Shares of Comtech Telecommunications (CMTL) - Get Report rocketed Wednesday after the contractor, which does extensive work on defense and space projects, beat analyst estimates of earnings and revenue for the fiscal fourth quarter ended July 31.
Comtech's stock price jumped 13% to $33.77 after the Melville, N.Y., contractor reported profit of 25 cents a share, or an adjusted 29 cents.
While the figures lagged the GAAP report of 31 cents a share for the year-earlier quarter, they more than doubled the 10 cents expected by analysts polled by FactSet.
Revenue of $176.4 million topped by 7% the $164.8 million estimate of analysts surveyed by FactSet. The latest revenue was 5.3% ahead of the year-earlier quarter's $167.4 million.
The company finished the fiscal year with a $683 million backlog.