Comtech +5.7% AH on FQ1 beat, FY2014 guidance, dividend hike, buyback

|About: Comtech Telecommunications Corp. (CMTL)|By:, SA News Editor

Comtech Telecommunications (CMTL) shares jump 5.7% AH after the company beat expectations in FQ1, updated guidance, and announced a dividend hike and share repurchase expansion.

EBITDA dropped 22.7% Y/Y to $14.3M. Total bookings grew 8.7% Y/Y to $76.5M, but backlog fell 2.7% Q/Q to $182.8M.

The board raises the target annual dividend to $1.20 from $1.10 (with a quarterly dividend of $0.30/share declared implying a forward yield of 3.6%) and authorizes an increase to the share repurchase program to $100M from $50M. (PR)

Management updates FY2014 guidance, seeing revenue of $325M-$345M (vs. analyst consensus of $328M), EPS of $1.12-$1.25 (vs. $1.14), and EBITDA of $55M-$59M.

Conference call at 8:30am ET tomorrow, PR