Richardson Electronics (RELL) Misses Q2 EPS by 7c, Revenues Miss
- Wall Street ends volatile week sharply higher
- Disney (DIS) Dips As Streaming Business Shows Signs of Slowing Down, Analysts 'Very Bullish' on LT Opportunity
- Airbnb (ABNB) Bookings Up 52% to Help Sales Beat, Seen as a 'Blow Out Quarter' as More Upside is Left
- DoorDash (DASH) Reports Bigger Loss and a Sales Beat, Shares Soars on Strong Guidance and Two Upgrades to 'Buy'
- Coinbase (COIN) To Add Dogecoin Trading in the Next Few Weeks
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
Richardson Electronics (NASDAQ: RELL) reported Q2 EPS of ($0.05), $0.07 worse than the analyst estimate of $0.02. Revenue for the quarter came in at $39.6 million versus the consensus estimate of $41 million.
- Net sales of $39.6 million were down 4.1% from last year’s second quarter, primarily from economic softness in the PMT power grid tube business and a slow ramp up in sales in the semiconductor wafer fab equipment business. In addition, Healthcare sales were down overall due to soft equipment sales in Latin America.
- These declines were partially offset by significantly increased sales for our PMG products. Also, Canvys sales increased by 20.9% and Healthcare CT tube sales were up by 11.9%.
- Gross margin increased to 32.0% of net sales versus 31.4% of net sales for the prior year’s second quarter.
- Operating expenses decreased $0.2 million to $13.2 million compared to prior year.
- Operating loss was $0.5 million, same as last year’s second quarter.
- Cash and investments were $46.1 million at November 30, 2019 versus $46.5 million at the end of the first quarter of this fiscal year.
“We are pleased to see growth resulting from the investments we are making in our healthcare, power and microwave technologies, and display businesses,” said Edward J. Richardson, Chairman, Chief Executive Officer, and President. “We will continue to closely manage operating expenses and cash flow in line with revenue trends to ensure we maximize efficiency,” he concluded.
For earnings history and earnings-related data on Richardson Electronics (RELL) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Limbach Holdings (LMB) Misses Q1 EPS by 22c, Revenues Miss; Offers FY21 Revenues Guidance Below Consensus
- Bio-key International, Inc. (BKYI) Tops Q1 EPS by 7c, Revenues Beat; Offers FY21 Revenues Guidance Above Consensus
- Inpixon (INPX) Reports Q1 Loss of $0.08, Revenues Miss
Create E-mail Alert Related CategoriesCorporate News, Earnings, Management Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!