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Apr 01, 2023
RCM Technologies Q1 2023 Earnings Report
RCM Technologies announced first-quarter results with a decrease in revenue and net income compared to the same period last year.
Key Takeaways
RCM Technologies reported a decrease in revenue and net income for the first quarter of 2023. Revenue decreased by 18.1% to $67.1 million, and net income decreased to $3.8 million, or $0.41 per diluted share. The company experienced slower activity due to project timing and program ramp-up in the Engineering segment.
RCM Technologies reported revenue of $67.1 million, an 18.1% decrease compared to the prior-year period.
Gross profit was $19.0 million, an 18.8% decrease compared to the prior-year period.
GAAP operating income was $5.7 million, compared to $9.0 million for the prior-year period.
GAAP net income was $3.8 million, or $0.41 per diluted share, compared to $6.5 million, or $0.62 per diluted share for the prior-year period.
Revenue by Segment
Forward Guidance
RCM started 2023 slower than expected, primarily due to project timing and program ramp-up in our Engineering segment. The cadence of activity has increased as we move through the first half of the year, allowing us to retain our offensive posture as we continue to build on the foundation carefully laid in each of our business units.
Positive Outlook
- Cadence of activity has increased as we move through the first half of the year.
- High return capital projects remain abundant.
- Internal growth projects remain abundant.
- Bolt-on acquisitions allow us to leverage the RCM platform.
- Retaining offensive posture as we continue to build on the foundation carefully laid in each of our business units.
Challenges Ahead
- RCM started 2023 slower than we had expected.
- Slower activity primarily due to project timing.
- Slower activity primarily due to program ramp-up in our Engineering segment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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