Shares of Comtech Telecommunications Corp. edged higher Thursday after the Melville company posted sharply higher third quarter net income bolstered by a stream of orders from the military.
The maker of advanced telecommunications equipment for military and civilian markets released its earnings after the market close Wednesday.
Comtech shares rose 5 cents, or 0.15 percent, to close at $32.44 Thursday. The stock has more than doubled from $14.74 12 months ago.
Net income almost doubled to $8.2 million, or 34 cents per diluted share, from $4.4 million, or 19 cents per diluted share, in the previous year’s quarter.
Net sales in the quarter ended April 30 climbed to $147.9 million from $127.8 million in the 2017 quarter.
“Our results for the third quarter exceeded our expectations and our pipeline of opportunities remains strong,” Fred Kornberg, president and chief executive, said in a statement.
The company maintained its revenue target of $570 million to $585 million for the fiscal year, but increased its estimated earnings per share range from $1.08 to $1.23 to $1.17 to $1.23.
The company provides modems and other communications equipment and software for military and civilian satellites and 911 and location services for wireless carriers.
Earlier this week, Comtech announced a $3.3 million U.S. Army order for microwave communications equipment on the Korean Peninsula and a “collaboration” to deploy low-cost, low Earth orbit satellites with Toronto-based Kepler Communications.