Categories Earnings, Technology

CalAmp stock rises on upbeat Q2 results

CalAmp (CAMP) slipped to a loss in the second quarter from a profit last year due to a charge for the early retirement of debt. The results surpassed analysts’ expectations and the wireless communications company guided third-quarter in line with consensus. Following this, the stock rose over 2% in the after hours.

Net loss for the quarter was $0.85 million or $0.02 per share compared to a profit of $12.23 million or $0.34 per share a year ago, which included a $15 million gain on the legal settlement. Adjusted earnings increased 15% to $0.31 per share.

Revenue grew 7% to $96 million. Telematics Systems revenue increased by 4.1% year-over-year driven by strong growth in Network and OEM products revenue. Software & Subscription Services revenue jumped by 21% on its freight transport subscriber additions and its LoJack Italia business.

Looking ahead into the third quarter, CalAmp expects revenue in the range of $94 million to $99 million and adjusted EPS in the range of $0.29 to $0.35. GAAP earnings are anticipated to be in the range of $0.07 to $0.13 per share. Adjusted EBITDA is predicted to be $12 million to $16 million. The forecast includes the expected gain of about $2.5 million related to the legal settlement with a former LoJack supplier.

The company completed a $230 million convertible debt issuance with a portion of the proceeds or about $54 million used to repurchase outstanding convertible notes due in May 2020 and another $15 million used to repurchase outstanding common stock.

Shares of CalAmp ended Thursday’s regular session down 1.20% at $22.28 on the Nasdaq.

Most Popular

V Earnings: Key quarterly highlights from Visa’s Q1 2023 financial results

Visa Inc. (NYSE: V) reported first quarter 2023 earnings results today. Net revenues grew 12% year-over-year to $7.9 billion. GAAP net income rose 6% to $4.2 billion while EPS grew

Earnings: Highlights of Intel’s (INTC) Q4 2022 financial results

Intel Corporation (NASDAQ: INTC) Thursday reported a decline in adjusted earnings and revenues for the fourth quarter. The semiconductor giant also provided guidance for the first quarter of 2023. Fourth-quarter

McCormick (MKC) expects to drive sales growth in 2023 through pricing actions and cost savings

Shares of McCormick & Company Inc. (NYSE: MKC) were down over 5% on Thursday after the company missed expectations on its fourth quarter 2022 results and provided a lower-than-expected earnings

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top