Shares of engineered solutions and green energy products provider Richardson Electronics (NASDAQ:RELL) closed the week nearly 18% lower despite the company posting better-than-expected third-quarter numbers.
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Revenue rose 27.2% year-over-year to $70.4 million, outpacing expectations by $160,000. EPS at $0.44 too came in ahead of expectations by $0.05. During the quarter, the company witnessed growth across Power and Microwave Technologies, Green energy Solutions, and Canvys business verticals. Order backlog though remained largely unchanged at $175.1 million.
Additionally, the company also declared a $0.06 per share dividend for common stockholders and a $0.054 per share dividend for Class B stockholders.
The dividend is payable on May 24 to investors of record on May 5. Despite the price correction this week, RELL shares are still up about 57.5% over the past 52 weeks. At the same time, short interest in the stock is now hovering at nearly 5.4%.
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