UPDATE: Comtech Posts Drop In Q1 Profit, Lowers Full-Year View

Comtech Telecommunications CMTL reported a fall in its first-quarter profit and cut its full-year outlook. Comtech now projects full-year earnings of $1.26 to $1.34 per share on revenue of $350 million to $365 million. The company had previously expected earnings of $1.40 to $1.50 per share on revenue of $375 million to $395 million. Its quarterly net income dropped to $7.4 million, or $0.36 per share, versus $12.6 million, or $0.47 per share, in the year-ago period. Comtech shares closed at $25.80 yesterday.