KEMET Corporation reported unaudited consolidated earnings results for the first quarter ended June 30, 2018. For the quarter, the company's reported net sales of $327,616,000 compared to $273,946,000 a year ago. Operating income was $35,176,000 compared to $27,607,000 a year ago. Income before income taxes and equity income from equity method investments was $39,889,000 compared to $146,162,000 a year ago. Net income was $35,220,000 compared to $220,439,000 a year ago. Net income per diluted share $0.60 compared to $3.82 per share a year ago. Net cash used in operating activities $15,850,000 compared to net cash provided by operating activities of $10,042,000 a year ago. Capital expenditures $16,021,000 compared to $7,298,000 a year ago. Adjusted operating income (loss) (non-GAAP) was $43,340,000 compared to $31,481,000 a year ago. Adjusted net income (non-GAAP) was $32,487,000 compared to $19,075,000 a year ago. Adjusted net income per diluted share (non-GAAP) was $0.55 compared to $0.33 a year ago. Adjusted EBITDA (non-GAAP) was $56,161,000 compared to $43,330,000 a year ago.

For the year 2019, the company revised revenue growth forecast over last fiscal year to a range of 11% to 13%, up from 4% to 6%. As stated in the last earnings call, the company expects capital expenditures, including IT and corporate spending related to the TOKIN acquisition for the full year ending March of 2019, to be in the $80 million to $100 million range.

For the second quarter ending September 30, 2018, the company expects to spend in the range of $20 million to $30 million. The company expects sales to be in the range of $330 million to $340 million. Non-GAAP gross margins to be between 29.5% and 30.5%. SG&A between $43 million to $44 million. R&D in the range of $10.5 million to $11.5 million, and taxes of approximately $3.5 million to $4 million.