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Feb 29, 2020
Richardson Electronics Q3 2020 Earnings Report
Reported operating profit and declared quarterly cash dividend. Canvys, PMG and CT Tube revenues grew versus Q3 FY19.
Key Takeaways
Richardson Electronics reported a decrease in net sales by 2.0% to $38.2 million compared to the prior year's third quarter. However, Canvys sales increased by 3.5%, and Healthcare CT tube revenues increased by 134.7%. The company reported an operating income of $11,000, a significant improvement compared to the operating loss of $0.8 million in the same quarter last year.
Net sales decreased by 2.0% to $38.2 million due to lower sales in PMT and Healthcare.
Canvys sales increased by 3.5% and Healthcare CT tube revenues were up by 134.7%.
Gross margin increased to 33.1% of net sales due to product mix and manufacturing efficiencies.
Operating income was $11,000 compared to an operating loss of $0.8 million in the prior year’s third quarter.
Forward Guidance
Given the fluid situation in the global economy, the company will continue to protect its cash and closely manage operating expenses and cash flow in line with economic conditions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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