CalAmp's 2Q adjusted earnings beat expectations

CalAmp's 2Q adjusted earnings beat expectations; posts positive outlook, shares rise

Associated Press

OXNARD, Calif. (AP) -- CalAmp Corp. said Wednesday that its second-quarter net income fell 24 percent, but its adjusted earnings and third-quarter outlook beat or met Wall Street expectations, sending the company's shares higher in after-hours trading.

The company, which provides wireless communications technologies, products and services, reported net income of $2.8 million, or 8 cents per share, in the three months ended Aug. 31. That's down from $3.7 million, or 12 cents per share, in the same quarter a year ago.

Adjusted to exclude stock-based compensation and other one-time charges, the company earned 19 cents per share. That's above the 16 cents per share that analysts surveyed by FactSet expected, on average.

Revenue jumped 34 percent to $58.8 million from $44 million a year ago, thanks to growth at its mobile resource management products business. Analysts expected revenue of $54.8 million.

For the third quarter, the company expects adjusted earnings per share between 19 cents and 23 cents and revenue between $59 million and $63 million. Analysts expect earnings of 21 cents per share and revenue of $57.8 million, according to FactSet.

Shares of CalAmp, which is based in Oxnard, Calif., rose $1.63, or 8.7 percent, to $20.32 in after-hours trading. They rose 49 cents, or 2.7 percent, to close at $18.69 during regular trading.

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