Comtech Report 2Q Fiscal 2024 Financial Results
Chandler, Ariz, March 18, 2024–Comtech (NASDAQ: CMTL) (“the Company”) today announced its second quarter fiscal 2024 financial results. Highlights of the results include:
• Consolidated net sales increased slightly year-over-year to US$ 134.2 million, compared to US$ 133.7 million in the second quarter of fiscal 2023. This represents a sequential decline from $151.9 million in the first quarter of fiscal 2024.
• Gross margin was 32.2%, compared to 31.5% in the first quarter of fiscal 2024 and 34.3% in the second quarter of fiscal 2023.
• Adjusted EBITDA was $15.1 million (11.3% margin), as compared to $18.4 million (12.1% margin) in the first quarter of fiscal 2024 and $11.3 million (8.5% margin), in the second quarter of fiscal 2023.
"Despite net sales coming in roughly flat year-over-year, our Adjusted EBITDA grew 33% over the same time period, achieving an 11.3% Adjusted EBITDA margin," said John Ratigan,Comtech's interim CEO. "As we look forward, I believe we will win back any ground lost during our second quarter. Overall demand for our solutions remains healthy as the Comtech team continues to secure key wins for our business, with backlog approximating $680 million," he aded.
You can view the details of the report in Ratigan's letter to shareholders here: https://s3.amazonaws.com/b2icontent.irpass.cc/2718/193358.pdf
The full earnings report can be accessed here: https://s3.amazonaws.com/b2icontent.irpass.cc/2718/193359.pdf
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