CMTL - Why Comtech Telecommunications Stoock Skyrocketed Today
2023-10-13 15:25:40 ET
Shares of Comtech Telecommunications (NASDAQ: CMTL) were up by 26% as of 2:40 p.m. ET Friday after the company announced strong quarterly results and divested itself of one of its product lines.
In its fiscal 2023 fourth quarter, which ended July 31, Comtech's revenue climbed 17.2% year over year to $148.8 million, translating to adjusted ( non-GAAP ) earnings of $0.29 per share. Analysts, on average, were looking for earnings of only $0.17 per share on revenue closer to $140 million.
In a letter to shareholders, Chairman and CEO Ken Peterman noted that after a "careful review" of the company's current business and product lines, management had "identified opportunities to rebalance our segments and ultimately chose to divest our solid state power amplifier product line."
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Why Comtech Telecommunications Stoock Skyrocketed Today