Lyntris Shares up After 3Q Revenue Soars in First Earnings Report Since IPO

Dow Jones07:50

Shares of Lyntris rallied after the defense technology company reported that third-quarter revenue nearly doubled in its first earnings release as a public company.

The stock gained 22% post market Wednesday, after closing the regular trading session down 19.81% at $9.39. Shares have tumbled 37% from their closing price on the day of Lyntris' initial public offering in August.

The company reported a loss of $3 million, or 3 cents a share, compared with a loss of $3.5 million, or 3 cents a share, a year earlier.

On an adjusted basis, earnings were 15 cents a share.

Revenue rose to $194.4 million, up from $102.1 million a year prior. Analysts were expecting $136.9 million in revenue, according to FactSet.

The company ended the quarter with a backlog of $1.01 billion, up 113% year to date.

Lyntris expects full-year revenue of between $623 million and $630 million. Analysts were expecting $526.1 million.

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