Why Richardson Electronics Shares Are Diving Today
Portfolio Pulse from Lekha Gupta
Richardson Electronics Ltd (RELL) shares fell by around 10% after the company reported a Q4 FY23 earnings miss. Net sales fell 4.5% Y/Y to $58.8 million, missing the consensus of $61.5 million. Revenues declined across Power and Microwave Technologies (PMT) and Canvys business units, partly offset by higher revenues from Green Energy Solutions (GES) business. The company declared a quarterly cash dividend per share of $0.06 to holders of common stock and $0.054 to holders of Class B common stock.
July 20, 2023 | 9:49 am
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Richardson Electronics Ltd reported a Q4 FY23 earnings miss, with net sales falling 4.5% Y/Y to $58.8 million. The company's shares fell by around 10% following the announcement.
Richardson Electronics Ltd reported lower than expected earnings for Q4 FY23, with net sales falling 4.5% Y/Y. This has led to a decrease in the company's share price. The company's future performance may be impacted by the challenging semiconductor wafer fab market, although growth in the GES business could offset this.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100