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- Richardson Electronics Ltd RELL reported fourth-quarter FY21 net sales growth of 35.1% year-on-year to $50.5 million, beating the analyst consensus of $37.36 million.
- Sales growth for Healthcare, PMG, Canvys, and Semiconductor Wafer Fabrication Equipment products drove the numbers.
- PMT revenue increased 32.5% Y/Y to $38.9 million with a gross margin of 32%.
- Canvys revenue grew 33.9% Y/Y to $8.8 million with a gross margin of 35.3%.
- Healthcare revenue improved 92.3% Y/Y to $2.8 million with a gross margin of 29.4%.
- The gross margin expanded 200 basis points to 32.4% due to a favorable product mix and improved manufacturing performance for Richardson Healthcare.
- EPS was $0.14.
- It held $43.3 million in cash and equivalents.
- The company generated $0.83 million in net cash provided by operating activities during FY21.
- The company noted over 30% sales growth its strategic business units during an unprecedented pandemic, resulting in a solid quarterly financial performance in nearly ten years.
- Outlook: It holds an optimistic view for all of its businesses in FY22, including its patent-pending ultracapacitor modules for wind turbines and related LED battery replacements.
- The board declared a $0.06 quarterly dividend per share on common stock and a $0.054 cash dividend to Class B common stock payable on Aug. 25 to stockholders of record as of Aug. 6.
- Price action: RELL shares closed up 7.18% at $8.36 on Wednesday.
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