The net income of Melville-based Comtech Telecommunications Corp. plunged 57 percent in its fiscal third quarter, to $6.1 million from $14.3 million the year before, the defense-electronics contractor reported Thursday after the stock market closed.
The company's earnings per share in the quarter ended April 30 declined 38 percent to 29 cents, from 47 cents a year ago, but they beat Wall Street's estimates by a nickel. Traders bid the stock up 88 cents to $30 a share in after-hours trading, according to Yahoo Finance.
“Although market conditions remain challenging, we posted solid results in the third quarter,” said Fred Kornberg, the company's president and chief executive in a statement.
Revenue fell 24 percent to $99.8 million, from $131.1 million the year before. The company blamed the drop on lower sales in its telecommunications-transmission and mobile data-communications segments. Comtech designs, develops and manufactures electronic products and systems used in satellite communications.