Tue, Jun 18, 12:16 PM (396 days ago)
Comtech Telecommunications Corp. reported a challenging Q3 FY2024 with net sales at $128.1 million, down 6% YoY. The Satellite and Space Communications segment saw a 13% decline to $71.4 million, impacted by refinancing efforts and the PST Divestiture. The Terrestrial and Wireless Networks segment grew 4.6% to $56.6 million, driven by higher NG-911 and call handling services. Gross margin dropped to 30.4% from 31.7% YoY. Operating loss narrowed to $3.5 million from $5.3 million, aided by reduced research and development expenses. Adjusted EBITDA was $11.9 million, down from $12.5 million YoY. The company completed a $222 million credit facility refinancing, enhancing liquidity to $63 million. Future performance is expected to stabilize, targeting similar net sales and Adjusted EBITDA in Q4 FY2024.