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Knowles Reports Q3 2019 Financial Results and Provides Outlook for Q4 2019

October 24, 2019

Q3 Revenues Above Midpoint of Guidance

Revenues from Non-Mobile Expected to be More Than 70 Percent of Total Sales in 2019

ITASCA, Ill.--(BUSINESS WIRE)-- Knowles Corporation (NYSE: KN), a market leader and global provider of advanced micro-acoustic, audio processing, and precision device solutions, today announced results for the quarter ended September 30, 2019.

“In the third quarter, we continued to make solid progress against our strategy to deliver high value, differentiated solutions to a diverse set of growing end markets,” said Jeffrey Niew, president and CEO of Knowles. “For the quarter, we reported revenue of $236 million, above the midpoint of our guidance range and flat from the year ago period as strong sales into the Ear and IoT markets and solid demand for Precision Device solutions were offset by continued soft trends in Mobile. Earnings were also in line with our expectations.”

“In our Audio segment, Q3 revenue was down three percent from the year ago period due to softer demand for high end handsets that leverage our MEMS microphones and Intelligent Audio solutions, largely offset by stronger sales of microphones and balanced armature speakers into the Ear and IoT markets. In Precision Devices, sales were up 13 percent from the year ago period due to continued demand for our differentiated products across multiple end markets and a tuck-in acquisition.”

“I’m pleased with the continued progress we’ve made to increase our exposure to markets beyond Mobile. We expect that revenues outside of Mobile will represent over 70 percent of total company sales in 2019, growing at greater than 10 percent from the prior year with gross margins above the Company average. Our strategy to invest in high value, differentiated solutions and diversify our end markets and customers is expected to continue to deliver shareholder value by driving revenue growth with strong operating leverage for full year 2019 and beyond,” continued Niew.

Financial Highlights

The following table highlights the Company’s financial performance on both a GAAP and non-GAAP basis for continuing operations* (in millions, except per share data):

Q3FY19

Q2FY19

Q3FY18

Year Ago Period Change

Revenues

$235.9

$205.2

$236.2

-%

Gross profit

(as a % of revenues)

$93.5

39.6%

$76.4

37.2%

$89.8

38.0%

4%

Non-GAAP gross profit

(as a % of revenues)

$94.7

40.1%

$78.1

38.1%

$90.7

38.4%

4%

Diluted earnings (loss) per share**

$0.27

$0.06

$(0.20)

NM***

Non-GAAP diluted earnings per share

$0.38

$0.22

$0.34

12%

* Continuing operations excludes the results of our timing device business which was sold on November 28, 2017.

** Current period results include $5.2 million in stock-based compensation, $3.1 million in restructuring charges, production transfer costs, and other expenses.

*** Not meaningful.

Fourth Quarter 2019 Outlook

The forward looking guidance for the quarter ending December 31, 2019 is as follows:

 

GAAP

Adjustments

Non-GAAP

Revenues

$225 to $250 million

-

$225 to $250 million

Gross Profit Margin

39 to 42%

0.5%

39.5 to 42.5%

EPS

$0.29 to $0.35

$0.08

$0.37 to $0.43

Q4 2019 GAAP results are expected to include approximately $0.06 per share in stock-based compensation, $0.01 per share in amortization of intangibles and debt discount, and $0.01 per share related to production transfer costs.

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, 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, fixed asset 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.

Investors can also listen to the conference call at 3:30 p.m. Central time today 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 today through 11:59 p.m. Central time on October 31, 2019 at (800) 585-8367 (United States) or (416) 621-4642 (International). The access code is 6781539.

