Business
TAT Technologies Reports Third Quarter 2021 Results
GEDERA, Israel, Nov. 4, 2021 /PRNewswire/ -- TAT Technologies Ltd. (NASDAQ: TATT - News) ("TAT" or the "Company"), a leading provider of products and services
About this update from Tat Technologies Ltd.
[{"type":"text","content":"GEDERA, Israel, Nov. 4, 2021 /PRNewswire/ -- TAT Technologies Ltd. (NASDAQ: TATT - News) (\"TAT\" or the \"Company\"), a leading provider of products and services to the commercial and military aerospace and ground defense industries, reported today its unaudited results for the three month and nine month periods ended September 30, 2021.\nKey Financial Highlights:\nRevenues for Q3 2021 were $17.6 million compared to $16.8 million in Q3 2020. Revenues for the nine-month period that ended on September 30, 2021 were $57.6 million compared with $58.8 million in the nine-month period that ended on September 30, 2020. Gross profit for Q3 2021 more than doubled to $3 million (16.8% as a percentage of revenues) compared with $1.4 million (8.3% as a percentage of revenues) in Q3 2020. Gross profit for the nine-month period that ended on September 30, 2021, was $9.5 million (16.5% as a percentage of revenues) compared with $7.5 million (12.7% as a percentage of revenues) in the nine-month period that ended on September 30, 2020. Adjusted EBITDA for Q3 2021 significantly improved to $1.03 million compared with negative $0.3 million in Q3 2020. Adjusted EBITDA for the nine-month period that ended on September30, 2021 improved by 40% to $3 million compared with $2.2 million in the nine-month period that ended on September 30, 2019. Net loss continues to decrease and was ($0.97) million, or loss of ($0.11) per diluted share in Q3 2021 compared with a net loss of ($1.6) million, or ($0.16) per diluted share in Q3 2020. Net loss was ($2.86) million (out of which $2.54 million in restructuring costs) , or loss of ($0.32) per diluted share in the nine-month period that ended on September 30, 2021, compared with a net loss of ($3.38) million, or ($0.37) per diluted share in the nine-month period that ended on September 30, 2020. The implementation of the strategic footprint rationalization scheme is on-track. The main objective of the new footprint calls for concentration in three main production facilities (instead of four) and the creation of a \"center of excellence\" in the heat transfer activities. In connection with such plan, the Company incurred restructuring expenses of $2.5 million and capital expenditures of $3.1 million in the nine months of 2021.Mr. Igal Zamir, CEO and President of TAT Technologies stated, \"During the last quarter w...