Terran Orbital stock soars after revenue triples to beat expectations, and losses narrowed
Shares of Terran Orbital Corp. (LLAP) shot up 22.5% in premarket trading Tuesday, after the satellite products maker reported fourth-quarter revenue that tripled to beat expectations, while losses narrowed but missed expectations. Net losses were $33.1 million, or 23 cents a share, after a loss of $40.2 million, or 51 cents a share, in the year-ago period. The FactSet consensus for per-share losses was 21 cents. Revenue soared 197% to $31.9 million, above the FactSet consensus of $31.2 million, as the company completed delivery of 10 satellites to Lockheed Martin Corp. (LMT) for the Space Development Agency's Transport Layer Tranche 0 program. Terran expects to begin delivery of 42 Transport Layer Tranche 1 satellites in 2023. The stock has rallied 10.9% over the past three months through Monday, while the S&P 500 has gained 1.9%.
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March 21, 2023 06:14 ET (10:14 GMT)
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