CalAmp misses analyst estimates for second quarter
CalAmp fell short of revenue and earnings per share estimates for the second quarter, the company reported Sept. 29.
Net income was $521,000, which was down from $3.4 million in the second quarter of 2015.
CalAmp posted revenues of $90.5 million, up from revenues of $69.8 million during the same quarter in 2015 but just shy of analyst estimates of $92.1 million, according to Zacks Investment Research.
CalAmp also posted non-GAAP earnings of 27 cents per share, which was the same figure as the second quarter of 2015 but just below analyst estimates of 28 cents per share. The company posted GAAP earnings of just 1 cent per share.
During the second quarter, the company purchased and retired approximately 580,000 shares of its common stock at an aggregate cost of $8.5 million pursuant to a stock repurchase plan adopted in June 2016. Under this plan the company may still purchase $16.5 million worth of its stock.
The Irvine-based company has a large satellite office and factory in Oxnard.
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