Comtech profit falls, cuts full-year forecast
(Reuters) - Communications equipment maker Comtech Telecommunications Corp (CMTL.O) reported a drop in quarterly profit and lowered its full-year forecast citing uncertainty among its customers due to the impending "fiscal cliff".
Shares of the company were down 11.5 percent after the bell. They closed at $25.80 on the Nasdaq on Thursday.
Comtech Telecommunications said it now expects full-year earnings of between $1.26 and $1.34 per share on revenue of between $350 million and $365 million.
It had previously forecast earnings of between $1.40 and $1.50 per share on revenue of between $375 million and $395 million.
First-quarter net income fell to $7.4 million, or 36 cents per share, from $12.6 million, or 47 cents per share, a year earlier.
Sales fell almost 20 percent to $91 million on lower sales in its mobile data communications business.
(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Supriya Kurane)
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