LLAP - Why Terran Orbital Stock Tanked 18% Today
2023-05-15 17:21:04 ET
Shares of start-up space satellite manufacturer Terran Orbital (NYSE: LLAP) fell by 17.6% on Monday after it missed analysts' targets for both sales and earnings for the first quarter.
Terran Orbital was expected to lose only $0.19 per share on sales of just under $31 million. Instead, its sales came in light at $28.2 million, and it lost $0.38 per share -- twice as much as it was forecast to lose.
The news wasn't all bad. Sales were up 115% from last year's Q1. The company's gross loss -- $1.4 million -- was only half the $2.8 million it lost near the top line in Q1 2022. Its sales, general, and administrative spending grew by only 8% -- a much slower rate than its revenue growth. As a result, Terran Orbital was able to dramatically reduce its losses by 24% year over year to only $54.4 million.
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Why Terran Orbital Stock Tanked 18% Today