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Richardson Electronics (NASDAQ:RELL) shares are trading lower on Thursday after the company reported Q3 financial results.
Richardson Electronics reported quarterly earnings of $0.44 per share, which beat the analyst consensus estimate of $0.38. The company also reported quarterly sales of $70.36 million which beat the analyst consensus estimate of $70.20 million.
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According to the report, the increase in net sales was primarily due to higher sales in PMT, GES and Canvys, although Healthcare sales were lower. The company also noted its GES margin declined year over year, mainly due to product mix. Canvys margins also decreased year over year as a result of product mix and foreign exchange effects.
Richardson Electronics is a global manufacturer of engineered solutions, green energy products, power grid and microwave tubes, and related consumables.
RELL Price Action: Richardson Electronics has a 52-week high of 27.24 and a 52-week low of $11.17.
Richardson Electronics shares are down 14.2% at $18.54 at the time of writing, according to Benzinga Pro.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.