By Michael Dabaie
RADA Electronic Industries Ltd. Shares were down 18% to $11.18 in premarket trade Tuesday after its first-quarter results fell short of analyst expectations.
The defense technology company reported first quarter revenue decreased to $22.5 million, missing the FactSet consensus forecast of analysts for $30.8 million.
Loss per share was 1 cent, missing the FactSet consensus for earnings per share of 12 cents.
The company said its financial results were significantly impacted by the US budget delay and the Continuing Resolution on government appropriations to federal agencies which ended March 11.
The company backed its 2022 revenue guidance of $140 million.
“The peak of the impact of the US CR was in the first quarter and significant US revenues were pushed out to later in the current year. However, after 15 quarters of strong sequential growth, the CR, which is now behind us, was a temporary impact that did not change the bigger picture,” Chief Executive Dov Sella said.
Write to Michael Dabaie at [email protected]
Credit: www.marketwatch.com /