Raises full year 2019 revenue guidance to above $43 million
NETANYA, Israel, Aug. 05, 2019 (GLOBE NEWSWIRE) -- RADA Electronic Industries Ltd. (RADA) announced that it has received $9 million in new orders in July 2019.
$8 million of the orders are for RADA’s radar systems, while $1 million are avionics orders. Applications for the radar systems are for C-UAV (counter UAV), VSHORAD (very short-range air defense) and C-RAM (counter rocket artillery and mortar) solutions.
The vast majority of the orders are follow-on orders from customers that were acquired by RADA in the past two years.
Dov Sella, RADA’s CEO, commented, "We are seeing strong and increased momentum of orders for our active defense systems. Furthermore, our counter-UAV application in particular, has seen very strong interest following recent counter-drone incidents, including the one in the Persian Gulf. We are very pleased with these follow-on orders, mainly because many of them come from some of our newer customers. This demonstrates their satisfaction with the initial products and orders they made with us, and we look forward to growing our sales to them.”
Added Mr. Sella, “Following the strong recent momentum of new orders and the good revenue performance so far this year, we feel comfortable in increasing our full year 2019 revenue guidance from above $40 million to above $43 million.”
RADA Electronic Industries Ltd. is an Israel-based defense electronics contractor. The Company specializes in the development, production, and sales of Tactical Land Radars for Force and Border Protection, and Avionics Systems (including Inertial Navigation Systems) for fighter aircraft and UAVs.
|Company Contact: |
Avi Israel, CFO
|Investor Relations Contact: |
GK Investor Relations
Ehud Helft/Gavriel Frohwein
Tel: 1 646 688 3559