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Richardson Electronics Reports Net Income of $1.2 Million for the Quarter
Quarterly Revenue of $52.6 Million
RICHARDSON ELECTRONICS, LTD. [RELL], a leading global provider of engineered solutions, reported net income of $1.2 million for the quarter ended September 2, 2023. The company generated quarterly revenue of $52.6 million, showcasing its strong performance in the market during the period.
Despite a decrease in net sales from $67.6 million to $52.6 million compared to the same quarter last year, Richardson Electronics managed to maintain a positive net income. The company's gross profit was $17.3 million, reflecting a decrease from $23.0 million in the previous year. This decline was primarily driven by higher costs of sales, which amounted to $35.3 million. Selling, general, and administrative expenses also increased to $15.8 million, compared to $14.2 million in the same quarter last year.