Shares of Cubic fell more than 10 percent Monday afternoon after it issued quarterly results that missed analysts' expectations by 46 cents.
The company, which provides diversified systems and services to the transportation and defense markets, posted Monday a fiscal fourth-quarter loss of 29 cents a share on revenue of $406.6 million. Analysts expected earnings of 17 cents a share on revenue of $390.3 million, according to Thomson Reuters consensus estimates.
Cubic in a statement attributed the worse-than-expected results to funding delays by the U.S. Department of Defense for margin orders in its Mission Solutions and Training Systems businesses.
Cubic's President and CEO Bradley Feldmann said that while the company is disappointed by the shortfall in its fiscal year, it fully anticipates the delayed orders will be received in fiscal year 2017.
The company expects fiscal 2017 earnings between 40 and 80 cents per diluted share. It expects sales between $1.51 billion to $1.56 billion. Analysts expect earnings of $1.88 a share on revenue of $1.54 billion for fiscal year 2017, according to Thomson Reuters.
Cubic's stock is down more than 6 percent this year.