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, medical, 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 11 countries. The company was spun out from Dover Corporation in 2014 and has been focused on reshaping its business portfolio and investing 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. 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. These 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; the success and rate of multi-microphone and smart microphone adoption and proliferation of our “intelligent audio” solutions, including our audio edge processors, to high volume platforms; 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 the recent economic slowdown in China; 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;; our ability to obtain, enforce, defend or monetize our intellectual property rights; 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; 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, 2018, 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 2019
 
KNOWLES CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(in millions, except share and per share amounts)
(unaudited)
 
Quarter Ended
September 30, 2019 June 30, 2019 September 30, 2018
Revenues

$

235.9

 

$

205.2

 

$

236.2

 

Cost of goods sold

 

142.3

 

 

128.4

 

 

146.4

 

Restructuring charges - cost of goods sold

 

0.1

 

 

0.4

 

 

-

 

Gross profit

 

93.5

 

 

76.4

 

 

89.8

 

Research and development expenses

 

23.4

 

 

25.0

 

 

25.2

 

Selling and administrative expenses

 

34.6

 

 

38.9

 

 

34.5

 

Restructuring charges

 

1.9

 

 

0.1

 

 

0.5

 

Operating expenses

 

59.9

 

 

64.0

 

 

60.2

 

Operating earnings

 

33.6

 

 

12.4

 

 

29.6

 

Interest expense, net

 

3.8

 

 

3.6

 

 

4.0

 

Other (income) expense, net

 

(0.6

)

 

(0.5

)

 

0.3

 

Earnings before income taxes and discontinued operations

 

30.4

 

 

9.3

 

 

25.3

 

Provision for income taxes

 

5.0

 

 

3.4

 

 

43.1

 

Earnings (loss) from continuing operations

 

25.4

 

 

5.9

 

 

(17.8

)

Earnings from discontinued operations, net

 

-

 

 

-

 

 

1.6

 

Net earnings (loss)

$

25.4

 

$

5.9

 

$

(16.2

)

 
Earnings (loss) per share from continuing operations:
Basic

$

0.28

 

$

0.06

 

$

(0.20

)

Diluted

$

0.27

 

$

0.06

 

$

(0.20

)

 
Earnings per share from discontinued operations:
Basic

$

-

 

$

-

 

$

0.02

 

Diluted

$

-

 

$

-

 

$

0.02

 

 
Net earnings (loss) per share:
Basic

$

0.28

 

$

0.06

 

$

(0.18

)

Diluted

$

0.27

 

$

0.06

 

$

(0.18

)

 
Weighted-average common shares outstanding:
Basic

 

91,398,539

 

 

91,018,213

 

 

90,171,928

 

Diluted

 

93,859,446

 

 

92,507,279

 

 

90,171,928

 

CONSOLIDATED STATEMENTS OF EARNINGS
(in millions, except share and per share amounts)
(unaudited)
 
Nine Months Ended
September 30, 2019 September 30, 2018
Revenues

$

620.9

 

$

603.1

 

Cost of goods sold

 

381.5

 

 

374.7

 

Restructuring charges - cost of goods sold

 

1.0

 

 

0.1

 

Gross profit

 

238.4

 

 

228.3

 

Research and development expenses

 

73.1

 

 

75.4

 

Selling and administrative expenses

 

111.1

 

 

107.4

 

Restructuring charges

 

3.8

 

 

1.4

 

Operating expenses

 

188.0

 

 

184.2

 

Operating earnings

 

50.4

 

 

44.1

 

Interest expense, net

 

10.9

 

 

12.1

 

Other (income) expense, net

 

(0.1

)

 

0.5

 

Earnings before income taxes and discontinued operations

 

39.6

 

 

31.5

 

Provision for income taxes

 

11.0

 

 

45.3

 

Earnings (loss) from continuing operations

 

28.6

 

 

(13.8

)

Earnings from discontinued operations, net

 

-

 

 

1.9

 

Net earnings (loss)

$

28.6

 

$

(11.9

)

 
Earnings (loss) per share from continuing operations:
Basic

$

0.31

 

$

(0.15

)

Diluted

$

0.31

 

$

(0.15

)

 
Earnings per share from discontinued operations:
Basic

$

-

 

$

0.02

 

Diluted

$

-

 

$

0.02

 

 
Net earnings (loss) per share:
Basic

$

0.31

 

$

(0.13

)

Diluted

$

0.31

 

$

(0.13

)

