Comtech reports Q2 EPS (23c), consensus (9c)

Reports Q2 revenue $133.7M, consensus $133.3M. CEO Ken Peterman says: "Today, I am excited to report that the operational and cultural transformation that we call "One Comtech" has not only taken root but is delivering results. We have streamlined operations, improved collaboration, and accelerated innovation to ensure solutions are more rapidly deployed. Collaboration with our customers and each other has become the rule, as we implement shared tools and services across our enterprise, which we believe is improving efficiencies company-wide. The results of our transformation are evident in every aspect of our business, as well as with our customer engagements, and are being celebrated with the recent rebranding and launch of Comtech’s new logo. This represents our next chapter as One We are delivering innovative communications solutions that empower people and set new ideas free. Comtech and our commitment to delivering the softwarecentric, cloud native communications solutions needed to empower people and set new ideas free. Our One Comtech financial priorities are clear: grow revenues, increase margins, reduce leverage, and increase working capital efficiencies. In a challenging operating environment, achieving these goals will give Comtech more optionality when it comes to investing in our people, our technology leadership, and our future. The integration of our individual businesses into two segments has provided clarity into opportunities to manage costs, streamline operations, improve efficiency, and accelerate decision making by eliminating management layers and other redundancies – resulting in a reduction in our workforce. We understand these decisions impact the lives of people we respect and care deeply about – and are never easy. Nevertheless, these steps are critical to accelerating our anticipated growth and realizing our One Comtech vision. We are improving our internal collaboration, implementing best practices across the enterprise, engaging more effectively with our customers and identifying new growth opportunities. With this enhanced insight, clarity and operational discipline, we can make more informed decisions about how to allocate the resources we have and put Comtech in the best possible competitive position."