By Joe Hoppe


MTI Wireless Edge Ltd. said Monday it expects to miss market expectations for its 2021 pretax profit because of the strength of the Israeli shekel against the U.S. dollar.

The technology company said it expects a pretax profit broadly in line with 2020 levels because of foreign-currency fluctuations, though it didn't provide a figure. For the prior year, the company reported a pretax profit of $4.1 million.

Revenue is expected to rise around 6% to $43.2 million, and gross profit is expected to rise 3% to around $13.5 million, both in line with market views, it said.

MTI Wireless Edge said it intends to pay a final dividend in line with market expectations, though it didn't provide a figure. For the prior year, it declared a final dividend of 2.5 cents a share.

"Our order book and pipeline of opportunities are currently meeting our internal plans for 2022, and since the start of 2022 the U.S. dollar has strengthened against the shekel and is currently above our internal budget rate," Chief Executive Moni Borovitz said.


Write to Joe Hoppe at joseph.hoppe@wsj.com


(END) Dow Jones Newswires

02-14-22 0235ET