Comtech Telecommunications Corp. lost more than $79 million in market capitalization Thursday as its stock fell 15.4 percent to $26.84.

Shares of the Melville company came under pressure after it posted second quarter earnings following the market close Wednesday afternoon.

The maker of satellite and over-the-horizon telecommunications equipment reported a weak order outlook and lowered its fiscal 2015 financial forecast.

The company said lower oil prices and a strong dollar hurt orders from customers in Russia and the Middle East.

For the second quarter, Comtech reported that earnings per share rose to 47 cents from 37 cents in the 2014 quarter. But net sales edged down to $81.8 million compared to $85.5 million in the prior year's period.

In a conference call Thursday, chief executive Stanton Sloane said that the strong dollar was prompting customers in international markets to delay capital expenditures.

"Whether that's a short term or longer term effect, who knows, because things obviously keep changing," he said.

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Sloane, who had served as a Comtech director, replaced longtime executive Fred Kornberg as president and CEO in January.