AAC Clyde Space (Q4 Initial take): Below Guidance as Project Timing Weighs - Redeye

Redeye considers AAC’s Q4 report to be soft, with revenues below its revised full-year guidance, primarily driven by external delays on two of its projects in the Product & Missions segment. The lower sales volumes impacted profitability significantly y/y, while Q4 EBITDA still ended up in line with estimates, driven by lower-than-expected cost levels. Based on our initial take, we expect to make mixed estimate adjustments without any material impact on valuation.

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