Boston, MA 10/07/2014 (wallstreetpr) – CalAmp Corp. (NASDAQ:CAMP) President and CEO, Michael Burdiek, said that as the year progresses, he expects the company’s consolidated revenue to gain momentum from its key heavy equipment OEM customer. He said that the revenue from the key customer could exceed $10 million in the second six-month period of the fiscal year.
CEO Comments
CalAmp Corp. (NASDAQ:CAMP)’s CEO said that it could witness momentum across its core portfolio in the recent quarter, its statement revealed. He added that its investments in fresh applications and continued execution apart from geographic expansion have positioned the company very well to deliver growth in the fiscal year 2016 and thereafter.
Commenting on the second quarter results, CalAmp CEO said that the company could record robust growth in energy revenues driven by fresh shipments to its solar power customer. This apart, strong demand was recorded in its mobile resource management products from asset tracking and fleet management customers.
Burdiek said that it generated higher gross margin from its Satellite division though it experienced a fall in revenue to $9 million. He attributed the improved margin to product mix. Its Wireless Datacom division also delivered strong results during the second quarter.
Outlook
CalAmp Corp. (NASDAQ:CAMP) expects to deliver adjusted earnings of 21 – 25 cents a share for the third quarter on revenue of $61 – $65 million. On a GAAP basis, it predicts earnings of 8 – 12 cents a share for the same quarter. On average, Wall Street analysts’ estimate the company to report profit of 24 cents a share on revenues of $65.17 million.
For the fiscal year 2015, the company projects adjusted earnings of 88 – 94 cents a share and GAAP earnings of 36 – 42 cents a share. Revenue is estimated to be between $250 and $255 million for the same period. Street analysts’ are predicting the company to report earnings of 91 cents a share on revenues of $253.01 million.
2Q Results
CalAmp Corp. (NASDAQ:CAMP) reported net income of $3.28 million, up 14.3% from $2.87 million while earnings advanced 12.5% to nine cents a share from eight cents a share in the year-ago quarter. On an adjusted basis, its net income increased 10.3% to $7.5 million or 21 cents a share from $6.8 million or 19 cents a share in the prior year quarter. Its revenue grew 0.7% to $59.2 million from $58.81 million in the previous year quarter.
