RELL - Richardson Electronics Ltd. (RELL) Q4 2024 Earnings Call Transcript

2024-07-26 00:02:06 ET

Richardson Electronics, Ltd. (RELL)

Q4 2024 Earnings Conference Call

July 25, 2024 10:00 AM ET

Company Participants

Edward Richardson - CEO

Robert Ben - CFO

Gregory Peloquin - GM, Power & Microwave Technologies Group, Green Energy Solutions

Wendy Diddell - COO & GM for Richardson Healthcare

Jens Ruppert - GM, Canvys

Conference Call Participants

Robert Brooks - Northland Capital Markets

Anja Soderstrom - Sidoti

Ross Taylor - ARS Investment Partners

Chip Rewey - Rewey Asset Management

Andrew Rem - Odinson Partners

Presentation

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Richardson Electronics Earnings Call for the Fourth 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 like now to turn the conference over to your speaker today, Ed Richardson, Chief Executive Officer. Please go ahead.

Edward Richardson

Good morning, and welcome to Richardson Electronics Conference Call for the Fourth 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 and Microwave Technologies Group, which includes 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'd 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.

Fiscal 2024 was a difficult year for Richardson Electronics due to challenging conditions within our semiconductor wafer fab market and program delays across several of our Green Energy Solutions opportunities. Economic uncertainties and higher interest rates also contributed to lower sales in certain segments of our business. While these trends impacted sales and profitability during the year, our team is focused on improving gross margins, reducing inventory levels, strengthening our strong balance sheet and investing in our long-term strategic growth opportunities....

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