Satellite maker Terran Orbital Corp., which has the bulk of its operations in Irvine, reported first-quarter earnings that missed analysts’ estimates, sending the company’s shares down more than 9.4%.
The Florida-headquartered company (NYSE: LLAP) said the loss per share was 38 cents, wider than the Zacks Consensus Estimate of a 25-cent loss. Terran Orbital said revenue was $28.2 million for the quarter ended March 31, 17% less than estimated by Zacks.
“Given our current view of our steep ramp ahead, we anticipate in excess of $250m in revenue in 2023,” the company said in its earnings release today.
Terran Orbital’s shares were trading at $1.69 apiece for a market cap of $247 million as of 12.52 p.m. in New York.
For further details, please see the May 22 print edition.
