CalAmp: Fiscal 1Q Earnings Snapshot
IRVINE, Calif. (AP) _ CalAmp Corp. (CAMP) on Thursday reported a fiscal first-quarter loss of $8.7 million, after reporting a profit in the same period a year earlier.
The Irvine, California-based company said it had a loss of 26 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, came to 12 cents per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 9 cents per share.
The wireless communications company posted revenue of $89.1 million in the period, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $87 million.
For the current quarter ending in September, CalAmp expects its per-share earnings to range from 8 cents to 14 cents.
The company said it expects revenue in the range of $89.5 million to $94.5 million for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $91.6 million.
CalAmp shares have declined 20% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $10.42, a drop of 51% in the last 12 months.