Richardson Electronics Q1 2023 Earnings Report
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.
Richardson Electronics
Richardson Electronics
Richardson Electronics Revenue by Segment
Forward Guidance
Company believes sales and profits will continue to significantly increase in fiscal 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income