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Jan 31, 2021
Comtech Q2 2021 Earnings Report
Comtech reported results for the second quarter of fiscal year 2021 and updated its financial targets for fiscal year 2021.
Key Takeaways
Comtech Telecommunications Corp. reported consolidated net sales of $161.3 million and Adjusted EBITDA of $18.1 million for the second quarter of fiscal year 2021. The company achieved a book-to-bill ratio of 1.34 with bookings of $215.8 million. GAAP operating income was $5.4 million, GAAP net income was $4.2 million, and GAAP net income per diluted share was $0.17.
Consolidated net sales of $161.3 million and Adjusted EBITDA of $18.1 million significantly exceeded expectations.
Bookings of $215.8 million resulted in a book-to-bill ratio of 1.34.
Backlog as of January 31, 2021 was $660.0 million, with revenue visibility approximating $1.1 billion when including unfunded multi-year contracts.
GAAP operating income was $5.4 million, GAAP net income was $4.2 million and GAAP net income per diluted share was $0.17.
Forward Guidance
Comtech expects fiscal 2021 consolidated net sales to be in a range of $610.0 million to $620.0 million and continues to target Adjusted EBITDA in a range of $74.0 million to $76.0 million.
Positive Outlook
- Strong demand for Comtech's public safety technology solutions.
- Providing 5G virtual mobile location-based technology solutions for two U.S. tier-one mobile network operators.
- Deliveries to support a critical U.S. Air Force and U.S. Army Anti-jam Modem (“A3M”) program under the U.S. Space Force’s Space and Missile Systems Center (“SMC”) agency.
- Ongoing demand for Manpack Satellite Terminals, networking equipment and other advanced VSAT products by the U.S. Army.
- Ongoing sustainment services for the U.S. Army for the AN/TSC-198A SNAP terminal.
Challenges Ahead
- The Company is not providing any GAAP operating income guidance.
- The Company is not providing any GAAP net income guidance.
- The Company is not providing any GAAP EPS guidance.
Historical Earnings Impact
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