search icon
      blog search icon

      CalAmp Corp. (CAMP) stock plunge during pre-market trading session. Here’s to know why? - Stocks Telegraph

      By Mahnoor Shah

      Published on

      September 24, 2021

      8:27 AM UTC

      CalAmp Corp. (CAMP) stock plunge during pre-market trading session. Here’s to know why? - Stocks Telegraph

      CalAmp Corp. (NASDAQ: CAMP) stock gained by 5.07% at last close whereas the CAMP stock-price declines by 9.19% in the pre-market trading session. CalAmp is a connected intelligence firm that makes it easier for people and companies to work together more effectively. They work with companies in the transportation and logistics, industrial equipment, government, and automotive industries to provide data that helps them make better decisions.

      CAMP stock’ Financial Highlights

      CalAmp announced financial results for its second quarter of fiscal year 2022. Given below are the highlights:

      • The company reported $79 million in revenue which is a rise of 6%.
      • Due to S&SS revenue growth and product mix, gross margin increased by 150 basis points to 42 percent.
      • The net loss from ongoing operations was $5.4 million, or $0.15 per share, according to GAAP.
      • Non-GAAP net income was $2.9 million, or $0.08 per diluted share, on an adjusted basis.
      • Adjusted EBITDA was $8.3 million, or 11 percent of revenue, compared to $5.0 million, or 7 percent of revenue the year before.
      • Including the Automotive Vehicle Finance division, total S&SS subscribers were 988,640, up 4% from the previous quarter.
      • Cash and cash equivalents were $101.1 million at the end of the quarter.

      Jeff Gardner, CalAmp’s president and CEO stated,

      In their Software and Subscription Services business, they saw another quarter of robust revenue growth, which helped to boost their consolidated gross margin. The first conversion of a few critical clients to their new CTC platform, as well as the completion of a big trailer refit programme, all of which are recurring subscription contracts, were key to this achievement. Furthermore, they began to receive orders from throughout the world in support of the 3G-to-4G transition, but supply chain component shortages have restricted their ability to completely ship against their backlog.

      Future Expectations

      Because visibility into product shipments remains unpredictable owing to global component supply constraints, the Company will continue to refrain from offering quarterly guidance.

      More From Stocks telegraph