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Orbit International Corp (OTCMKTS:ORBT) Stock In Focus After Latest News

Ian Leigh , , , ,

Electronics manufacturer and software solution provider, Orbit International Corp (OTCMKTS:ORBT), on May 5, 2023, announced that bookings from Electronics Group for April 2023 were about $1,740,000. The company confirmed that deliveries for some of the orders have begun and are expected to continue through the first quarter of 2024.

Trading Data

On Friday, ORBT stock decreased 1.49% to $6.60 with 1.23K shares, compared to volume of 478 shares. The stock moved within a range of $6.60 – 6.60 after opening trade at $6.60.

Orbit International Corp. Electronics Group Reports Bookings of Approximately $1,740,000 in April 2023

Mitchell Binder, President and CEO of Orbit International said that the bookings for the April month were about $1,740,000, highlighted by about $925,000 orders received by Simulator Product Solutions LLC subsidiary. He further stated that other bookings for the month were for displays and keyboards.

Binder added that many of the contract awards held up during the first three quarters came to fruition in quarter four, resulting in one of the biggest booking quarters in the last few years. The CEO confirmed that a number of follow-on orders expected to be received in quarter one have been delayed and most of them are due to lengthy negotiations between contractors andthe U.S. government. Uncertainty in contracts from prime contractors is a significant factor in the industry.

Orbit International Corp is engaged in developing and manufacturing custom electronic devicesas well as subsystem solutions for industrial, military, and commercial applications. It has production facilities in Hauppauge, NY, and Carson, CA.

Ian Leigh

Ian Leigh is a specialist in analyzing stocks, SEC and OTC filings, and financials of public and privately-held companies. He has played a significant role in M&A activity, consulting with publicly-held firms on acquisitions and divestitures. He also consults on valuations and branding. He lectures at major universities and teaches at specialty financial schools.