Why RADA Electronic Industries Shares Are Falling Today
Israeli defense company Rada Electronic Industries (NASDAQ: RADA) warned that its second-quarter revenue will come in well below expectations. The stock fell to near its 52-week low as a result, trading down by 15% as of 11:09 a.m. ET Wednesday.
RADA is a defense electronics and radar tech specialist that does significant business with the U.S. government. It is the U.S. part of the business that is suffering, with RADA on Wednesday morning saying it expects to report second-quarter revenue of about $22.5 million, in line with the first quarter but down from $28.3 million a year ago.
That projection was also well below the analysts' consensus estimate of $36 million.
Source Fool.com
