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Why KEMET Stock Soared Thursday

What happened

Shares of electronic component manufacturer Kemet (NYSE: KEM) jumped on Thursday, rising 16.5% by market close.

The stock's gain follows Kemet's fiscal fourth-quarter results, which included better-than-expected top- and bottom-line numbers.

Image source: Getty Images.

So what

For Kemet's fiscal fourth quarter, net sales increased 11.9% year over year to $355.8 million. Earnings per share were $1.58, up from $0.04 in the year-ago period. On a non-GAAP basis, earnings per share were $1.05, up from $0.44.

On average, analysts were expecting revenue and non-GAAP earnings per share of about $343 million and $0.94, respectively.

For the full fiscal year, revenue rose 15.2% year over year, the company said. This growth was "driven by increases in all of our business segments," noted Kemet CEO William Lowe in the company's earnings release.

Now what

For its fiscal first quarter, management said it expects revenue to be between $338 million and $348 million, implying 3.2% to 6.2% year-over-year growth. In addition, management forecast its non-GAAP adjusted gross margin to "continue to be strong in the range of 33.5% and 35%."

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