Richardson Electronics reports Q4 EPS 2c vs 11c last year

Reports Q4 revenue $47.4M, consensus $48.01M… $ Backlog totaled $147.8M at the end of the fourth quarter of fiscal 2024 versus $147.7M at the end of the third quarter of fiscal 2024. The sequential increase was in GES, partially offset by decreases primarily in PMT and Canvys, which remain healthy. GES backlog of $42.3M increased by $5.5M from the third quarter of fiscal 2024..”Fiscal 2024 was a difficult year for Richardson Electronics, as a result of challenging conditions within our semiconductor wafer fab market and program delays across several of our emerging GES opportunities. While these trends impacted sales and profitability during the year, our teams focused on maintaining gross margins, reducing inventory levels, strengthening our strong balance sheet, and investing in our long-term strategic growth opportunities. In fact, the fourth quarter marked the second consecutive quarter we experienced a decline in inventory and the first year-over-year decline in inventory since fiscal 2017. In addition, the Company generated $7.2 million in operating cash flow during the fourth quarter and we ended the year with no debt and $24.3 million in cash and cash equivalents,” said Edward J. Richardson, Chairman, Chief Executive Officer, and President.