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Here is why CalAmp Corp. (CAMP) stock plummeted in the after-hours on Thursday?

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CalAmp Corp. (CAMP) shares plunged 7.12% in after-hours on Thursday, June 24, 2021, and closed the day at $13.30 per share. Earlier in the morning session, CAMP’s stock gained 4.07% to close Thursday’s session at $14.32 per share. CAMP shares have risen 89.92% over the last 12 months, and they have moved up 3.24% in the past week. Over the past three months, the stock has gained 33.09%, while over the past six months, it has declined 53.81%.

Let’s have a look at its recent news and developments.

Latest financial results announcement

On June 24, 2021, CalAmp announced its financial results for its first quarter of the fiscal year 2022 ended May 31, 2021.

Q1 2022 financial highlights

  • CalAmp reported total revenue of $79.67 million for Q1 2022 compared to $73.73 million for Q1 2021.
  • The gross margin was 40.7% in Q1 2022, compared to 39% in Q1 2021.
  • The company suffered a GAAP net loss of $6.0 million from continuing operations, or a loss of $0.17per share in Q1 2022 compared to a $6.58 million loss or a loss of $0.19 per share in Q1 2021.
  • Adjusted basis non-GAAP net income was $2.9 million, or $0.08per diluted share in Q1 2022 compared to adjusted non-GAAP net income of $3.0 million or $0.19 per share in Q1 2021.
  • Adjusted EBITDA was $8.4 million in Q1 2022 compared to Adjusted EBITDA of $8.3 million in Q1 2021.
  • As of May 31, 2021, the company had $96.2 million in cash and cash equivalents.

CalAmp’s Tracker and cap hpi Partnership

On June 22, 2021, Tracker, which is a subsidiary of CalAmp, signed a partnership agreement with Cap hpi which will help car dealers deliver security to their customers, while also tapping into new income streams hidden on their lots.

LoJack® Italia partnership with Koelliker Group

On June 21, 2021, LoJack® Italia, which is a subsidiary of CalAmp announced a partnership with Koelliker Group to provide the pre-installedLoJack® Connect cutting-edge connected car intelligence and services that encourage better driving habits and enhance vehicle safety for more secure and sustainable mobility.

Update about CalAmp Board members

The two long-standing directors of CalAmp, A.J. “Bert” Moyer and Larry Wolfe both announced their retirements but will keep serving until the new slate of directors has been ratified at its upcoming Annual Meeting of Stockholders on July 28, 2021. Moyer has served on CalAmp’s Board for more than 16 years and also served as chairman from July 2013 to July 2020. Wolfe served on the Board for more than 12 years and had previously chaired the Company’s Audit Committee.

Conclusion

The financial results announcement was the reason behind its poor performance in the after-hours on Thursday. The results improved but not significantly which resulted in declining the CAMP share price.

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