IEC Electronics reports strong sales and income in its fiscal 4Q and full-year 2020

IEC Electronics Corp (NASDAQ:IEC) reported Friday that it produced $46.4 million in revenue during its fiscal 2020 fourth quarter -- a nearly 6% year-over-year increase.  Higher sales in the quarter ended September 30, helped the company achieve net income of $1.9 million, or $0.18 per basic and diluted share. That compares to net income of $1.8 million, or $0.17 per basic and diluted share, in the year-ago quarter.  The New York company also announced full-year, fiscal 2020 results highlighting its healthy growth over the last 12 months.  READ: IEC Electronics enters agreement to purchase 86,000 square-foot facility in Rochester, NY Revenue was $182.7 million, a 16.4% year-over-year increase, and net income came in at $6.8 million, or $0.65 per basic and $0.63 per diluted share, compared to $4.7 million, or $0.46 per basic and $0.45 per diluted share, in fiscal 2019. “Our fourth fiscal quarter showed continued solid performance, closing out a strong year for IEC,” said CEO Jeffrey Schlarbaum in a statement.  “At the start of fiscal 2020, we established three primary goals for our company: to drive double-digit organic growth for the fiscal year, continue to achieve industry-leading margins and to generate operating cash flow and we delivered on all three. Our ability to reach these goals is a credit to our employees, who continued to execute our strategy despite adverse circumstances, and a testament to our growing reputation as a premier partner for the manufacture of life-saving and mission-critical products.” Schlarbaum noted IEC has a robust year-end backlog of $194.5 million derived from a diverse range of customers.  “Notably, $180.2 million of the backlog is expected to ship within the next 12 months, which represents a year-over-year increase of 19.1% when compared to $151.3 million at the end of fiscal 2019,” he said. “We are focused on continuing to enhance our offerings to build upon our leadership position as a 100% U.S.-based integrated manufacturing partner. We are pleased with the operational and financial success that we achieved in fiscal 2020, despite the challenges presented by the global pandemic, and we are energized by the opportunities ahead in fiscal 2021 to drive continued growth and profitability.” Contact the author: patrick@proactiveinvestors.com Follow him on Twitter @PatrickMGraham