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Monday, Aug 15, 2022
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CalAmp Up on Earnings

Shares of CalAmp Corp. (NASDAQ: CAMP), an Irvine-based maker of Internet-connected products, rose as much as 9.3% after reporting fiscal second-quarter revenue that topped analyst estimates.

“We experienced accelerating momentum on multiple fronts in the quarter,” Chief Executive Michael Burdiek said in a statement released after the close of markets yesterday.

CalAmp reported revenue of $89.8 million, above the $88.7 million estimate of six analysts surveyed by Zacks. Adjusted profit was 27 cents a share, meeting the average estimate.

CalAmp forecast third-quarter adjusted profit of 27 cents to 33 cents on sales of $89 million to $94 million. The average analyst estimate is 29 cents on sales of $90.5 million, Zacks said.

Shares at midday were up 9.2% to $23.06 and an $815 million market cap. The shares have almost doubled in the past year.

Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
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