Comtech Telecommunications Corp., which makes products for satellite and terrestrial communications systems, Wednesday posted slightly lower fourth quarter net sales, but sharply higher net income.
The Melville company reported net sales of $147.8 million for the quarter ended July 31, a 3 percent decline compared to the year-ago period. Net income was $7.3 million, or 31 cents per share, versus $2.7 million, or 14 cents per share, in the 2016 quarter.
Shares of Comtech tumbled 15.5 percent to $18.01 in aftermarket trading following the earnings release. Comtech stock is up about 61 percent in the last 12 months.
“With our fourth quarter fiscal 2017 performance, we solidified a strong finish to what turned out to be a successful year for Comtech,” president and chief executive Fred Kornberg said in a statement.
The company set a fiscal 2018 revenue target of $550 million to $575 million and a diluted earnings per share goal of 41 cents to 44 cents.