Tuesday, October 05, 2021
Comtech (CMTL)
Q4 Operating Results
Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. The Telecommunications Transmission segment provides satellite earth station equipment and systems, over-the-horizon microwave systems, and forward error correction technology, which are used in various commercial and government applications, including backhaul of wireless and cellular traffic, broadcasting (including HDTV), IP-based communications traffic, long distance telephony, and secure defense applications. The Mobile Data Communications segment provides mobile satellite transceivers, and computers and satellite earth station network gateways and associated installation, training, and maintenance services; supplies and operates satellite packet data networks, including arranging and providing satellite capacity; and offers microsatellites and related components. The RF Microwave Amplifiers segment designs, develops, manufactures, and markets satellite earth station traveling wave tube amplifiers (TWTA) and broadband amplifiers. Its amplifiers are used in broadcast and broadband satellite communication; defense applications, such as telecommunications systems and electronic warfare systems; and commercial applications comprising oncology treatment systems, as well as to amplify signals carrying voice, video, or data for air-to-satellite-to-ground communications. The company serves satellite systems integrators, wireless and other communication service providers, broadcasters, defense contractors, military, governments, and oil companies. Comtech markets its products through independent representatives and value-added resellers. The company was founded in 1967 and is headquartered in Melville, New York.
Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q4 Results. Revenue of $145.8 million, down from $149.7 million last year. Adjusted EBITDA of $26.4 million, up from $23.5 million in 4Q20. GAAP EPS of $0.28 versus $0.04 and Non-GAAP EPS of $0.23 versus $0.21. We had forecast revenue of $150 million, adjusted EBITDA of $25 million, GAAP EPS of $0.24 and non-GAAP EPS of $0.30.
Bookings, Backlog. Bookings for the quarter were $168.2 million, resulting in a book-to-bill ratio for the quarter of 1.15x. Backlog at the end of the quarter totaled $658.9 million, up from $620.9 million at the end of fiscal 2020. Including contracts in place, but not in backlog, Comtech had revenue visibility of about $1.1 billion as of July 31, 2021 …
This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
