Comtech Announces Results for its First Quarter of Fiscal 2024 and Provides Second Quarter Fiscal 2024 Financial Targets

Rhea-AI Summary

Comtech (CMTL) reports a 2.1% sequential increase in consolidated net sales to $151.9 million for Q1 fiscal 2024. Consolidated operating income also rose by 86.2% to $2.1 million. Additionally, the company achieved a Q1 consolidated adjusted EBITDA of $18.4 million, equivalent to 12.1% of consolidated net sales. Comtech's first quarter fiscal 2024 shareholder letter and second quarter fiscal 2024 financial targets are available on the company's Investor Relations website. The company also plans to host an earnings conference call at 5:00PM ET today.

Q1 Consolidated Net Sales Up 2.1% Sequentially to $151.9 Million

Q1 Consolidated Operating Income Up 86.2% Sequentially to $2.1 Million

Q1 Consolidated Adjusted EBITDA of $18.4 Million, or 12.1% of Consolidated Net Sales

MELVILLE, N.Y.--(BUSINESS WIRE)-- December 7, 2023-- Comtech (NASDAQ: CMTL) today announced its first quarter fiscal 2024 financial results and provided its second quarter fiscal 2024 financial targets in a letter to shareholders which is now posted to the Investor Relations section of Comtech's website.

Investors are invited to access the first quarter fiscal 2024 shareholder letter at its web site at comtech.com/investors/. A copy of the letter will also be filed with the Securities and Exchange Commission in a Form 8-K.

Comtech also intends to host a previously scheduled earnings conference call at 5:00PM ET today. Individuals can access the conference call by dialing (800) 579-2543 (domestic) or (785) 424-1789 (international) and using the conference I.D. of “Comtech.” A replay of the conference call will be available for two weeks by dialing (888) 219-1269 or (402) 220-4945. A live webcast of the call is also available at comtech.com/investors/.

About Comtech

Comtech Telecommunications Corp. is a leading global technology company providing terrestrial and wireless network solutions, next-generation 9-1-1 emergency services, satellite and space communications technologies, and cloud native capabilities to commercial and government customers around the world. Our unique culture of innovation and employee empowerment unleashes a relentless passion for customer success. With multiple facilities located in technology corridors throughout the United States and around the world, Comtech leverages our global presence, technology leadership, and decades of experience to create the world’s most innovative communications solutions. For more information, please visit www.comtech.com.

Forward-Looking Statements

Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results could differ materially from such forward-looking information. The Company's Securities and Exchange Commission filings identify many such risks and uncertainties. Any forward- looking information in this press release is qualified in its entirety by the risks and uncertainties described in such Securities and Exchange Commission filings.

PCMTL

View source version on businesswire.com: https://www.businesswire.com/news/home/20231207338218/en/

Investor Relations

Maria Ceriello

investors@comtech.com

Source: Comtech Telecommunications Corp.

FAQ

What are Comtech's (CMTL) Q1 fiscal 2024 net sales?

Comtech reported a 2.1% sequential increase in consolidated net sales to $151.9 million for Q1 fiscal 2024.

How much did Comtech's (CMTL) consolidated operating income increase in Q1 fiscal 2024?

Comtech's consolidated operating income rose by 86.2% to $2.1 million in Q1 fiscal 2024.

What is Comtech's (CMTL) Q1 fiscal 2024 consolidated adjusted EBITDA?

Comtech achieved a Q1 consolidated adjusted EBITDA of $18.4 million, equivalent to 12.1% of consolidated net sales.

Where can investors access Comtech's (CMTL) first quarter fiscal 2024 shareholder letter and second quarter fiscal 2024 financial targets?

Comtech's first quarter fiscal 2024 shareholder letter and second quarter fiscal 2024 financial targets are available on the company's Investor Relations website.

When is Comtech's (CMTL) earnings conference call scheduled?

Comtech plans to host an earnings conference call at 5:00PM ET today. Individuals can access the call by dialing (800) 579-2543 (domestic) or (785) 424-1789 (international) and using the conference I.D. of “Comtech.”