Al Root
Space is taking off.
Shares of commercial space start-up Rocket Lab USA jumped Tuesday after the company reported better-than-expected third-quarter results.
Tuesday evening, the company, which is akin to a mini-SpaceX, reported third-quarter sales of $105 million. Wall Street was looking for $103 million.
Looking ahead, Rocket Lab expects to generate sales of $125 million to $135 million in the fourth quarter. Wall Street was looking for $122 million.
The company launched its Electron rockets 12 times in the quarter. The backlog ended the quarter at $1.05 billion. There are many more launches to come.
Shares were up 19% at $17.45 in after hours trading. Shares fell 0.8%, closing at $14.66 in regular trading while the S&P 500 and Dow Jones Industrial Average fell 0.3% and 0.9%, respectively.
This is breaking news. Check back for updates.
Write to Al Root at allen.root@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
November 12, 2024 16:48 ET (21:48 GMT)
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