Frequency Electronics rises on higher Q1 revenue

Frequency Electronics

14/09/2023 21:55

** Shares of Frequency Electronics  FEIM.O , manufacturer of
products for space and terrestrial applications, up ~9% at $7.19
in extended trading 
    ** FEIM posts Q1 revenue of $12.4 mln, up 51% from a year
earlier 
    ** Co also reports net income of $2.0 mln, or 22 cents per
share, compared with a net loss of $3.1 mln, or 33 cents per
share, last year
    ** CEO Tom McClelland says cost-cutting efforts and
management reorganization helped boost revenues and margins
    ** Co's backlogs are also high, with bookings expected to
increase backlog significantly over the next two quarters
    ** YTD, shares up ~9% as of last close

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com))