RADA Electronic Clocks 57% Revenue Growth In Q3

RADA Electronic Industries Ltd RADA reported third-quarter revenue growth of 57% year-over-year to $32 million, missing the consensus of $32.59 million.
EPS improved to $0.12 from $0.05 in 3Q20, beating the consensus of $0.10.
Gross profit increased 70.8% to $13.26 million, and margin expanded by 300 bps to 41%.
The operating income increased to $6.29 million from $2.01 million a year ago and the margin expanded by 980 bps to 19.7%.
Adjusted EBITDA was $8.18 million, up by 162% Y/Y, and margin expanded by around 1,020 bps to 25.6%.
As of September 30, 2021, RADA had cash and equivalents of $87.1 million compared to $36.8 million as of year-end 2020.
Inventory levels reached $38.11 million as of September 30, 2021.
RADA also reiterated its expectations to surpass $120 million in revenue for 2021.
Price Action: RADA shares traded higher by 3.04% at $10.86 during the premarket session on Wednesday.