GREENVILLE, S.C. (AP) — Electronic capacitor maker Kemet Corp. said Wednesday that it turned a profit in its fiscal first quarter as revenue climbed. The results beat analyst expectations and Kemet’s shares surged 9 percent.
For the quarter that ended June 30, Kemet earned $31.8 million, or 61 cents per share, compared with a net loss of $20.1 million, or 74 cents per share, in the year-ago quarter. The year-ago quarter was hampered by a charge of $38.2 million for an early debt repayment.
Excluding special items, Kemet earned 71 cents per share in the latest quarter. Analysts polled by FactSet were looking for 56 cents per share.
Revenue rose 19 percent to $289.9 million from $243.8 million last year. That was much higher than the $271.6 million analysts were expecting.
Kemet said each of its regions met or surpassed its expectations for the three-month period.
Its shares rose $1.05 to $12.65 in late trading.