Richardson Electronics Q1 Profit, Revenues Rise; Shares Up 9%

(RTTNews) - Shares of Richardson Electronics, Ltd. (RELL) are gaining nearly 9% in extended trading on Wednesday after the company reported first-quarter results with both earnings and revenues increasing from last year.

Net sales were up 25.8% to $67.6 million from last year's sale of $53.7 million, driven by increases in all four business units including its new Green Energy Solutions business unit.

Net income for the first quarter was $6.3 million or $0.45 per share, compared to net income of $2.6 million or $0.20 per share last year.

"We are extremely pleased with the strong financial performance. The first quarter of fiscal 2023 was our ninth consecutive quarter of sequential revenue growth and is a great start to our new fiscal year. Investments in our growth initiatives continue to pay off as we focus on pursuing exciting market opportunities that we believe will drive long-term growth," said Edward Richardson, Chairman, Chief Executive Officer, and President.

RELL closed Wednesday's trading at $15.34, up $0.07 or 0.46%, on the Nasdaq. The stock further gained $1.36 or 8.87% in the after-hours trading.