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Nov 26, 2022
Richardson Electronics Q2 2023 Earnings Report
Reported net income of $5.5 million, representing 8.4% of net sales, and declared a quarterly cash dividend.
Key Takeaways
Richardson Electronics reported a strong second quarter in fiscal year 2023, with net sales up by 22.1% compared to the previous year, driven by increases in PMT, GES, and Canvys business units. The company's net income increased to $5.5 million, and earnings per share (diluted) rose to $0.39. The company also declared a quarterly cash dividend of $0.06 per share.
Net sales increased by 22.1% to $65.9 million, driven by growth in PMT, GES, and Canvys.
Backlog totaled $192.6 million.
Gross margin improved to 33.2% of net sales.
Earnings per share (diluted) were $0.39, up from $0.30 in the prior year's quarter.
Richardson Electronics
Richardson Electronics
Forward Guidance
Management believes sales and profits will continue to significantly increase in fiscal 2023.