TAT Technologies Q1: ~27% Revenue Growth, Optimistic On Coming Quarters Of 2023 & More

Nabaparna Bhattacharya
1 min read
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In this article:

  • TAT Technologies Ltd. (NASDAQ: TATT) Q1 2023 revenues increased by 26.6% to $25.2 million.

  • Q1 EPS totaled $0.074, compared with a $(0.17) loss a year ago.

  • Gross profit for Q1 increased 43.3% to $4.3 million, with gross margin expanding 170 basis points to 16.9%.

  • Adjusted EBITDA for Q1 2023 increased by 328% to $2.2 million.

  • Net income for Q1 was $0.66 million compared to a net loss of $(1.6) million.

  • The company exited Q1 with cash and equivalents worth $9.2 million.

  • "We are optimistic with the coming quarters of 2023 and expect substantial growth in revenues and EBITDA compared to 2022," Igal Zamir, TAT's CEO and President, commented on the results.

  • "Our order backlog and LTA continue to grow as the demand for our products and services rapidly increases and as we enter the second half of the year, we expect to see the fruits of the strategic deals that we signed with Honeywell both for the APU 331-500 and APU 131."

  • Price Action: TATT shares are trading higher by 3.90% to $6.26 in the premarket session on the last check Wednesday.

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This article TAT Technologies Q1: ~27% Revenue Growth, Optimistic On Coming Quarters Of 2023 & More originally appeared on Benzinga.com

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