Richardson Electronics $RELL stock confirmed a horizontal resistance breakout on November 25, 2022. The stock is trading in an uptrend channel and just gave a Buy signal on the MACD. The stock formed a Bullish Engulfing candlestick on November 18, 2022 (shown in red square on the chart below), and then exploded higher.
Richardson Electronics signs global distribution deal with Gallium Semiconductor
Richardson Electronics and Gallium Semiconductor announced a global distribution agreement on November 23, 2022.
Gallium Semiconductor, a cutting-edge provider of RF Gallium Nitride (GaN) semiconductor solutions for 5G communication networks as well as aerospace, defense, industrial, scientific, and medical applications, has its global headquarters in Singapore. The agreement enables both businesses to offer RF GaN products with high performance and efficiency.
“Gallium Semi’s portfolio of GaN products offer exceptional performance for RF power applications,” said Greg Peloquin, Executive Vice President of Richardson Electronics’ Power & Microwave Technologies group. “We are excited to work with Gallium Semi to bring these products to our customers worldwide.”
“Richardson Electronics is well-known in the industry as the foremost distributor for RF & Microwave products. Their broad customer base and high touch support teams in key markets make them a strategic partner to expand the reach of our products,” said Rohan Houlden, CEO of Gallium Semi. “We look forward to a successful partnership delivering performance and value to our customers worldwide.”
Richardson Electronics Reports First Quarter Fiscal 2023 Results
On October 5, 2022, Richardson Electronics reported financial results for its first quarter ended August 27, 2022. The Company also announced that its Board of Directors declared a $0.06 per share quarterly cash dividend. The company reported excellent EPS and revenue growth YoY. Richardson Electronics reported Q1 EPS of 45c versus 20c last year. The company reported Q1 revenue of $67.56M versus $53.7M last year. Backlog totaled $199.2M in the first quarter versus $206.2M at the end of FY22 and $126.5M at the end of the first quarter of last fiscal year.
“We are extremely pleased with the strong financial performance. The first quarter of fiscal 2023 was our ninth consecutive quarter of sequential revenue growth and is a great start to our new fiscal year. Investments in our growth initiatives continue to pay off as we focus on pursuing exciting market opportunities that we believe will drive long-term growth,” said Edward J. Richardson, Chairman, Chief Executive Officer, and President. “Beginning with the first quarter of fiscal 2023, we are reporting a new segment, Green Energy Solutions (“GES”), reflecting the success of our growth strategies and our ability to provide engineered solutions for new markets. With increasing sales from green energy products and customers and over $199 million in total Company backlog, we believe sales and profits will continue to significantly increase in fiscal 2023.”