CalAmp’s fourth-quarter earnings surpass predictions
CalAmp shares soared more than 20 percent on April 22 after the company reported earnings for the quarter that beat estimates.
Volume was unusually heavy with nearly 6 million shares trading hands, roughly 15 times average daily volume of about 450,000 shares.
CalAmp’s profit was 32 cents per share for its fourth fiscal quarter, easily beating estimates of 28 cents. Revenue was up nearly 16 percent to $69.2 million compared to estimates of about $68 million.
CalAmp, based in Oxnard, makes products for the wireless sector and its performance reflects the increased use of mobile devices for handling daily duties on the Internet. With the rise on April 22, the stock reversed virtually all of its stock price decline for the year-to-date.