RCM Technologies Q2 revenue down 9.8% to $67M; EPS $0.47 vs $0.57 YoY

RCM TECHNOLOGIES, INC.

2023-Q2 EPS reported $0.87 revenue$134,159,000

Revenue $67.0M, gross profit $18.8M; GAAP net income $4.0M ($0.47 diluted EPS).
Adjusted EBITDA (non-GAAP) $6.0M in Q2 vs $8.4M in prior year.
H1 revenue $134.2M (-14.2% YoY); net income $7.8M ($0.87 EPS) vs $12.5M ($1.18 EPS).
Management cites slow start in Engineering but expects double-digit earnings increase in Q4.
Company maintains clean balance sheet and expects strong cash flow in H2 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

RCM TECHNOLOGIES, INC. reported the thirteen weeks ended July 1, 2023 results: revenue $67.0 million, net income $4.0 million, EPS $0.47 per diluted share.

Period: the thirteen weeks ended July 1, 2023
Revenue: $67.0 million
Net income: $4.0 million
EPS: $0.47 per diluted share
Result: reported results

Exact text from the filing

RCM Technologies reported revenue of $67.0 million for the thirteen weeks ended July 1, 2023 (the current period), a decrease of 9.8% compared to $74.3 million for the thirteen weeks ended July 2, 2022 (the comparable prior-year period). Gross profit was $18.8 million for the current period, a 13.5% decrease compared to $21.7 million for the comparable prior-year period. The Company experienced GAAP operating income of $5.7 million for the current period compared to $8.2 million for the comparable prior-year period. The Company experienced GAAP net income of $4.0 million, or $0.47 per diluted share, for the current period compared to $6.0 million, or $0.57 per diluted share, for the comparable prior-year period.

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

RCM TECHNOLOGIES, INC. reported the twenty-six weeks ended July 1, 2023 results: revenue $134.2 million, net income $7.8 million, EPS $0.87 per diluted share.

Period: the twenty-six weeks ended July 1, 2023
Revenue: $134.2 million
Net income: $7.8 million
EPS: $0.87 per diluted share
Result: reported results

Exact text from the filing

RCM Technologies reported revenue of $134.2 million for the twenty-six weeks ended July 1, 2023 (the current period), a decrease of 14.2% compared to $156.3 million for the twenty-six weeks ended July 2, 2022 (the comparable prior-year period). Gross profit was $37.8 million for the current period, a 16.2% decrease compared to $45.1 million for the comparable prior-year period. The Company experienced GAAP operating income of $11.5 million for the current period compared to $17.2 million for the comparable prior-year period. The Company experienced GAAP net income of $7.8 million, or $0.87 per diluted share, for the current period compared to $12.5 million, or $1.18 per diluted share, for the comparable prior-year period.

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RCM TECHNOLOGIES, INC. filing history →

Source: SEC EDGAR

accession 0001437749-23-022807

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