Comtech earnings increase 27 percent to $88.9 million
Related mediaBusiness data projects Latest company earnings news LI economic indicators Top-paid LI executives New York's 6 most wanted white collar criminals Executive pay in New York
Comtech Telecommunications Corp. Thursday posted a 27 percent year-over-year increase in third quarter sales to $88.9 million on strength in its telecommunications transmission and microwave amplifiers businesses.
Despite a decline in sales of mobile data communications equipment, net income more than doubled to $5.9 million, or 32 cents per diluted share, from $2.9 million, or 17 cents, in the 2013 period.
"Our business looks like it is firming up and our outlook for fiscal 2014 has improved," chief executive Fred Kornberg said in a news release after the market close.
The Melville-based maker of communications equipment for the government and commercial markets raised its fiscal 2014 financial outlook to revenue of $342 million to $346 million and diluted earnings per share of $1.25 to $1.30.
The company scheduled a conference call to discuss the results for Friday morning.
Comtech shares climbed $1.55, or 4.9 percent, Thursday to close at $32.99.
The company said its April 30 order backlog stood at $160.7 million compared to $168 million on Jan. 31.
On Wednesday, Comtech, which employs about 1,200 people at facilities in Massachusetts, California, Arizona and elsewhere, said that it had received a $1.1 million follow-on order for infrastructure equipment from a mobile telecommunications customer in Southeast Asia.