Karman Holdings Inc. (KRMN) Achieves Record Net Income on Revenue Growth

Karman Holdings Inc. (NYSE:KRMN) is a must-buy non-tech stock to invest in. On November 7, analysts at Raymond James reiterated a strong Buy rating for Karman Holdings Inc. (NYSE:KRMN) following an impressive third quarter. While the stock is up by more than 100% year to date, the analyst has set a $100 price target, suggesting significant upside.

The research firm has reiterated that the stock is a buy after the recent pullback as Q3 results underscore underlying growth. The defense contractor posted a 42% increase in revenue to $121.8 million as adjusted EBITDA grew 34% to $37.7 million. The company achieved a record net income of $7.6 million, up 78.1%. In addition, it exited the quarter with a record backlog of $758.2 million, up 30.8%.

“High demand for our $1.2 billion secondary equity offering reflected confidence in our business model and market focus, and marked the effective exit of our private equity sponsor,” said Tony Kolinsky, chief executive officer of Karman Space & Defense.

Following the impressive third quarter, Raymond James raised its revenue forecast on the expectation of growth exceeding 30% in response to the Five Axis acquisition.

Karman Holdings Inc. (NYSE:KRMN) designs, develops, and manufactures critical systems for the US missile, space, and defense industries. The company provides mission-critical solutions for programs involving launch vehicles, satellites, spacecraft, and unmanned aircraft systems.

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Disclosure: None. This article is originally published at Insider Monkey.