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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.