Knowles sees customer demand remaining soft in PD

The company said: “We have reduced our revenue and earnings outlook for the second half of 2023 as we expect customer demand to remain soft in PD due to elevated inventory levels at our industrial and distribution customers and the timing of bookings in the defense market. In MSA, customer inventory levels have returned to more normalized levels and we are projecting a return to year over year growth starting in Q3. Lastly for CMM, trends for non-mobile applications have improved but further challenges in the smartphone market are delaying a return to growth for this segment.”