RELL - Richardson Electronics Ltd. (RELL) Q3 2024 Earnings Call Transcript
2024-04-11 13:53:10 ET
Richardson Electronics, Ltd. (RELL)
Q3 2024 Earnings Call Transcript
April 11, 2024, 10:00 AM ET
Company Participants
Ed Richardson - CEO
Robert Ben - CFO
Greg Peloquin - GM, Power & Microwave Technologies Group, Green Energy Solutions
Wendy Diddell - COO & GM for Richardson Healthcare
Jens Ruppert - GM, Canvys
Conference Call Participants
Anja Soderstrom - Sidoti
Ross Taylor - ARS Investment Partners
Barry Mendel - Mendel Money Management
Joseph Nerges - Segren Investments
Presentation
Operator
Good day, and thank you for standing by. Welcome to Richardson Electronics Earnings Call for the Third Quarter of Fiscal Year 2024. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Ed Richardson, Chief Executive Officer. Please go ahead.
Ed Richardson
Good morning, and welcome to Richardson Electronics conference call for the third quarter of fiscal year 2024. Joining me today are Robert Ben, Chief Financial Officer; Wendy Diddell, Chief Operating Officer and General Manager for Richardson Healthcare; Greg Peloquin, General Manager of our Power & Microwave Technologies Group, which includes the Green Energy Solutions; and Jens Ruppert, General Manager of Canvys. As a reminder, this call is being recorded and will be available for playback.
I would also like to remind you that we'll be making forward-looking statements that are based on current expectations and involve risks and uncertainties. Therefore, our actual results could be materially different. Please refer to our press release and SEC filings for an explanation of our risk factors.
I'm pleased to report that we returned to profitability in the third quarter. Sales increased 18.7% sequentially, reflecting improving business conditions. Stronger demand for our ULTRA3000 from new and existing wind customers drove higher GES, Green Energy Solutions, sales. The sequential increase in sales and profitability is encouraging, reflecting the benefits of our diversification strategies as well as our team's focus on enhancing profitability and strengthening our balance sheet....
Richardson Electronics, Ltd. (RELL) Q3 2024 Earnings Call Transcript