Comtech Telecommunications Corp CMTL shares are trading higher after the company reported third-quarter FY24 earnings and announced a fresh credit facility.
The company reported a third-quarter sales decline of 6.1% year-on-year to $128.08 million, missing the analyst consensus estimate of $136.42 million.
Segment Revenue: Total United States revenue was $105.7 million and that of International was $22.4 million.
The gross profit for the quarter decreased 9.7% to $38.9 million and the profit margin contracted 130 basis points to 30.4%.
The operating loss for the quarter narrowed to $3.47 million compared to a loss of $5.27 million. Adjusted EPS of $0.20 beat the analyst consensus estimate of $0.08.
Comtech held $27.2 million in cash and equivalents as of April 30,2024. Operating cash flow for nine months totaled $(44.99) million.
Comtech also announced that on June 17, 2024, the company entered into a $222.0 million credit facility with a new syndicate of lenders which is expected to be funded on or around June 18, 2024.
The new credit facility matures on July 31, 2028, consists of a committed $162.0 million term loan facility and $60.0 million revolver loan facility.
Price Action: CMTL shares are trading higher by 71.9% at $3.73 at last check Tuesday.
Image: Shutterstock/ create jobs 51
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
