By Dean Seal
Shares of Richardson Electronics slid after the company reported higher sales and a smaller loss in its fiscal second quarter.
The stock was down 6.4% at $13.80 in postmarket trading on Tuesday. Shares closed the market at $12.67 this time a year ago.
The maker of engineered solutions and green energy products said sales rose 12% to $49.5 million for the quarter ended Nov. 30. Two analysts polled by FactSet had been looking for $51.3 million.
Chief Executive and Chairman Edward J. Richardson said the company's Green Energy Solutions doubled sales during the quarter, though sales from its Canvys division, which makes custom display solutions, were down 6%.
"We expect a pick-up in Canvys sales for the remainder of fiscal 2025," he said.
The company ended the quarter with a higher backlog than it did a year ago.
A net loss of $800,000, or 5 cents a share, was smaller than a loss of $1.8 million, or 13 cents a share, a year ago. Two analysts surveyed by FactSet had expected a loss of 2 cents a share. Gross margin in the Canvys division weakened from higher freight costs.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
January 07, 2025 18:09 ET (23:09 GMT)
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