CalAmp Profit Tops Street, Outlook Weak; Stock Tanks - Update

(RTTNews) - Wireless communication products maker CalAmp Corp (CAMP), Tuesday reported a better-than-expected increase in first-quarter profit, helped by growth at wireless datacom business.

CalAmp detailed some weak earnings and revenue guidance for the second quarter, with its shares plunging 15 percent in after-hours trade on the Nasdaq.

CalAmp develops solutions that deliver data, voice, and video for critical networked communication and other applications

The Oxnard, California-based company posted quarterly net earnings of $2.7 million or $0.07 per share, compared with $1.7 million or $0.05 per share last year.

Excluding items, adjusted earnings for the quarter were $0.19 per share, compared with $0.16 per share in the prior year. On average, eight analysts polled by Thomson Reuters projected earnings of $0.18 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the first quarter climbed to $59 million from $53.7 million a year ago. Analysts expected revenue of about $58 million for the quarter.

Among segments, wireless datacom revenue climbed 17 percent year-over-year, while satellite revenue fell 14 percent.

For the second quarter, CalAmp estimates adjusted earnings of $0.17 to $0.21 per share and revenue of $57 million to $61 million. Analysts currently expect earnings of $0.22 per share on revenue of $62.5 million.

CalAmp stock closed Tuesday at $22.06, up $0.40 or 1.85%, on a volume of 1.6 million shares. In after hours, the stock plummeted $3.31 or 15.00% at $18.75.