Overview

* Frequency Electronics ( FEIM ) fiscal Q1 revenue fell to $13.8 mln, missing analyst expectations

* Operating income dropped significantly to $0.4 mln from $2.4 mln last year

* Company announces $20 mln share repurchase authorization

Outlook

* Company expects revenue boost in coming quarters from delayed programs

* Anticipates new Boulder facility to aid profits by Q3

* Company sees strong backlog and bids for larger programs

* Frequency Electronics ( FEIM ) pursuing government R&D funding in quantum sensing

Result Drivers

* TIMING ISSUE - Revenue decline attributed to revenue booked in prior qtr that was expected in current qtr, per CEO Tom McClelland

* CUSTOMER DELAYS - Revenue and operating income impacted by customer-driven delays on key programs, expected to resolve soon

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q1 Miss $13.81 $16.50

Revenue mln mln (1

Analyst)

Q1 Net $634,000

Income

Q1 Miss $557,000 $3.28

Pretax mln (1

Profit Analyst)

Q1 $364,000

Operatin

g Income

Analyst Coverage

* The one available analyst rating on the shares is "buy"

* The average consensus recommendation for the electrical components & equipment peer group is "buy"

* Wall Street's median 12-month price target for Frequency Electronics Inc ( FEIM ) is $34.00, about 4% above its September 10 closing price of $32.65

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)