Shares of Oxnard-based CalAmp plunged 9 percent on Christmas Eve, after the company delivered a fourth-quarter outlook that missed analyst expectations.
The wireless products company said it expects fourth-quarter profits of between 19 and 23 cents per share, lower than the 24 cents per share analysts were expecting, on average, according to FactSet.
CalAmp’s third-quarter revenue jumped 43 percent to $63.5 million, driven primarily by growth in its wireless datacom segment, which climbed 37 percent year-over-year to $49.7 million, and its satellite segment, which saw sales soar 72 percent to $13.8 million.
Third-quarter profits, however, plateaued at $4.2 million. Per-share earnings were 12 cents, compared to 14 cents a year earlier.
“Within the wireless datacom segment, our mobile resource management, or MRM, products continued to experience strong demand from our fleet management and asset tracking customers,” President and CEO Michael Burdiek said in an earnings statement. “Meaningful contributions from the emerging auto insurance telematics vertical also helped drive growth in the quarter. Our wireless networks business, which comprises the remainder of our wireless datacom segment, benefited from strength in the energy markets, while our expanding pipeline of opportunities from the acquired operations of Wireless Matrix are expected to support future growth and margin expansion.”
Shares of CalAmp fell 9 percent to the $25 range on Dec. 24. They rebounded slightly but fell again later in the week, closing down 1 percent to $26.26 on Dec. 27.