 
Weighted-average common shares outstanding:
Basic

 

90,988,468

 

 

89,988,254

 

Diluted

 

92,655,874

 

 

89,988,254

 

KNOWLES CORPORATION
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES (1)
(in millions, except share and per share amounts)
(unaudited)
 

Quarter Ended

 

Nine Months Ended

September 30,
2019

 

June 30,
2019

 

September 30,
2018

 

September 30,
2019

 

September 30,
2018

Gross profit

$

93.5

 

$

76.4

 

$

89.8

 

$

238.4

 

$

228.3

 

Gross profit as % of revenues

 

39.6

%

 

37.2

%

 

38.0

%

 

38.4

%

 

37.9

%

Stock-based compensation expense

 

0.4

 

 

0.4

 

 

0.4

 

 

1.2

 

 

1.2

 

Restructuring charges

 

0.1

 

 

0.4

 

 

-

 

 

1.0

 

 

0.1

 

Production transfer costs (2)

 

0.7

 

 

0.9

 

 

0.5

 

 

2.1

 

 

1.8

 

Other (3)

 

-

 

 

-

 

 

-

 

 

-

 

 

0.2

 

Non-GAAP gross profit

$

94.7

 

$

78.1

 

$

90.7

 

$

242.7

 

$

231.6

 

Non-GAAP gross profit as % of revenues

 

40.1

%

 

38.1

%

 

38.4

%

 

39.1

%

 

38.4

%

 
Research and development expenses

$

23.4

 

$

25.0

 

$

25.2

 

$

73.1

 

$

75.4

 

Stock-based compensation expense

 

(1.5

)

 

(2.3

)

 

(1.9

)

 

(5.9

)

 

(5.9

)

Production transfer costs (2)

 

-

 

 

-

 

 

-

 

 

-

 

 

(0.4

)

Non-GAAP research and development expenses

$

21.9

 

$

22.7

 

$

23.3

 

$

67.2

 

$

69.1

 

 
Selling and administrative expenses

$

34.6

 

$

38.9

 

$

34.5

 

$

111.1

 

$

107.4

 

Stock-based compensation expense

 

(3.3

)

 

(4.6

)

 

(4.2

)

 

(12.1

)

 

(13.7

)

Intangibles amortization expense

 

(1.8

)

 

(1.7

)

 

(1.7

)

 

(5.3

)

 

(4.9

)

Other (3)

 

(0.4

)

 

(2.8

)

 

(0.1

)

 

(5.2

)

 

(0.2

)

Non-GAAP selling and administrative expenses

$

29.1

 

$

29.8

 

$

28.5

 

$

88.5

 

$

88.6

 

 
Operating expenses

$

59.9

 

$

64.0

 

$

60.2

 

$

188.0

 

$

184.2

 

Stock-based compensation expense

 

(4.8

)

 

(6.9

)

 

(6.1

)

 

(18.0

)

 

(19.6

)

Intangibles amortization expense

 

(1.8

)

 

(1.7

)

 

(1.7

)

 

(5.3

)

 

(4.9

)

Restructuring charges

 

(1.9

)

 

(0.1

)

 

(0.5

)

 

(3.8

)

 

(1.4

)

Production transfer costs (2)

 

-

 

 

-

 

 

-

 

 

-

 

 

(0.4

)

Other (3)

 

(0.4

)

 

(2.8

)

 

(0.1

)

 

(5.2

)

 

(0.2

)

Non-GAAP operating expenses

$

51.0

 

$

52.5

 

$

51.8

 

$

155.7

 

$

157.7

 

 
Earnings (loss) from continuing operations

$

25.4

 

$

5.9

 

$

(17.8

)

$

28.6

 

$

(13.8

)

Interest expense, net

 

3.8

 

 

3.6

 

 

4.0

 

 

10.9

 

 

12.1

 

Provision for income taxes

 

5.0

 

 

3.4

 

 

43.1

 

 

11.0

 

 

45.3

 

Earnings from continuing operations before interest and income taxes

 

34.2

 

 

12.9

 

