CalAmp Down Over 10% Despite Better Than Expected Earnings
CalAmp Corp. (NASDAQ: CAMP) is trading lower on the session following its Q1 earnings announcement yesterday. The company reported an EPS of $0.18 vs $0.13 estimates and revenues of $43.9 million vs $43.50 million estimates. CalAmp also announced that it sees Q2 EPS $0.13-0.17 vs $0.11 estimates.
Michael Burdiek, CalAmp's President and Chief Executive Officer stated, "We began fiscal 2013 with an outstanding first quarter where the earnings power of our business strategy was clearly evident. The Wireless Datacom segment posted impressive revenue growth of 44%, driven by strength across core verticals with continued momentum in Mobile Resource Management (MRM) and significant contribution from our Rail initiative. In the Satellite business segment, we were particularly pleased with the gross margin improvement to 15.8% and with its solid contribution to the bottom line."
CalAmp is currently trading at $7.45, a loss of $0.95 or 11.27%.
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