Simpsonville-based KEMET Corp., a global supplier of passive electronic components, said it turned a third-quarter profit compared with a year earlier.
KEMET said U.S. GAAP net income was $12.3 million, or 22 cents per diluted share, for the quarter ended Dec. 31, 2016. The company reported a net loss of $8.6 million or 19 cents per basic and diluted share, for the quarter ended Dec. 31, 2015.
Net sales of $188 million for the quarter ended Dec. 31 increased 6.1 percent from net sales of $177.2 million for the quarter ended Dec. 31, 2015.
“This quarter is the fourth quarter of sequential growth and the highest revenue since our first quarter in fiscal 2016,” said Per Loof, KEMET’s chief executive officer. “Global initiatives in the sales development process that targeted specific segments and product technologies supported this growth. These initiatives, coupled with a defined strategy and a target market that was shared across sales, business groups and technical marketing boosted the overall quarter performance.”