 

29.3

 

 

50.5

 

 

43.6

 

Earnings from continuing operations before interest and income taxes as % of revenues

 

14.5

%

 

6.3

%

 

12.4

%

 

8.1

%

 

7.2

%

Stock-based compensation expense

 

5.2

 

 

7.3

 

 

6.5

 

 

19.2

 

 

20.8

 

Intangibles amortization expense

 

1.8

 

 

1.7

 

 

1.7

 

 

5.3

 

 

4.9

 

Restructuring charges

 

2.0

 

 

0.5

 

 

0.5

 

 

4.8

 

 

1.5

 

Production transfer costs (2)

 

0.7

 

 

0.9

 

 

0.5

 

 

2.1

 

 

2.2

 

Other (3)

 

0.4

 

 

2.8

 

 

0.1

 

 

5.2

 

 

1.7

 

Adjusted earnings from continuing operations before interest and income taxes

$

44.3

 

$

26.1

 

$

38.6

 

$

87.1

 

$

74.7

 

Adjusted earnings from continuing operations before interest and income taxes as % of revenues

 

18.8

%

 

12.7

%

 

16.3

%

 

14.0

%

 

12.4

%

 
Interest expense, net

$

3.8

 

$

3.6

 

$

4.0

 

$

10.9

 

$

12.1

 

Interest expense, net non-GAAP reconciling adjustments (4)

 

1.7

 

 

1.7

 

 

1.6

 

 

5.1

 

 

4.7

 

Non-GAAP interest expense

$

2.1

 

$

1.9

 

$

2.4

 

$

5.8

 

$

7.4

 

 
Provision for income taxes

$

5.0

 

$

3.4

 

$

43.1

 

$

11.0

 

$

45.3

 

Income tax effects of non-GAAP reconciling adjustments (5)

 

1.4

 

 

0.1

 

 

(39.0

)

 

2.0

 

 

(37.6

)

Non-GAAP provision for income taxes

$

6.4

 

$

3.5

 

$

4.1

 

$

13.0

 

$

7.7

 

 
Earnings (loss) from continuing operations

$

25.4

 

$

5.9

 

$

(17.8

)

$

28.6

 

$

(13.8

)

Non-GAAP reconciling adjustments (6)

 

10.1

 

 

13.2

 

 

9.3

 

 

36.6

 

 

31.1

 

Interest expense, net non-GAAP reconciling adjustments (4)

 

1.7

 

 

1.7

 

 

1.6

 

 

5.1

 

 

4.7

 

Income tax effects of non-GAAP reconciling adjustments (5)

 

1.4

 

 

0.1

 

 

(39.0

)

 

2.0

 

 

(37.6

)

Non-GAAP net earnings

$

35.8

 

$

20.7

 

$

32.1

 

$

68.3

 

$

59.6

 

 
Diluted earnings (loss) per share from continuing operations

$

0.27

 

$

0.06

 

$

(0.20

)

$

0.31

 

$

(0.15

)

Earnings per share non-GAAP reconciling adjustment

 

0.11

 

 

0.16

 

 

0.54

 

 

0.41

 

 

0.79

 

Non-GAAP diluted earnings per share

$

0.38

 

$

0.22

 

$

0.34

 

$

0.72

 

$

0.64

 

 
Diluted average shares outstanding

 

93,859,446

 

 

92,507,279

 

 

90,171,928

 

 

92,655,874

 

 

89,988,254

 

Non-GAAP adjustment (7)

 

1,383,876

 

 

2,215,158

 

 

3,321,388

 

 

1,880,547

 

 

3,164,269

 

Non-GAAP diluted average shares outstanding (7)

 

95,243,322

 

 

94,722,437

 

 

93,493,316

 

 

94,536,421

 

 

93,152,523

 

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) Production transfer costs represent duplicate costs incurred to migrate manufacturing to facilities primarily in Asia. These amounts are included in the corresponding Gross profit and Earnings from continuing operations before interest and income taxes for each period presented.

