Comtech swings to profit as net sales edge up
Credit: Newsday / David Trotman-Wilkins
Comtech Telecommunications Corp., a maker of products for satellite and other communications markets, swung to a profit in the third quarter on the impact of acquisition-related expenses in the year-earlier period, the company reported Wednesday.
Net sales for the quarter ended April 30 edged up to $127.8 million from $124.2 million in the 2016 period. Net income was $4.4 million, or 19 cents per share, versus a net loss of $14.4 million, or 89 cents per share, in the 2016 quarter.
“We are seeing positive signs across almost all aspects of our business and believe that fiscal 2018 is shaping up to be a great year,” Comtech president and chief executive Fred Kornberg said in a statement.
Comtech shares fell 4.7 percent to $14.30 in after-hours trading following the earnings report. During regular trading hours Wednesday, Comtech edged down 1 percent to $15.
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.
'His sacrifice made a difference': Gold Star mother honors son's memory Army Pfc. Raheen Tyson Heighter, 22, of Bay Shore, was the first serviceman from Long Island killed in the Iraq War.
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