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TAT Technologies Ltd. (NASDAQ: TATT) is a prominent player in the aerospace and defense industries, specializing in thermal management solutions, flow management systems, and environmental control solutions. Established in 1969, TAT Technologies has amassed over five decades of expertise, becoming a vital asset in both commercial and military sectors.
Operating primarily through four segments—Original Equipment Manufacturing (OEM), MRO services for heat transfer products, MRO services for aviation components, and Overhaul and coating of jet engine components—the company provides comprehensive solutions that include heat exchangers, cooling systems, cold plates, vapor-cycle air conditioning, and a variety of aircraft fuel control accessories.
TAT's subsidiary, Limco Airepair, Inc., based in Tulsa, Oklahoma, serves as an MRO center for heat exchangers, while Piedmont Aviation Component Services, located in Greensboro, North Carolina, focuses on MRO services for aviation components. Together, they bolster TAT's capabilities and reinforce its commitment to delivering top-notch services to its global clientele.
Recent achievements reflect the company's robust growth and strategic advancements. Two years after signing a pivotal deal with Honeywell, TAT completed its investments in advanced machinery, received its first order post-certification, and announced a 26.6% increase in revenues for Q1 2023. This performance is part of a larger trend of consecutive quarters of revenue, profit, and EBITDA growth, driven by strategic investments and operational ramp-ups.
In August 2023, TAT secured a $7.5 million contract for the repair of Boeing 747 thermal components, showcasing its unique capability to handle complex MRO services under stringent FAA and EASA certifications. Additional strategic expansions include a private placement in December 2023, raising approximately $9.8 million to fund corporate initiatives.
As of March 2024, TAT reported continued revenue and EBITDA growth, sustaining momentum with a backlog of over $410 million. The company’s strategic focus on operational efficiency and customer satisfaction underpins its growth trajectory, ensuring long-term profitability and market leadership. TAT Technologies Ltd., through its innovative solutions and strategic partnerships, remains a cornerstone in the aerospace and defense industries.
TAT Technologies Ltd. (TATT) reported its audited results for the year ending December 31, 2022, showcasing a revenue increase of 8.4% to $84.6 million compared to $78 million in 2021. Gross profit surged by 41% to $15.9 million, representing 18.8% of revenues. Adjusted EBITDA rose 21% to $4 million. The company's GAAP net loss from continued operations improved by 60%, down to $1.6 million. However, net debt rose significantly to $19.4 million from $0.5 million in 2021 due to capital investments and restructuring expenses. TAT secured strategic contracts, increasing long-term agreements' value by $130 million, resulting in a backlog of $400 million entering 2023.
TAT Technologies Ltd. (NASDAQ: TATT) announced a contract extension worth $50 million with a major air carrier, reflecting a successful 5-year partnership. The extension involves MRO services for the airline's GTCP331 model APUs, estimated to generate $10 million annually. TAT's subsidiary, Piedmont Aviation, has recently completed necessary facility upgrades to support this collaboration. The CEO emphasized this contract as a significant milestone in enhancing TAT's market position and profitability, particularly following strategic agreements with Honeywell over the past two years.
TAT Technologies Ltd. (NASDAQ: TATT) reported strong financial results for Q3 and nine months ending September 30, 2022. Q3 revenues rose 19% to $20.9 million, while year-to-date revenues increased 7% to $61.7 million. Gross profit also improved, reaching $3.4 million in Q3, although adjusted EBITDA decreased to $0.6 million. The net loss narrowed to $0.35 million in Q3 compared to $0.97 million in Q3 2021. The company signed a long-term agreement with RTX for Boeing 777 component repairs, expected to boost future revenues.
TAT Technologies Ltd. (NASDAQ: TATT) announced a significant contract expansion with Collins Aerospace for Maintenance Repair and Overhaul (MRO) services of Boeing 777 thermal components, generating an estimated $6 million in additional annual revenue.
This expansion enhances TAT's longstanding partnership with Collins, now extending services to customers worldwide. CEO Igal Zamir emphasized the strategic importance of this contract, aligning with TAT's vision to become a leading independent supplier of aerospace MRO services.
TAT Technologies Ltd. (NASDAQ: TATT) reported its Q2 and H1 2022 results, showing a 2% revenue increase to $40.7 million year-over-year. Q2 revenues decreased by 3.7% to $20.8 million, but gross profit rose 27.8% to $4 million, boosting margins. Net loss narrowed to $0.1 million in Q2 from $2.5 million in 2021. A five-year agreement with a major cargo company is expected to generate $50 million in revenues, contributing to future growth. Ongoing supply chain issues pose challenges, despite efforts to meet rising post-COVID demand.
TAT Technologies Ltd. (TASE: TATT, NASDAQ: TATT) has secured a significant 5-year contract with a major global airline to provide Auxiliary Power Units (APU) Repair, Maintenance and Overhaul (MRO) services. This contract, estimated to generate $50 million in revenue ($10 million annually), reinforces TAT's strategic partnerships with key industry players such as Honeywell. The contract is expected to enhance profitability and operational efficiency, benefiting TAT's subsidiary Piedmont and supporting the company's consolidated results moving forward.
TAT Technologies Ltd. (NASDAQ: TATT) reported its Q1 2022 financial results, showcasing an 8.1% revenue increase to $19.9 million compared to $18.4 million in Q1 2021.
However, gross profit decreased to $3 million (15.2% of revenues) from $3.4 million (18.5% of revenues) in the previous year. Adjusted EBITDA fell to $0.5 million from $1.6 million, while the company experienced a net loss of $1.6 million, contrasting with a net income of $0.6 million in Q1 2021. The CEO noted ongoing supply chain challenges but expressed optimism regarding future growth.
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