Comtech Telecommunications Corp. (CMTL) shares declined 11.11% in after-hours on Monday, October 4, 2021, and closed the daily trading at $22.56. Even in the regular trading session, CMTL’s stock lost 2.98%. CMTL shares have risen 81.68% over the last 12 months, and they have moved down 2.72% in the past week. Over the past three months, the stock has lost 0.67%, while over the past six months, it has shed 1.86%.
We have plenty of recent developments so let’s discuss them.
CMTL recent financial results announcement
On October 04, 2021, October 4, 2021, Comtech Telecommunications Corp. (CMTL) reported its financial results for the fourth quarter and fiscal year ended July 31, 2021.
Q4 2021 financial highlights
- CMTL reported net sales of $145.8 million in Q4 2021 compared to149.7 million in Q4 2020.
- Total operating expenses were $45.4 million in Q4 2021 compared to $46.8 million in Q4 2020.
- It earned a net income of $7.4 million in Q4 2021 compared to $1.1 million in Q4 2020.
- Adjusted EBITDA was $26.4 million in Q4 2021 compared to $23.5 million in the fourth quarter of 2020.
FY 2021 financial highlights
- Consolidated net sales for fiscal 2021 were $581.7 million compared to net sales of $616.7 million in FY 2020.
- Total operating expenses were $282.26 million compared to $211.99 million in FY 2020.
- Net loss was $73.5 million in FY 2021 compared to net income of $7.02 million in FY 2020.
- Adjusted EBITDA was $76.5 million, compared to $77.8 million in FY 2020.
FY 2022 financial outlook
For fiscal 2022, the company is expecting net sales within a range of $580.0 million to $600.0 million and Adjusted EBITDA between $70.0 million and $76.0 million.
CMTL Dividend declaration
On October 4, 2021, the Board of Directors of Comtech Telecommunications Corp. (CMTL) declared a quarterly cash dividend of $0.10 per share, payable on November 12, 2021, to shareholders of record at the close of business on October 13, 2021. The company is expecting to declare quarterly dividend payments of $0.10 per common share for the next quarter in FY 2022.
CMTL corporate changes
On October 4, 2021, Comtech Telecommunications Corp. (CMTL) promoted its President and Chief Operating Officer Michael Porcelain to Chief Executive Officer, succeeding Fred Kornberg, by the end of calendar 2021. Mr Porcelain will also continue as President of Comtech and join its Board of Directors.
CMTL new contracts
On October 4, 2021, Comtech Telecommunications Corp. (CMTL) reported that it has secured a five-year single award Indefinite Delivery Indefinite Quantity contract renewal with Firm Fixed Price and Time and Materials delivery orders valued at approximately $125 million from the Federal Government for the Joint Cyber Analysis Course Training solutions in the first quarter of fiscal 2022.
The recent financial news was the reason behind its plummeting on Monday. The company announced its low financial expectations for FY 2022 and also, its FY 2021 financial results were not much appealing as well. It can continue to decline in the coming trading sessions.