RTTNews | Jun 9, 2021 10:28AM EDT

10:27 Wednesday, June 9, 2021 (RTTNews.com) - Shares of Comtech Telecommunications Corp. (CMTL) are slipping nearly 14% on Wednesday morning hurt largely it's third-quarter results and full-year outlook.

CMTL is currently trading at $22.17, down $3.49 or 13.60%, on the Nasdaq. The stock has traded between $12.96 to $30.40 in the 52-week period.

Third-quarter net income was $792 thousand or $0.03 per share, compared to net loss of $4.0 million or $0.16 per share last year. Analysts polled by Thomson Reuters expected a loss of $0.01 per share.

Sales for the third quarter rose to $139.4 million from $135.1 million last year. Analysts had a consensus revenue estimate of $140.39 million.

Looking forward, Comtech expects fiscal 2021 sales to be in a range of $580.0 million to $590.0 million. Previously, the company expected sales of $610.0 million to $620.0 million. Analysts currently estimate revenues of $616.35 million for 2021.

The company said it lowered its full-year outlook due to a change in anticipated revenues in its Government Solutions segment due to the U.S. government's announcement to fully withdraw troops from Afghanistan as well as other program changes.

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