RADA Electronic Industries Ltd (NASDAQ:RADA) saw its shares rise on the newest economic figures.
The company 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%. 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.
Said CEO Dov Sella, "We are very happy with our record financial performance and strong growth this quarter. The 57% year-over-year growth in revenue as well as the consistent improvement in our gross and operating margins, led to a 162% year-over-year growth in our Adjusted EBITDA and demonstrates the solid operating leverage within our business model."
The Israeli-based RADA is a global defense technology company focused on proprietary radar solutions and legacy avionics systems.
RADA shares traded higher by 16 cents, or 1.5% at $10.38 soon after Wednesday’s opening bell.
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