Richardson Electronics Q1 net sales rise as PMT, GES demand grows
RELL•Richardson Electronics said fiscal first-quarter net sales rose 18.9% year over year to $64.92 million, while net income more than doubled to $4.06 million and EPS rose to $0.27. Backlog increased 36.9% to its highest level in more than three years.
1. Sales and earnings grow
Fiscal first-quarter net sales increased 18.9% year over year to $64.92 million, above the $58.99 million consensus estimate. Net income more than doubled to $4.06 million, and earnings per share rose to $0.27. Gross margin was 34.6%.
2. Demand lifts business units
Richardson said demand for engineered solutions in semiconductor wafer fabrication and RF/microwave products drove growth in its PMT unit. GES growth was supported by higher wind-product sales and new Battery Energy Storage Systems sales, while Canvys sales increased in North America. The company said gross margin improved due to product mix and a one-time IEEPA tariff refund.
3. Outlook and backlog
The company said its backlog rose 36.9% year over year to its highest level in more than three years. It expects profitable growth in fiscal 2027, citing strong backlog and customer demand, and said it is focused on efficiency and strategic growth amid uncertain economic conditions.
