- RADA Electronic Industries Ltd RADA reported a second-quarter revenue decline of 18.4% year-over-year to $23.06 million, missing the consensus of $29.13 million.
- Gross profit declined by 29.2% to $7.98 million, and margin contracted by 527 bps to 34.6%.
- EPS was $(0.09), down from $0.20 in 2Q21.
- RADA recorded an operating loss of $(3.02) million, compared to a profit of $4.5 million a year ago.
- Also Read: RADA Agrees To All-Stock Merger With Leonardo DRS
- Dov Sella, RADA's Chief Executive Officer, commented, "the pending merger with U.S.-based DRS is proceeding as planned, and we are actively working to identify top-line synergies within our businesses to actualize post-merger close. The merger creates a leading technology defense company in which RADA will continue to play an important role, with capabilities serving a broad range of high growth U.S. and global budget priorities."
- Adjusted EBITDA was $1.77 million (-71.9% Y/Y), and the margin contracted by 1,470 bps to 7.7%.
- As of June 30, 2022, RADA had net cash and cash equivalents of $55.7 million.
- Price Action: RADA shares traded lower by 6.96% at $10.30 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in