RADA - Rada Electronics stock drops to over 2-month low as results hit by US budget delay

Rada Electronics (NASDAQ:RADA) stock dropped to an over 2-month low Tuesday after the defense technology firm posted lower-than-expected Q1 results hurt by the U.S. budget delay. Q1 EPS was -$0.01 vs. $0.08 in Q1 2021, while revenue fell 10.7% Y/Y to $22.51M. RADA said results were significantly hit by the over 5-month delay in the U.S. budget and the continuing resolution related to funding for federal agencies, which ended Mar. 11. "The peak of the impact of the continuing resolution was in Q1 and significant U.S. revenues were pushed out to later in the year," said RADA CEO Dov Sella. RADA expects to maintain normal margin profile and cash generation for 2022, owing to the ending of the continuing resolution and strong bookings already received in Q1. This led to the company reaffirming its 2022 guidance. RADA received bookings of over $29M in Q1, reflecting over 22% Y/Y growth in new business. Around

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Rada Electronics stock drops to over 2-month low as results hit by US budget delay