Knowles reports 8% revenue decline

ITASCA - Knowles Corp. reported financial results for its fiscal year second quarter, including an 8% drop in revenue compared to the same quarter last year.

Revenue was $173 million in the quarter, down from $188 million in the 2022 quarter.

Knowles makes micro-acoustic microphones and speakers used in cellphones, hearing aids and other devices, and provides audio solutions, high performance capacitors and radio frequency products.

The revenue decline was due to further demand weakness associated with excess channel inventory in the industrial and distribution markets and timing of shipments into the defense market, Knowles said.

"The long-term secular trends in the markets we serve remain positive and despite the near-term market challenges our strategy to focus on higher margin markets and products coupled with Knowles operational excellence gives us confidence to achieve our midterm financial targets," said Chief Executive Officer Jeffrey Niew.