CalAmp Climbs Off Worst Levels But Remains Firmly Negative

(RTTNews) - Shares of CalAmp Corp. (CAMP) have climbed well off their worst levels of the day but continue to see considerable weakness in late-day trading on Friday. CalAmp is currently down by 8.1 percent after hitting its lowest intraday level in over five years.

CalAmp gapped open sharply lower after the wireless communications company reported fiscal third quarter earnings but weaker than expected revenues and provided disappointing fourth quarter earnings guidance.

The company reported third quarter adjusted earnings of $0.25 per share compared to analyst estimates for $0.23 per share, although its revenues of $88.5 million came in below expectations for $90 million.

CalAmp also said it expects to report fourth quarter earnings of $0.23 to $0.29 per share, which is below the consensus estimate of $0.30 per share.