Kimball International, Inc. (KBAL) Q4 2022 Earnings Conference Call August 4, 2022 5:00 PM ET
Company Participants
Kristie Juster – Chief Executive Officer
T.J. Wolfe – Executive Vice President and Chief Financial Officer
Conference Call Participants
Greg Burns – Sidoti
Reuben Gardner – The Benchmark Company
Budd Bugatch – Water Tower Research
Operator
Good afternoon, ladies and gentlemen. My name is Abby, and I will be your conference call facilitator today. At this time, I would like to welcome everyone to the Kimball International Fourth Quarter and Full Year Fiscal 2022 Earnings Conference Call.
As with prior conference calls, today's call, August 4, 2022, will be recorded and may contain forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from the forward-looking statements. Risk factors that may influence the outcome of forward-looking statements can be seen in the Kimball International Form 10-K.
During today's call, the presenters will be making references to an earnings slide deck presentation that is available on the Investor Relations section of Kimball International's website. On today's call are Kristie Juster, Chief Executive Officer of Kimball International; and T.J. Wolfe, Executive Vice President and Chief Financial Officer.
I would now like to turn today's call over to Kristie Juster. Ms. Juster, you may begin.
Kristie Juster
Good afternoon, everyone, and thank you for joining today's call. We are pleased to report Kimball International's strong finish to fiscal year 2022, our accomplishments in Q4 and our outlook for continued growth in fiscal year 2023. Our fourth quarter results reflected both strong revenue growth and a substantial improvement in profitability.
Over the last several quarters, we've continued to exhibit that our set of focused strategic choices provides accelerated market growth for Kimball International. The combination of our expertise in ancillary products and secondary markets clearly align with the evolving business trends and workplace priorities.
Sales of ancillary products represented 87% of our full year sales and demonstrate the demand for products that fit perfectly in today's open, accommodating and flexible work environment. In addition, over 75% of our shipments in fiscal 2022 were to secondary markets like Nashville, Atlanta, Austin and Miami, which are experiencing substantial population growth and a more rapid pace of return to office.
Kimball International's product portfolio is incredibly well aligned with our customer needs, whether attracting workers back to offices, providing a residential feel in a health care environment or offering a beautiful custom design for high-end hotel properties. We have the right products targeting the fastest-growing end markets and geographies.