IEC Electronics Corp. (NYSE MKT:IEC) Q2 2020 Earnings Conference Call - Final Transcript
Aug 05, 2020 • 10:00 am ET
Greetings, and welcome to the IEC Electronics Third Quarter 2020 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
I would now like to turn the conference over to Ms. Jennifer Belodeau. Please begin.
Good morning, and thank you for calling in. On the call this morning, we have Jeff Schlarbaum, President and Chief Executive Officer; and Tom Barbato, Chief Financial Officer.
Before we get started, I would like to take a moment to read the safe harbor statement. This conference call contains certain statements that are or may be deemed to be forward-looking statements. These forward-looking statements, such as when the Company describes what it believes, expects or anticipates will occur and other similar statements include, but are not limited to, statements regarding future sales, backlog and operating results, future prospects, strategic initiatives, turnaround efforts, the capabilities and capacities of business operations, any financial or other guidance and all statements that are not based on historical facts, but rather reflect the Company's current expectations concerning future results and events.
The ultimate accuracy of these forward-looking statements is dependent upon a number of risks and uncertainties that may cause the Company's actual results or performance to be different than as expressed or implied by these statements. Specific risks and uncertainties include, but are not limited to, those set forth in the Company's earnings release issued immediately before this call and in the Company's most recent annual report on Form 10-K, our quarterly reports on Form 10-Q, and other reports filed with the Securities and Exchange Commission.
The Company undertakes no obligation to publicly update or correct any of the forward-looking statements made during this call, whether as a result of new information, future events or otherwise, except as required by law.
With that out of the way, I'll turn the call over to Jeff Schlarbaum. Please go ahead, Jeff.
Jeffrey T. Schlarbaum
Well, thank you, Jen, and good morning, everyone. It's a pleasure to speak to everyone this morning, and I hope you're all safe and healthy. This was another strong quarter for IEC. It was led by solid revenue of $47.4 million. It was an increase of 17% year-over-year, and it was a sequential increase of 7%, compared to our second fiscal quarter of 2020.
Our quarterly revenue growth to more than $47 million, generated all organically, is particularly notable when you consider that it was just one year ago that we achieved a company milestone while breaking through our internal $40 million quarterly revenue target. We then set our sights on an internal target of $45 million in quarterly revenue, which we substantially surpassed this quarter, while at the same time, also delivering what we believe to be an industry-leading gross margin of 14%.
Our ability to generate such high levels of organic growth is a testament to the growing reputation IEC has achieved as a highly capable and reliable electronic manufacturing solutions provider for highly-complex products and highly-regulated industries. And it also speaks volumes about the dedication