Rada Electronic Shares Tumble Premarket on Revenue Miss
06 Juillet 2022 - 12:59PM
Dow Jones News
By Colin Kellaher
Shares of Rada Electronic Industries Ltd. fell more than 10% in
premarket trading Wednesday after the provider of tactical radars
said its second-quarter revenue would fall well short of
expectations.
The Netanya, Israel, company said it expects to report quarterly
revenue of about $22.5 million to $59.4 million, well below the $85
million to $95 million it forecast in May and the $88.5 million
analysts polled by FactSet, on average, were expecting.
Rada said it is still feeling the effects of the U.S. budget
delay and the resulting U.S. continuing-resolution pause earlier
this year, with orders coming slower than originally planned.
The company, which last month agreed to be acquired by a unit of
Italy's Leonardo SpA, said it is pulling its full-year revenue
guidance in light of the pending deal.
Rada shares, which closed Tuesday at $9.04, were recently down
10.4% to $8.10 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
July 06, 2022 06:44 ET (10:44 GMT)
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