Comtech shares rise after $12 million contract announced
Stanton Sloane, Comtech's chief executive and president, says the company's newly announced $12 million contract is a "major milestone." Credit: Barry University
Shares of Comtech Telecommunications Corp. climbed Tuesday after the Melville company announced it had signed a multiyear contract worth about $12 million with a telecommunications equipment manufacturer.
The unnamed equipment maker will help roll out Comtech products to a wireless operator in North America and others around the world under terms of the contract.
“Securing a contract in excess of $12 million with one of the world’s leading equipment manufacturers is a major milestone for our organization as it underpins the continued need for our solutions in the wireless operator segment,” said Stanton Sloane, Comtech president and chief executive.
Shares of Comtech rose 5.9 percent Tuesday to close at $24.22.
Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.
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