RADA Electronic Industries Ltd. (RADA) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $0.39 million, or $ 0.02 a share in the quarter, against a net loss of $1.84 million, or $0.23 a share in the last year period.

Revenue during the quarter surged 90.51 percent to $4.68 million from $2.45 million in the previous year period. Gross margin for the quarter expanded 3546 basis points over the previous year period to 35.70 percent. Operating margin for the quarter period stood at positive 7.47 percent as compared to a negative 42.14 percent for the previous year period.

Operating income for the quarter was $0.35 million, compared with an operating loss of $1.03 million in the previous year period.

Dov Sella, RADA's chief executive officer commented, "We are very pleased with our significant revenue growth, which is almost double that of the first quarter of last year. These results, combined with our improved balance sheet, are evidence that the turnaround of the company, focused towards sales of our radar technology is beginning to mature. Looking ahead and given the timing of certain orders, we expect the second quarter to be strong. On the back of our expectations of a particularly strong first half of 2017, we are increasing our full year revenue guidance towards $20 million for 2017, representing a year over year growth of over 50%. Furthermore, we expect to return to profitability in 2017 on a full-year basis" Continued Mr. Sella, "Strategically, we have also made significant progress, particularly with our growth engine, our software-defined tactical radars. At the end of the quarter, we signed a strategic distribution agreement with a leading Western-European defense systems provider to integrate our radars into their Very Short Range Air Defense (VSHORAD) systems."

For financial year 2017, RADA Electronic Industries Ltd. projects revenue to be $20 million.