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Richardson Electronics Ltd (NASDAQ: RELL) is a distinguished global provider of engineered solutions, power grid and microwave tubes, and related consumables. The company is known for its high-value displays, flat panel solutions, and replacement parts for diagnostic imaging equipment. Richardson Electronics has carved out a significant presence in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific, and semiconductor markets.
The company's strategic focus is on offering specialized technical expertise and engineered solutions grounded in core engineering and manufacturing capabilities. Richardson Electronics enhances value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair, leveraging its robust global infrastructure.
Recent milestones include the installation of over 50,000 units of the patented ULTRA3000® and the announcement of a global agreement with Microwave Components, Inc. This collaboration broadens Richardson Electronics' portfolio with products crucial for RF and microwave applications. Furthermore, the company continues to expand its footprint in the green energy sector through partnerships and innovative solutions targeting wind, solar, hydrogen, and electric vehicles.
Financially, Richardson Electronics derives the majority of its revenue from its Power and Microwave Technologies (PMT) segment. Other notable segments include Canvys, which focuses on high-value display solutions, and Green Energy Solutions (GES), which caters to the growing energy storage and power management markets. The company's stock is traded on the NASDAQ Global Select Market under the ticker symbol RELL.
For more information, visit www.rell.com.
Richardson Electronics reported a strong financial performance for the third quarter of fiscal 2023, with net sales increasing by 27.2% to $70.4 million compared to the same quarter last year. This growth was driven by significant contributions from the Power and Microwave Technologies (PMT), Green Energy Solutions (GES), and Canvys business units. Operating income surged 110% year-over-year to $7.6 million, while earnings per diluted share rose to $0.44, up from $0.21 in Q3 FY22. Despite a decrease in cash and investments from $40.5 million to $24.6 million, the company remains on a positive trajectory with an impressive backlog of $175.1 million.
The Board declared a $0.06 quarterly cash dividend, reflecting confidence in ongoing profitability and market opportunities.
Richardson Electronics (NASDAQ: RELL) announced a technology partnership with VINATech to enhance its Power Management and Green Energy Solutions portfolio. This collaboration aims to leverage VINATech's ultracapacitors and hybrid lithium capacitors, which are suitable for applications like smart grids and solar power. VINATech, established in 1999, provides highly customizable and certified energy storage solutions. The partnership is expected to accelerate growth opportunities and provide extensive market support through combined technologies and marketing capabilities.
Richardson Electronics, Ltd. (NASDAQ: RELL) will release its third quarter financial results for the period ending February 25, 2023, on April 5, 2023, after market close. A conference call will be held on April 6, 2023, at 9:00 a.m. Central Time, featuring CEO Edward J. Richardson and CFO Robert J. Ben, to discuss the results and conduct a Q&A session. Details for registration and access to the call will be available on the company's website. Richardson Electronics specializes in various engineered solutions and products, with over 60% of its products manufactured in the U.S. and Europe, serving multiple industries.
Richardson Electronics has announced the issuance of U.S. Patent No. 18/184,961, the third patent for its innovative Pitch Energy Module. This module, the ULTRA3000®, serves as a plug-and-play replacement for lead acid batteries in electric pitch systems, boasting over 35,000 installations. The new patent strengthens Richardson's position in the renewable energy sector, particularly in wind turbine technology, allowing operators to reduce battery faults and increase availability. Executive VP Greg Peloquin emphasized the company's commitment to innovation and expanding its patent portfolio to capture a greater share of the fast-growing energy market.
Richardson Electronics (NASDAQ: RELL) announced preliminary results for Q3 FY23, estimating net sales to exceed $70 million, a 27% increase year-over-year. The preliminary backlog is expected to be approximately $175.1 million, down from $192.6 million in Q2 but stable compared to last year. Operating income is projected at $7.6 million, or 10.8% of net sales, marking a 110% increase over the same quarter last year. The company attributes growth to strong demand in its Green Energy Solutions and Power Technologies divisions. Final results will be disclosed on April 5, 2023.
Richardson Electronics (Nasdaq: RELL) has partnered with Navitas Semiconductor (Nasdaq: NVTS) to distribute next-generation silicon carbide (SiC) power semiconductors across the Americas. This collaboration emphasizes Navitas' GeneSiC™ power MOSFETs and MPS™ diodes, designed for applications such as renewable energy, battery charging, and automotive. The devices feature patented technology ensuring low energy loss and high performance. The partnership aims to leverage Richardson's established market presence to meet increasing demand for advanced power solutions, enhancing both companies' product offerings and market reach.
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