Comtech Telecommunications Corp. (NASDAQ:CMTL) Q2 2024 Earnings Call Transcript
Comtech Telecommunications Corp. (NASDAQ:CMTL) Q2 2024 Earnings Call Transcript March 18, 2024
Comtech Telecommunications Corp. misses on earnings expectations. Reported EPS is $-0.15 EPS, expectations were $0.28. Comtech Telecommunications Corp isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Welcome to Comtech’s Fiscal Q2 2024 Earnings Conference Call. As a reminder, this conference is being recorded today, Monday, March 18, 2024. I would now like to turn the conference over to Ms. Maria Ceriello of Comtech. Please go ahead, Maria.
Maria Ceriello: Thank you, operator, and thanks to our investors for taking the time to dial in today. Welcome to Comtech Telecommunications Corp.’s conference call for the second quarter of fiscal year 2024. Today, I’m here with Comtech’s Chief Executive Officer, John Ratigan. We’re also joined today by Mike Bondi, Comtech’s CFO. Before we get started today, please note we have a detailed discussion for the quarter in our shareholder letter available on our website. Certain information presented in this call will include, but not be limited to, information relating to the future performance and financial condition of the company, the company’s plans, objectives, and business outlook, and the plans, objectives, and business outlook of the company’s management.
The company’s assumptions regarding such performance, business outlook, and plans are forward-looking in nature and always involve significant risks and uncertainties. Actual results could differ materially from such forward-looking information. Any forward-looking statements are qualified in their entirety by cautionary statements contained in the company’s SEC filings. Due to a number of factors, including our ongoing refinancing efforts and changes in leadership, we will limit today’s call to prepared remarks from management. Now, I’m pleased to introduce Comtech’s CEO, John Ratigan. John?
John Ratigan: Thanks, Maria, and thanks, everyone, for dialing in. Today’s format will be more compact than usual, which I think everyone can appreciate given that I’ve only been in my new role since Wednesday of last week. Today, I want to accomplish two things. First, I want to properly introduce myself. Second, and before Mike discusses our financial performance in more detail, I want to provide some context for our investors, customers, employees and vendors as it relates to what I expect is the market’s single biggest focus regarding the company, strengthening our balance sheet by refinancing our existing credit facility, which matures in October 2024. As I said in our investor letter, while I’m new in the role of Comtech’s CEO, I’m not new to Comtech, our strategy, our markets, or our customers, and I’m not new to being a CEO.
Before Comtech, I served as CEO and President of iDirect Government for 20 years, a company delivering secure satellite-based voice, video and data applications with anytime and anywhere connectivity in the air, at sea, and on land. At iDirect Government, I led the team that built the business from the ground up to over $100 million in annual revenue and led the acquisition of GlowLink Communications. I have been involved in network technologies and satellite communications for the majority of my career, and I know what it takes to both lead and grow a business. And while I joined as Comtech’s Chief Corporate Development Officer last fall, my roots here run deeper. I spent 10 years at EF Data Corporation prior to its acquisition by Comtech in July of 2000.
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