Richardson Electronics Q4 2022 Earnings Report
Key Takeaways
Richardson Electronics reported a strong fourth quarter in fiscal year 2022, with net sales up 22.1% to $61.6 million and net income of $8.3 million, driven by growth in all three business units. The company's backlog increased to $206.2 million, and earnings per share (diluted) were $0.59. The Board of Directors declared a $0.06 per share quarterly cash dividend.
Net sales increased by 22.1% compared to the prior year's fourth quarter, reaching $61.6 million.
Backlog increased to $206.2 million versus $110.0 million at the end of the fourth quarter of last fiscal year.
Operating income rose to $5.0 million, compared to $2.3 million in the fourth quarter of fiscal 2021.
Earnings per common share (diluted) were $0.59, compared to $0.14 per common share (diluted) in the fourth quarter of fiscal 2021.
Richardson Electronics
Richardson Electronics
Richardson Electronics Revenue by Segment
Forward Guidance
Richardson Electronics believes they are well positioned for long-term, profitable growth and expects sales and profits to continue to increase in fiscal 2023.
Positive Outlook
- Strategies to develop new products and applications for large and emerging global markets.
- Eighth consecutive quarter of sequential revenue growth.
- Highest level of annual revenue since the sale of RFPD in 2011.
- Starting fiscal 2023 from a position of strength with over $206 million in backlog.
- Increasing sales from new manufactured products and new customers.
Challenges Ahead
- Increasingly challenging and uncertain global economic environment
Revenue & Expenses
Visualization of income flow from segment revenue to net income