Comtech Increases FY18 Financial Targets - Quick Facts

(RTTNews) - Comtech Telecommunications Corp. (CMTL) announced, for fiscal 2018, the company increased its revenue target to a new range of approximately $570.0 million to $585.0 million, as compared to a prior range of $550.0 million to $575.0 million. Comtech increased its adjusted EBITDA target to a new range of $72.0 million to $76.0 million, as compared to a prior range of $69.0 million to $73.0 million.

Comtech increased its fiscal 2018 GAAP EPS target to a new range of $1.08 to $1.23, as compared to a prior range of $0.44 to $0.46. The new target range includes the benefits of the $0.59 per share Tax Gain and better than expected operating performance.

Comtech's third quarter consolidated net sales and adjusted EBITDA are expected to be higher than the related amounts achieved in its second quarter of fiscal 2018 by approximately 10.0%. GAAP EPS for third quarter of fiscal 2018 is expected to approximate a range of $0.10 to $0.12 per diluted share.

In line with its original Business Outlook for Fiscal 2018, Comtech's fourth quarter of fiscal 2018 is expected to be the peak quarter for consolidated net sales, GAAP operating income and Adjusted EBITDA.

Second-quarter net sales were $133.7 million. Adjusted EBITDA was $14.5 million. GAAP net income was $15.8 million, or $0.66 per diluted share. Excluding the $0.59 per diluted share Tax Gain, GAAP net income would have been approximately $1.8 million, or $0.07 per diluted share, for the quarter.