Comtech Telecommunications Corp. (NASDAQ:CMTL) posted a decrease in profit as revenue declined. Comtech Telecommunications designs, develops, produces, and markets innovative products, systems, and services for advanced communications solutions.
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Comtech Telecommunications Corp Earnings Cheat Sheet for the Third Quarter
Results: Net income for Comtech Telecommunications Corp. fell to $6.1 million (29 cents per share) vs. $14.3 million (47 cents per share) a year earlier. This is a decline of 57.4% from the year-earlier quarter.
Revenue: Fell 23.9% to $99.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Comtech Telecommunications Corp. beat the mean analyst estimate of 24 cents per share. It beat the average revenue estimate of $97.8 million.
Quoting Management: In commenting on the Company’s performance and business outlook, Fred Kornberg, President and Chief Executive Officer, stated, “Although market conditions remain challenging, we posted solid results in the third quarter. During the quarter, we achieved our highest level of quarterly bookings in fiscal 2012 and continue to focus on our long-term growth plans.”
The company has now surpassed analyst estimates for four quarters in a row. It beat the mark by 5 cents in the second quarter, by 12 cents in the first quarter, and by 6 cents in the fourth quarter of the last fiscal year.
Revenue has dropped for four quarters in a row. Revenue declined 39.1% to $99.1 million in the second quarter. The figure fell 36.4% in the first quarter from the year earlier and dropped 45.4% in the fourth quarter of the last fiscal year from the year-ago quarter.
Net income has dropped 43.7% year-over-year on average across the last five quarters. Performance was hurt by a 63.8% decline in the second quarter from the year-earlier quarter.
Looking Forward: For next quarter, analysts have a more positive outlook about the company’s expected results. The average estimate for the fourth quarter is 39 cents per share, up from 32 cents ninety days ago. Over the past three months, the average estimate for the fiscal year has climbed from $1.29 per to share to $1.37.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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