Shares of CalAmp tumbled 9 percent after the wireless communications company posted fourth-quarter earnings and revenue guidance that missed Wall Street expectations.
THE SPARK: Late Monday, the company said that it expected adjusted quarterly earnings of between 19 and 23 cents per share. Analysts were looking for a more solid 24 cents per share, according to FactSet.
The company projected revenue between $60 million and $63 million, also short of Wall Street expectations for $65 million.
THE BACKGROUND: The company, which is based in Oxnard, Calif., also reported its earnings for the third quarter late Monday. Adjusted to remove one time-charges, the company reported earnings of 23 cents per share.
Revenue rose 43 percent to $63.5 million from $44.3 million. For the fourth-quarter, the company warned that it expects revenue at its satellite business to fall.
SHARE ACTION: CalAmp Corp. fell $2.52 to $25.04 in midday trading Tuesday. Shares, however, have more than tripled from a year ago.
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