Welcome to our dedicated page for ORBIT INTL news (Ticker: $ORBT), a resource for investors and traders seeking the latest updates and insights on ORBIT INTL stock.
Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect ORBIT INTL's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.
Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of ORBIT INTL's position in the market.
Rhea-AI Summary
Orbit International Corp. reported a 2023 net loss of $1,147,000 compared to a prior year net income of $481,000. The EBITDA, as adjusted, showed a loss of $374,000 in 2023 versus an income of $412,000 in the prior year. The fourth quarter of 2023 saw a net loss of $339,000 compared to a net income of $730,000 in the same period of 2022. The gross margin decreased to 30.1% in the fourth quarter of 2023 from 37.0% in the prior year. Full-year 2023 net sales were $27,556,000, with a gross margin of 31.7%. Backlog at December 31, 2023, was $17.4 million. Orbit International Corp. President and CEO, Mitchell Binder, highlighted the decrease in net income primarily due to lower operating income from legacy businesses and higher costs at Simulator Product Solutions (SPS). Sales increased in 2023, driven by SPS, but gross margins decreased due to higher costs. Selling, general, and administrative expenses rose, and backlog decreased for legacy businesses but increased for SPS. Cash and cash equivalents were approximately $1.3 million at the end of 2023, with a strong financial position. The company's book value per share was $5.54 at the end of 2023. The company aims to continue its momentum in 2024.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-7.5%
Tags
-
Rhea-AI Summary
Orbit International Corp. (ORBT) reports consolidated bookings of $12.7 million for Q1 2024, with strong performances from both Electronics Group and Power Group. The company received significant orders from major defense contractors and other clients, signaling a promising start to the year.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
-
Rhea-AI Summary
Orbit International Corp. (ORBT) declares a quarterly cash dividend of $0.01 per share. The dividend is payable to shareholders of record on March 29, 2024, with a payment date of April 5, 2024. The company operates in the electronics and power products manufacturing sector.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
19.96%
Tags
News
Rhea-AI Summary
Orbit International Corp. announces new contract awards totaling approximately $2,600,000 for its Electronics Group and Power Group. The company's Chief Operating Officer will transition to an advisory role. The bookings for February 2024 exceeded $2,000,000, with additional orders for military programs.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.22%
Tags
-
Rhea-AI Summary
Orbit International Corp. (ORBT) reports a decrease in net income and EBITDA for the year ended December 31, 2022, compared to the prior year. The company attributes this decline to one-time costs related to acquisitions and lower revenue from legacy businesses. However, sales increased due to sales from Simulator Product Solutions LLC (SPS). Gross margin decreased primarily due to lower margins at SPS. Operating expenses rose due to SPS costs and wage inflation. Backlog increased, and the company's financial condition remained strong.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.22%
Tags
-
News
Rhea-AI Summary
Orbit International Corp. reports significant contract awards in excess of $1,500,000 for January 2024 and over $1,600,000 in February 2024 from a large defense contractor for a U.S. Navy aircraft program. The company's President and CEO, Mitchell Binder, expressed satisfaction with the bookings and orders received, positioning the company for a strong first quarter of 2024.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
Rhea-AI Summary
Orbit International Corp. (OTC Expert Market: ORBT) reports consolidated bookings for November 2023 in excess of $3,100,000, with year-to-date bookings for its SPS subsidiary reaching a record of over $10,600,000, marking a 96% increase compared to 2022. The company's Electronics Group and Power Group also contributed significantly to the bookings, with a positive outlook for future business opportunities and continued growth.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
-
Rhea-AI Summary
Orbit International Corp. (ORBT) has declared a quarterly cash dividend of $0.01 per share, payable to shareholders of record as of December 31, 2023. The company is involved in the development and manufacture of custom electronic device and subsystem solutions for military, industrial, and commercial applications. Orbit’s Power Group designs and manufactures a wide array of power products.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
-
Rhea-AI Summary
Orbit International Corp. reported record consolidated bookings for October 2023, totaling $3,650,000, with a year-to-date total of $10,250,000. The bookings were driven by strong performance from all operating units, particularly the SPS subsidiary, which experienced a 90% increase in bookings compared to 2022.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
Rhea-AI Summary
Orbit International Corp. declares quarterly cash dividend of $0.01 per share.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
ORBIT INTL CORP
OTC:ORBT
ORBT Rankings
ORBT Stock Data
25.12M
0.74%
Optical Instrument and Lens Manufacturing
Manufacturing
United States of America
Hauppauge
About ORBT
orbit international corp. designs, manufactures, and sells electronic components and subsystems, and commercial and custom power units for prime contractors, government procurement agencies, and research and development laboratories worldwide. the company operates in two segments, electronics group and power group. the electronics group segment engages in the design, manufacture, and sale of customized electronic components and subsystems. this segment's principal products include remote control units, intercommunication panels, displays, keyboards, keypads and pointing devices, operator control trays, and command display units. the power group segment designs and manufactures commercial power units, ac power supplies, frequency converters, uninterruptible power supplies, and commercial-off-the-shelf power solutions, as well as the electronic products for measurement and display. the company was formerly known as orbit instrument corp. and changed its name to orbit international corp.