Comtech Telecommunications Q4 Profit Tops View; Issues FY14 Outlook

(RTTNews) - Comtech Telecommunications Corp. (CMTL) reported fourth-quarter net income of $5.2 million, or $0.28 per share, compared to $7.9 million, or $0.38 per share in the comparable quarter last year.

On average, five analysts polled by Thomson Reuters expected the company to earn $0.22 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter dropped to $84.41 million from $112.78 million in the year-ago period, due mainly to lower net sales in all of the company's operating segments, most notably its mobile data communications segment. Four analysts expected the company to generate revenues of $83.68 million for the quarter.

Looking forward to the fiscal 2014, the company expects GAAP earnings to be in the range of $1.07 per share to $1.19 per share and revenue in the range of $320.0 million to $340.0 million. Analysts currently estimate earnings of $1.10 per share on revenues of $329.20 million for the year.

Separately, the company announced that its Board of Directors declared a quarterly cash dividend of $0.275 per share, payable on November 19, 2013 to shareholders of record at the close of business on October 18, 2013.