Comtech Telecommunications Q1 Profit Declines; Lifts FY14 Outlook - Quick Facts

(RTTNews) - Comtech Telecommunications Corp. (CMTL) reported first-quarter net income of $5.3 million, or $0.28 per share, compared to $7.4 million, or $0.36 per share in the comparable quarter last year.

On average, four analysts polled by Thomson Reuters expected the company to earn $0.23 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter dropped to $83.37 million from $90.95 million in the year-ago period, due mainly to lower sales in the company's RF microwave amplifiers and mobile data communications segments, partially offset by higher sales in its telecommunications transmission segment. Three analysts expected the company to generate revenues of $78.20 million for the quarter.

Looking forward to the fiscal 2014, the company now expects GAAP earnings to be in the range of $1.12 per share to $1.25 per share and revenue in the range of $325.0 million to $345.0 million. Analysts currently estimate earnings of $1.14 per share on revenues of $327.96 million for the year.

Earlier, the company expected 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.

Separately, the company also announced that its Board of Directors has raised its annual target dividend from $1.10 per share to $1.20 per share and declared a quarterly cash dividend of $0.30 per share, payable on February 19, 2014, to shareholders of record at the close of business on January 17, 2014.

Further, the company also announced that its Board of Directors has authorized an increase to its existing stock repurchase program from $50.0 million to $100.0 million.