RTTNews | Oct 4, 2021 05:44PM EDT

17:43 Monday, October 4, 2021 (RTTNews.com) - Shares of Comtech Telecommunications Corp. (CMTL) are plunging over 11% in extended hours on Monday after the company's fourth-quarter revenues fell short of expectations. The company also announced that President and COO Michael Porcelain will become Chief Executive Officer by year-end.

Fourth-quarter net income was $7.37 million or $0.28 per share, compared to $1.13 million or $0.04 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.24 per share.

Sales for the fourth quarter rose to $145.81 million from $149.67 million last year. Analysts had a consensus revenue estimate of $149.66 million.

Looking forward, Comtech expects fiscal 2022 sales to be in a range of $580.0 million to $600.0 million. Analysts currently estimate revenues of $600.17 million for the quarter.

Separately, Comtech also announced the appointment of Michael Porcelain, Comtech's President and Chief Operating Officer, as Chief Executive Officer, taking over from Fred Kornberg after a short transition period. The change of leadership is expected to occur by the end of calendar 2021. Porcelain will also join Comtech's Board of Directors and continue as President. Kornberg will serve as non-executive Chairman of the Board and is expected to take on a technology advisory role.

CMTL closed Monday's trading at $25.38, down $0.78 or 2.98%, on the Nasdaq. The stock further dropped $2.90 or 11.43% in the after-hours trading.

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