(3) In 2019, Other expenses of $4.4 million represent expenses related to shareholder activism and the remaining Other expenses relate to the acquisition of DITF Interconnect Technology, Inc. by the Precision Devices segment. In 2018, Other expenses in Gross profit and Operating expenses represent expenses related to acquisitions and the remaining Other expenses represent an adjustment to pre-spin-off pension obligations.

(4) Under GAAP, certain convertible debt instruments that may be settled in cash (or other assets) upon conversion are required to be separately accounted for as liability (debt) and equity (conversion option) components of the instrument in a manner that reflects the issuer’s nonconvertible debt borrowing rate. Accordingly, for GAAP purposes we are required to recognize imputed interest expense on the Company’s $172.5 million of convertible senior notes due 2021 that were issued in a private placement in May 2016. The imputed interest rate is 8.12% for the convertible notes due 2021, while the actual coupon interest rate of the notes was 3.25%. The difference between the imputed interest expense and the coupon interest expense is excluded from management’s assessment of the Company’s operating performance because management believes that this non-cash expense is not indicative of its core, ongoing operating performance.

(5) Income tax effects of non-GAAP reconciling adjustments are calculated using the applicable tax rates in the jurisdictions of the underlying adjustments. Adjustments are also made to exclude certain impacts of the Tax Reform Act and the resulting consequences that were accounted for as uncertain tax positions.

(6) The non-GAAP reconciling adjustments are those adjustments made to reconcile Earnings from continuing operations before interest and income taxes to Adjusted earnings from continuing operations before interest and income taxes.

(7) 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. In addition, the Company entered into convertible note hedge transactions to offset any potential dilution from the convertible notes. Although the anti-dilutive impact of the convertible note hedges is not reflected under GAAP, the Company includes the anti-dilutive impact of the convertible note hedges in non-GAAP diluted average shares outstanding, if applicable.

KNOWLES CORPORATION
CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share amounts)
(unaudited)
 
September 30, 2019 December 31, 2018
Current assets:
Cash and cash equivalents

$

69.7

 

$

73.5

 

Receivables, net of allowances of $0.7 and $0.6

 

162.4

 

 

140.3

 

Inventories, net

 

151.2

 

 

140.1

 

Prepaid and other current assets

 

11.0

 

 

11.1

 

Total current assets

 

394.3

 

 

365.0

 

Property, plant, and equipment, net

 

207.5

 

 

211.7

 

Goodwill

 

891.1

 

 

887.9

 

Intangible assets, net

 

54.8

 

 

56.7

 

Operating lease right-of-use assets

 

35.6

 

 

-

 

Other assets and deferred charges

 

24.2

 

 

26.6

 

Total assets

$

1,607.5

 

$

1,547.9

 

 
Current liabilities:
Accounts payable

$

73.9

 

$

77.2

 

Accrued compensation and employee benefits

 

30.5

 

 

40.2

 

Operating lease liabilities

 

9.2

 

 

-

 

Other accrued expenses

 

19.9

 

 

20.1

 

Federal and other taxes on income

 

5.8

 

 

4.3

 

Total current liabilities

 

139.3

 

 

141.8

 

Long-term debt

 

154.8

 

 

158.1

 

Deferred income taxes

 

2.1

 

 

2.1

 

Long-term operating lease liabilities

 

27.1

 

 

-

 

Other liabilities

 

26.9

 

 

34.3

 

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; 91,528,745 and 90,212,779 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively

 

0.9

 

 

0.9

 

Additional paid-in capital

 

1,566.6

 

 

1,545.9

 

Accumulated deficit

 

(195.6

)

 

(224.2

)

Accumulated other comprehensive loss

 

(114.6

)

 

(111.0

)

Total stockholders' equity

 

1,257.3

 

 

1,211.6

 

Total liabilities and stockholders' equity

$

1,607.5

 

$

1,547.9

 

 

Financial Contact:
Mike Knapp
Knowles Investor Relations
Phone: (630) 238-5236
Email: mike.knapp@knowles.com

Source: Knowles Corporation

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