Richardson Electronics Q3 FY2023: EPS $0.44, revenue up 27%, GES sales +103%

RICHARDSON ELECTRONICS, LTD.

Net sales $70.4M (+27.2% YoY); operating income $7.6M (+110% YoY); diluted EPS $0.44 vs $0.21.
Green Energy Solutions sales surged 103% to $5.8M; PMT +22%, Canvys +19%, Healthcare -23.9%.
Backlog $175.1M; cash and investments $24.6M; entered $30M revolving credit line with PNC Bank.
Board declared $0.06 quarterly cash dividend, payable May 24, 2023 to holders of record May 5, 2023.
Gross margin 31.8% flat YoY; operating expenses as % of sales improved to 21.0% from 25.2%.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

RICHARDSON ELECTRONICS, LTD. reported the third quarter ended February 25, 2023 results: revenue $70.4 million, net income $6.3 million, EPS $0.44.

Period: the third quarter ended February 25, 2023
Revenue: $70.4 million
Net income: $6.3 million
EPS: $0.44
Result: reported results

Exact text from the filing

FISCAL 2023; DECLARES QUARTERLY CASH DIVIDEND Green Energy Solutions sales increase 103% over Q3 FY22; total net sales increase 27.2% Third Quarter Highlights • Net sales of $70.4 million were up 27.2% from last year’s third quarter driven by increases in Power and Microwave Technologies (“PMT”), Green Energy Solutions (“GES”) and Canvys business units. • Backlog

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Source: SEC EDGAR

accession 0000950170-23-011919

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