Business
Here’s why the Orbital (ASX:OEC) share price has tumbled 20% today
The Orbital Corporation Ltd (ASX: OEC) share price is among the worst performers on the ASX market today, plunging from $1.04 to a low of 81 cents in opening trade.
At the time of writing, the company’s shares have clawed back some ground and are now trading at 90 cents, down 20%.
This, after the advanced aerospace manufacturer provided investors with a business update on its preliminary results for the first half of FY21.
What did Orbital announce?
In today’s release, Orbital advised it achieved preliminary revenue of $19 million for the six months ending 31 December 2020. The company attributed this 67% increase on the prior corresponding period to strong output from its two engine production lines.
Orbital is the primary…
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