RCM Technologies Posts Profit In Q4; Shares Up 20%

(RTTNews) - Shares of RCM Technologies, Inc. (RCMT) jumped over 20% in extended trading session on Wednesday after the company swung to a profit in the fourth quarter, driven by a surge in revenues.

The company's net income for the fourth quarter was $6.0 million or $0.54 per share, compared to a net loss of $1.7 million or $0.15 per share last year.

Adjusted net income was $3.7 million or $0.34 per share, compared to an adjusted net loss of $0.1 million or $0.01 per share last year.

RCM Technologies' fourth-quarter revenues rose 57.7% to $64.9 million from $41.2 million last year.

Bradley Vizi, Executive Chairman of RCM Technologies, commented, "Our fourth quarter results serve as a nice bookend to 2021. As I reflect on our transformation plan dating back before the pandemic, I am proud of the team's execution. The results speak for themselves, with broad-based strength across each segment."

RCMT closed Wednesday's trading at $8.58, down $0.23 or 2.61%, on the Nasdaq. The stock, however, gained $1.77 or 20.63%, in the after-hours trading.