Comtech Telecommunications Corp. CMTL shares are trading lower after the company reported worse-than-expected third-quarter sales results.
The company reported quarterly sales of $120.38 million which missed the analyst consensus estimate of $122.44 million.
Mike Porcelain President and CEO said, “The decrease in Adjusted EBITDA primarily reflects the impact of lower sales in our Government Solutions segment that was largely driven by significantly lower sales of global field support services and advanced VSAT products as a result of the U.S. government’s April 2021 decision to withdraw troops from Afghanistan, and other program changes.”
Comtech Telecommunications Corp. is a leading global provider of next-generation 911 emergency systems and secure wireless communications technologies
The stock was trading about 23.2% lower at $9.46 per share on Friday at the time of publication.
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