Richardson Electronics, Ltd. reported net sales of $53.7 million for the first quarter of fiscal year 2025, an increase of 2.2% compared to $52.6 million in the prior year's first quarter. This marks the first quarterly year-over-year sales increase for the company since the third quarter of fiscal year 2023. The growth was primarily driven by an 84.0% increase in Green Energy Solutions (GES) sales, which rose by $3.7 million due to large sales of electric locomotive battery modules and wind turbine battery modules.
The company also saw a 16% year-over-year increase in sales to semiconductor wafer fab customers, contributing to overall sales growth. Richardson Healthcare sales increased by $1.2 million, or 48.7%, driven by higher CT tube, parts, and system demand. However, Power and Microwave Technologies (PMT) sales decreased by $1.5 million, or 4.3%, due to a large one-time sale of special purpose electron tubes in the prior fiscal year that did not recur.
Gross margin for the quarter was 30.6% of net sales, down from 32.8% in the prior year's first quarter, primarily due to product mix in PMT and GES. Despite this, the company generated positive operating cash flow for the second consecutive quarter and ended the quarter with $23.0 million in cash and cash equivalents and no debt. Management expects year-over-year sales growth and higher profitability for the full fiscal year 2025.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.