Richardson Electronics Delivers Seventh Consecutive Quarter of Year-Over-Year Sales Growth, Positions for Sustainable Long-Term Value Creation
Richardson Electronics, a leading provider of specialized electronics, has delivered yet another strong quarter, solidifying its position as a leader in the industry. The company's third-quarter fiscal year 2026 results show continued progress in executing its multi-year strategy, with sales growth driven by strong momentum in its Power & Microwave Technologies (PMT) segment.
According to Ed Richardson, Chairman and Chief Executive Officer, the company's performance was led by significant growth in PMT, particularly in the EDG and semi-fab equipment market. Total sales for the quarter were $55.5 million, up from $53.8 million in Q3 of last year, with operating income improving to $1.5 million compared to an operating loss of $2.7 million in the prior-year quarter.
Richardson highlighted the company's commitment to expense discipline, working capital management, and improving inventory turns, which contributed to a 90-basis-point increase in gross margin to 31.9%. PMT sales increased to $38.7 million, up $3.4 million year-over-year, while Green Energy Solutions performed in line with expectations, albeit below the prior year due to timing of sales.
The company's cash position remains strong, with $29.5 million in cash and cash equivalents at quarter-end. Total backlog increased to $151.2 million, providing confidence as the company moves forward into the final quarter of the fiscal year. Richardson also noted that while external factors such as the developing situation in Iran and evolving tariff environment create uncertainty for many companies, they have not had a significant impact on its business or markets at this point.
Greg Pellegrin, General Manager of PMT and Green Energy Solutions Group, provided an update on the company's progress in these segments. He noted that the EDG segment has seen strong growth, while the semi-fab equipment market remains a key area of focus. Jens Rupert, General Manager of Canvys, also highlighted the performance of this business unit, which remained profitable with a 32.2% gross margin despite softer revenue in North America.
Wendy Dedell, Chief Operating Officer, provided an update on the company's progress in executing its multi-year growth strategies. She noted that the company has made significant investments across the organization to build depth, technical expertise, and operating performance, positioning Richardson Electronics for sustainable long-term value creation.
