RELL - Richardson Electronics jumps as revenue increases 27% in Q2: Prelim Report

Richardson Electronics (NASDAQ:RELL) is up 14% in post-market trading after reporting preliminary results with 27.3% Y/Y growth in its second quarter sales to $54M. The company says increase in revenue across all-three business units is attributable to strong end-market demand and successful new product expansion initiatives. Backlog also increased during the quarter from $126.5M at the end of Q1 to $146.9M at the end of Q2 2022. During the quarter, the company began shipping its patented ULTRA3000 Pitch Energy Module, an ultracapacitor-based plug and play replacement for batteries within GE wind turbine pitch systems. "Sales to our semiconductor wafer fabrication equipment customers and demand for our power grid and microwave tubes were also strong," notes CEO Edward J. Richardson. Final results with outlook update are scheduled to be released on Jan 5, 2022. Read Richardson Electronics's Q1 earnings report here.

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Richardson Electronics jumps as revenue increases 27% in Q2: Prelim Report