in the
jurisdictions of the underlying adjustments.
(5)
The non-GAAP reconciling adjustments are
those adjustments made to reconcile Earnings (loss) before interest
and income taxes to Adjusted earnings before interest and income
taxes.
(6)
The number of shares used in the diluted
per share calculations on a non-GAAP basis excludes the impact of
stock-based compensation expense expected to be incurred in future
periods and not yet recognized in the financial statements, which
would otherwise be assumed to be used to repurchase shares under
the GAAP treasury stock method.
KNOWLES CORPORATION
CONSOLIDATED BALANCE
SHEETS
(in millions, except share and
per share amounts)
(unaudited)
September 30, 2023
December 31, 2022
Current assets:
Cash and cash equivalents
$
75.1
$
48.2
Receivables, net of allowances of $0.4 and
$1.1
119.0
134.7
Inventories, net
184.1
169.5
Prepaid and other current assets
9.6
10.0
Total current assets
387.8
362.4
Property, plant, and equipment,
net
144.6
161.8
Goodwill
471.0
471.0
Intangible assets, net
78.3
85.1
Operating lease right-of-use
assets
10.7
12.6
Other assets and deferred
charges
89.8
91.0
Total assets
$
1,182.2
$
1,183.9
Current liabilities:
Accounts payable
$
52.3
$
41.4
Accrued compensation and employee
benefits
26.9
26.9
Operating lease liabilities
4.7
8.4
Other accrued expenses
22.8
19.9
Federal and other taxes on income
0.3
2.5
Total current liabilities
107.0
99.1
Long-term debt
45.0
45.0
Deferred income taxes
0.9
0.9
Long-term operating lease
liabilities
6.2
7.2
Other liabilities
29.8
38.8
Commitments and contingencies
Stockholders' equity:
Preferred stock - $0.01 par value;
10,000,000 shares authorized; none issued
—
—
Common stock - $0.01 par value;
400,000,000 shares authorized; 97,240,535 and 90,257,146 shares
issued and outstanding at September 30, 2023, respectively, and
96,431,604 and 91,078,376 shares issued and outstanding at December
31, 2022, respectively
1.0
1.0
Treasury stock - at cost; 6,983,389 and
5,353,228 shares at September 30, 2023 and December 31, 2022,
respectively
(130.8
)
(103.3
)
Additional paid-in capital
1,682.7
1,665.5
Accumulated deficit
(423.2
)
(448.2
)
Accumulated other comprehensive loss
(136.4
)
(122.1
)
Total stockholders' equity
993.3
992.9
Total liabilities and stockholders'
equity
$
1,182.2
$
1,183.9
KNOWLES CORPORATION
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(in millions)
(unaudited)
Nine Months Ended September
30,
2023
2022
Operating Activities
Net earnings (loss)
$
25.0
$
(222.1
)
Adjustments to reconcile net earnings
(loss) to cash from operating activities:
Depreciation and amortization
33.8
41.7
Stock-based compensation
21.8
21.6
Deferred income taxes
1.6
(2.0
)
Non-cash interest expense and amortization
of debt issuance costs
0.6
0.5
(Gain) loss on sale or disposal of fixed
assets
(10.0
)
0.2
Non-cash restructuring charges
(1.8
)
8.9
Impairment charges
—
239.8
Other, net
(2.4
)
(7.4
)
Changes in assets and liabilities
(excluding effects of foreign exchange):
Receivables, net
15.5
16.8
Inventories, net
(19.0
)
(50.3
)
Prepaid and other current assets
(0.8
)
(1.5
)
Accounts payable
11.3
(24.6
)
Accrued compensation and employee
benefits
0.3
(16.7
)
Other accrued expenses
(2.7
)
5.8
Accrued taxes
(2.3
)
9.0
Other non-current assets and non-current
liabilities
(8.6
)
19.8
Net cash provided by operating
activities
62.3
39.5
Investing Activities
Proceeds from the sale of property, plant,
and equipment
12.4
—
Capital expenditures
(11.8
)
(24.7
)
Acquisition of asset
(0.3
)
—
Acquisition of business (net of cash
acquired)
—
(0.7
)
Purchase of investments
(0.4
)
—
Proceeds from the sale of investments
0.4
—
Net cash provided by (used in)
investing activities
0.3
(25.4
)
Financing Activities
Payments under revolving credit
facility
—
(15.0
)
Borrowings under revolving credit
facility
—
23.0
Repurchase of common stock
(27.5
)
(44.0
)
Tax on stock option exercises and
restricted and performance stock unit vesting
(6.2
)
(6.3
)
Payments of debt issuance costs
(1.9
)
—
Payments of finance lease obligations
(1.3
)
(4.2
)
Proceeds from exercise of stock
options
1.6
6.4
Net cash used in financing
activities
(35.3
)
(40.1
)
Effect of exchange rate changes on cash
and cash equivalents
(0.4
)
(1.4
)
Net increase (decrease) in cash and
cash equivalents
26.9
(27.4
)
Cash and cash equivalents at beginning of
period
48.2
68.9
Cash and cash equivalents at end of
period
$
75.1
$
41.5
Supplemental information - cash paid
for:
Income taxes
$
9.0
$
3.9
Interest
$
2.8
$
2.4
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231102246308/en/
Financial Contact:
Patton Hofer Knowles Investor Relations
Email: investorrelations@knowles.com
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