Terran Ortibal (NYSE:LLAP) rose 10% after the satellite manufacturer delayed its Q4 results until next week .
The satellite maker will file its 10-K on Monday and will hold a conference call on its Q4 results on Tuesday, according to a statement earlier. Terran (LLAP) was scheduled to report its results today.
The delay comes Lockheed Martin (NYSE:LMT) early this month made a $1 a share offer, or about $500 million, for the remainder of the company it doesn’t already own. The U.S. defense contractor already owns a 28.3% stake in Terran (LLAP), and the company is a major customer in terms of revenue for the satellite maker.
“While we are surprised by the delay, we do not believe there are any issues related to its accounting practices or internal controls,” Stifel analyst Erik Rasmussen, who has a buy rating on LLAP, wrote in a note on Tuesday. “Instead, we suspect there is a considerable amount of details yet to be hashed out surrounding its previously announced strategic review, which includes Terran Orbital’s response to Lockheed Martin’s (LMT) unsolicited acquisition proposal.”
Rasmussen reiterated that he believed the Lockheed (LMT) offer is “considerably below” the true value of Terran (LLAP) due to the company’s backlog.