Shares of CalAmp Corp. CAMP plunged more than 14 percent Wednesday morning after the company reported its fourth quarter results and provided guidance.
CalAmp said that it earned $0.32 per share in the fourth quarter on revenue of $70.8 million. Wall Street analysts were expecting the company to earn $0.32 per share on revenue of $71 million.
Wireless Datacom revenue for the quarter fell to $58.9 million from $60.5 million a year ago while Satellite revenue rose to $11.9 million from $8.7 million a year ago.
Net income for the quarter fell to $5.5 million from $6.5 million in the same quarter a year ago. The figure includes a $2.9 million charge related to a patent infringement lawsuit with Omega and $2.0 million for transaction expenses associated with an acquisition.
Commenting on the Company's fiscal 2016 highlights, Michael Burdiek, CalAmp's President and Chief Executive Officer, said, "Fiscal 2016 was another exceptional year with accelerated top line growth, margin expansion and record cash flow, coupled with the achievement of several strategic milestones positioning CalAmp for sustained, profitable growth. Consolidated revenues increased 12% year-over-year to $281 million, with yet another year of above market-rate growth for our Wireless Datacom segment, driven partly by shipments to our key heavy equipment OEM customer that nearly doubled compared to the prior year."
Looking forward to the first quarter, CalAmp expects to earn $0.18 to $0.24 per share on revenue of $77 to $85 million. Wall Street analysts were expecting the company to earn $0.24 per share on revenue of $89.69 million.
CalAmp also said it expects to earn $1.15 to $1.35 per share on revenue of $375 to $400 million - also short of the $1.43 per share and $414.06 million figures Wall Street analysts were expecting.
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