A Redwire Company banner is displayed on the New York Inventory Change, Sept. 8, 2021.
Supply: NYSE
House infrastructure corporate Redwire mentioned Monday that it just about erased its web losses all over the second one quarter and extra grew its contract backlog.
Redwire introduced in $60.1 million in second-quarter earnings, up 64% from the similar length a yr in the past. Its backlog of shrunk orders larger just about 70% yr over yr, to $272.8 million from $162.1 million a yr prior.
The corporate trimmed its web loss to $5.5 million, shedding the volume 93% from $77 million within the quarter a yr in the past.
“Our exceptional industrial and operational development persevered in the second one quarter of 2023, resulting in report monetary efficiency on each a sequential and year-over-year foundation,” Redwire Leader Monetary Officer Jonathan Baliff mentioned in a remark.
Redwire inventory rose up to 8% in after-hours buying and selling from its shut at $3.43 a percentage. Stocks of Redwire have climbed greater than 70% this yr.
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The corporate additionally reaffirmed full-year earnings steerage, announcing it expects to usher in between $220 million and $250 million in 2023.
The corporate had $36.2 million in to be had liquidity on the finish of the quarter, which used to be a break up combine of money and borrowing capability.
