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Richardson Electronics rallies 7.5% post Q3 results (NASDAQ:RELL)

Richardson Electronics (RELL +7.5%) reported Q3 sales decline of 2% Y/Y to $38.3M, due to lower sales in PMT from softness in the power grid tube business and the effect of the coronavirus on China shipments.

Healthcare sales were down overall due to continued lower equipment sales in Latin America.

Sales by segment: PMT $29M (-2.5% Y/Y); Canvys $7.2M (+3.5% Y/Y) and Healthcare $2.1M (-11.9% Y/Y).

Q3 Overall gross margin: Total increased 160 bps to 33.1%; PMT increased 120 bps to 31.6%; Canvys was flat at 32.8% and Healthcare increased 1,210 bps 38.1%.

Operating income was $11K compared to an operating loss of $0.8M Y/Y.

Cash and investments were $43.9M, down 4.8% Q/Q.

The Company declared a $0.06 quarterly dividend/share to holders of common stock and a $0.054 cash dividend/share to holders of Class B common stock payable on May. 27, 2020.

The Company spent $0.4M on capex primarily related to our IT System, Facilities and LaFox manufacturing business.

Previously: Richardson Electronics reports Q3 results (April 8)

Previously: Richardson Electronics declares $0.06 dividend (April 8)

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