Benzinga | Jul 22, 2021 05:52AM EDT

Richardson Electronics Beats On Q4 Revenue, Declares Dividend

* Richardson Electronics Ltd (NASDAQ:RELL) reported fourth-quarter FY21 net sales growth of 35.1% year-on-year to $50.5 million, beating the analyst consensus of $37.36 million.

* Sales growth for Healthcare, PMG, Canvys, and Semiconductor Wafer Fabrication Equipment products drove the numbers.

* PMT revenue increased 32.5% Y/Y to $38.9 million with a gross margin of 32%.

* Canvys revenue grew 33.9% Y/Y to $8.8 million with a gross margin of 35.3%.

* Healthcare revenue improved 92.3% Y/Y to $2.8 million with a gross margin of 29.4%.

* The gross margin expanded 200 basis points to 32.4% due to a favorable product mix and improved manufacturing performance for Richardson Healthcare.

* EPS was $0.14.

* It held $43.3 million in cash and equivalents.

* The company generated $0.83 million in net cash provided by operating activities during FY21.

* The company noted over 30% sales growth its strategic business units during an unprecedented pandemic, resulting in a solid quarterly financial performance in nearly ten years.

* Outlook: It holds an optimistic view for all of its businesses in FY22, including its patent-pending ultracapacitor modules for wind turbines and related LED battery replacements.

* The board declared a $0.06 quarterly dividend per share on common stock and a $0.054 cash dividend to Class B common stock payable on Aug. 25 to stockholders of record as of Aug. 6.

* Price action: RELL shares closed up 7.18% at $8.36 on Wednesday.