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May 27, 2023
Richardson Electronics Q4 2023 Earnings Report
Reported a decrease in net sales and operating income due to declines in PMT, Canvys, and Healthcare, offset by growth in GES.
Key Takeaways
Richardson Electronics reported a 4.5% decrease in net sales and a decrease in operating income for the fourth quarter of fiscal 2023. The decline in sales was driven by decreases in the PMT, Canvys and Healthcare business units, partially offset by an increase in sales for GES. Fiscal 2023 was one of the best years in the company's history, with operating income increasing year-over-year by nearly 57%, on a 16.9% increase in net sales.
Net sales decreased 4.5% to $58.8 million compared to the prior year's fourth quarter.
Green Energy Solutions (GES) net sales increased 61.7% versus the prior year’s fourth quarter.
Operating income was $1.4 million compared to $5.0 million for the fourth quarter of fiscal 2022.
Earnings per common share (diluted) were $0.27 and Non-GAAP earnings per common share (diluted) were $0.11.
Richardson Electronics
Richardson Electronics
Richardson Electronics Revenue by Segment
Revenue by Segment
Power & Microwave Tech Revenue
CapyFin.comCanvys Revenue
CapyFin.comHealthcare Revenue
CapyFin.comGreen Energy Solutions Revenue
CapyFin.com Forward Guidance
The company expects the semiconductor wafer fab market to remain challenging over the next several quarters, but anticipates that growth from the GES business will help offset the expected fiscal 2024 sales decrease in the semi-conductor wafer fabrication equipment business.
Positive Outlook
- Expansion of customer relationships
- Development of new engineered solutions for new applications
- Benefiting from positive industry demand
- Pursuing significant long-term opportunities across business units
- Continued growth from GES business
Challenges Ahead
- Weaker demand from semiconductor wafer fab customers
- 20.8% decrease in PMT sales
- Semiconductor wafer fab market to remain challenging over the next several quarters
- Product mix affecting gross margin
- Anticipated fiscal 2024 sales decrease in the semi-conductor wafer fabrication equipment business
Revenue & Expenses
Visualization of income flow from segment revenue to net income