Benzinga | Oct 7, 2021 04:56PM EDT

RADA Adds $24M New Business In Q3; Reiterates FY21 Revenue Outlook

* Rada Electronic Industries Ltd (NASDAQ:RADA) reports receipt of $24 million in new business in 3Q21.

* The total amount of new business received in 2021 until Q3 amounted to $80 million, representing 36% year-over-year growth in new business. The U.S. market accounted for 14% of the new orders.

* Related: RADA Reaches $56M New Orders In First Half; Backs FY21 Revenue Outlook

* The company noted that the Active Protection Systems market segment is beginning to contribute and build a backlog. It expects APS revenues to start in the second half of 2022, with significant contributions in 2023 and onwards.

* Rada also reiterated its FY21 revenue expectations of over $120 million versus the consensus of $123.07 million. It expects the growth momentum to continue into 2022.

* Price Action: RADA shares closed lower by 1.54% at $10.88 on Thursday.