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Aug 28, 2021
Richardson Electronics Q1 2022 Earnings Report
Richardson Electronics reported first quarter fiscal 2022 results with net income of $2.6 million.
Key Takeaways
Richardson Electronics reported a strong start to fiscal year 2022, achieving the highest level of quarterly sales in 11 years and the best quarterly earnings per share in nine years. Net sales increased by 38.4% compared to the prior year's first quarter, driven by higher sales across all three business units.
Net sales of $53.7 million, up 38.4% year-over-year and 6.4% sequentially.
Sales increased year-over-year for PMG, Canvys, Healthcare and Semiconductor Wafer Fabrication Equipment products.
Operating income was $2.8 million, compared to an operating loss of $0.6 million in the prior year's first quarter.
Earnings per common share (diluted) were $0.20, compared to a loss of $0.09 per share in the prior year's first quarter.
Forward Guidance
Richardson Electronics anticipates a strong fiscal year 2022 with sales growth and improved profitability, driven by growth initiatives and navigation of global supply chain challenges. The company ended the first quarter with record backlogs.
Positive Outlook
- Strong start to fiscal 2022 with highest quarterly sales in 11 years.
- Best quarterly earnings per share in nine years.
- Growth initiatives starting to take hold.
- Successfully navigated unprecedented global supply chain and logistics challenges.
- Ended the quarter with record backlogs for ULTRA3000 Pitch Energy Modules, microwave products and Canvys monitors.
Historical Earnings Impact
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