Richardson Electronics Q1 2023 Earnings Report

Reported first quarter fiscal 2023 results with net income of $6.3 million, representing 9.4% of sales, and declared a quarterly cash dividend.

Key Takeaways

Richardson Electronics reported a strong start to fiscal 2023 with ninth consecutive quarter of sequential revenue growth. Net sales increased by 25.8% to $67.6 million, and net income was $6.3 million. The company also declared a quarterly cash dividend of $0.06 per share.

Net sales increased by 25.8% year-over-year to $67.6 million, driven by growth in all four business units, including the new Green Energy Solutions segment.

Gross margin improved to 34.1% of net sales, up from 30.3% in the prior year's first quarter.

Operating income rose to $8.8 million, compared to $2.8 million in the first quarter of fiscal 2022.

Earnings per share (diluted) increased to $0.45, compared to $0.20 in the same quarter last year.

Total Revenue

$67.6M

Previous year: $53.7M