Richardson Electronics Q2 net loss $1.8M on 33% sales drop; declares $0.06 dividend

RICHARDSON ELECTRONICS, LTD.

Net loss of $1.8M ($0.13 diluted loss) vs net income of $5.5M ($0.39 diluted EPS) in Q2 last year.
Net sales fell 33% to $44.1M, driven by declines in PMT (-22.9%), GES, and Canvys.
Gross margin contracted to 28.4% from 33.2% on product mix and manufacturing under-absorption.
Backlog increased 2% sequentially; management expects sequential revenue growth in H2.
Declared $0.06 quarterly cash dividend, payable Feb 28, 2024 to holders of record Feb 9.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

RICHARDSON ELECTRONICS, LTD. reported second quarter ended December 2, 2023 results: revenue $44.1 million, net income $1.8 million, EPS $0.13.

Period: second quarter ended December 2, 2023
Revenue: $44.1 million
Net income: $1.8 million
EPS: $0.13
Result: reported results

Exact text from the filing

flow, and prudently managing working capital requirements,” concluded Mr. Richardson. Second Quarter Results Net sales for the second quarter of fiscal 2024 decreased 33.0% to $44.1 million compared to net sales of $65.9 million in the prior year’s second quarter due to lower net sales in PMT, GES and Canvys. PMT sales decreased $9.3 million or 22.9% from last

View on SEC.gov

Browse all earnings releases →

RICHARDSON ELECTRONICS, LTD. filing history →

Source: SEC EDGAR

accession 0000950170-24-003645

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.