TAT Technologies Ltd. announced its unaudited financial results for the third quarter ended September 30, 2024, reporting a 35% increase in revenue compared to the same period in the prior year. Net income improved by 33%, while Adjusted EBITDA saw a substantial 70% increase, demonstrating strong operational leverage.
The company achieved an 8th consecutive quarter of expanding revenues, with gross margins improving by 160 basis points. CEO Igal Zamir highlighted record revenue and profitability, attributing it to the execution of long-term agreements and new customer onboarding.
TAT's orders and long-term agreement backlog increased to $423 million, providing significant revenue visibility for the coming year. Management also noted proactive measures to address supply chain challenges by increasing parts inventory for APUs and landing gears, aiming to improve customer support and turnaround times.
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