Rises 3% against the background of the quarterly reports

by time news

The rate of gross profit from revenues rose in the quarter to approximately 39.1%, compared with approximately 38% in the corresponding quarter last year.

Net income for the quarter grew by approximately 62% and amounted to approximately $ 2.3 million, compared with approximately $ 1.4 million in the corresponding quarter.

The backlog increased by about 14.2% compared to the end of the previous quarter and amounted to about $ 61.8 million. In addition, the company has framework agreements amounting to approximately $ 49.3 million, which are not included in the aggregate.

Since the beginning of 2021, the company has reported transactions of a significant amount of approximately $ 41.2 million.

Daniel Eshhar, CEO of Orbit, message: “We are pleased to conclude a strong quarter with growth in all parameters, improvement in profitability and increase in accumulation despite the operational challenges resulting from the increase in transportation prices and raw materials. In line with the strategic plan, we continue to focus on more profitable categories. We believe that these agreements will contribute to the continued growth trend in the company’s operations and we see this as tangible evidence of the quality of the products and solutions we offer. “Marine and airborne and satellite tracking systems in space as we continue to work to grow the volume of activity at the organic and inorganic levels.”

Orbit Technologies (Tel Aviv: Orbit), which deals with satellite communications, tracking systems and systems for managing communications and audio in aircraft, published its financial results for the third quarter of 2021.

Orbit’s revenues in the third quarter of 2021 amounted to approximately $ 14 million, compared to approximately $ 12.7 million in the corresponding quarter last year, an increase of approximately 10.3%. The increase in the company’s sales is mainly due to an increase in income from work performed. Revenue in the first 9 months of the year amounted to approximately $ 38.9 million, compared with approximately $ 36.4 million in the corresponding period last year and reflects an increase of approximately 6.9%.

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Gross profit for the quarter grew by about 13.4% and amounted to about $ 5.5 million, compared with a gross profit of about $ 4.8 million in the corresponding quarter last year. Gross profitability rose to about 39.1% compared to about 38% in the corresponding quarter last year thanks to a more profitable mix of products sold and efficiency. Gross profit grew in the first 9 months of the year by about 19.9% ​​compared to the same period last year and amounted to about $ 14 million.

Operating profit for the quarter amounted to $ 2.4 million, compared to about $ 1.8 million in the corresponding quarter last year. The increase in operating profit is mainly due to an increase in revenue and an improvement in gross profit. Operating profit grew in the first 9 months of the year by about 34.7% compared to the same period last year and amounted to about $ 4.5 million.

EBITDA – in the quarter amounted to about $ 3 million compared to about $ 2.4 million in the corresponding quarter last year. EBITDA in the first 9 months of the year amounted to approximately $ 6.4 million, compared with approximately $ 5.4 million in the corresponding period last year.

Orbit’s net profit for the quarter grew by approximately 62% and amounted to approximately $ 2.3 million, compared with approximately $ 1.4 million in the corresponding quarter last year. In the first nine months of the year, net income amounted to approximately $ 4.1 million, compared with approximately $ 2.8 million in the corresponding period last year.

The backlog as of September 30, 2021 amounted to approximately $ 61.8 million, compared with an backlog of approximately $ 48.2 million at the end of 2020 and approximately $ 54.1 million at the end of the previous quarter. The backlog does not include framework agreements in the amount of approximately $ 49.3 million, which the company estimates will be realized with high probability.

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The Company’s shareholders’ equity on September 30, 2021 amounted to approximately $ 40.2 million, which constitutes approximately 61% of the balance sheet, compared with approximately $ 35.7 million, which constitutes approximately 58.2% of the balance sheet as of December 31, 2020.

Since the beginning of 2021, the company has reported transactions of a significant amount of approximately $ 41.2 million.

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