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CalAmp Shares Slide After Earnings, Revenue Miss -Breaking

by Mike Robinson

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Sam Boughedda

Investing.com — CalAmp Corp (NASDAQ:)Technology company, reported a loss of 8c per share for revenue of $69million. According to analysts polled Investing.comOn revenue of $79.18million, EPS was expected to be 8 cents. Revenue declined by 12% over the same period in last year.

CalAmp shares fell 9% to $9.02 following the report.

Jeff Gardner, CalAmp President and CEO said that supply chain issues were still weighing on the company.

Gardner said, “As stated in the last month’s business update, the continuing global component shortages are more severe than we expected. This has caused a significant decrease in our shipments in the quarter.”

“We work closely with our suppliers in order to source and qualifie additional parts as well redesign devices where possible. Even though this is a difficult situation, the customer demand has been strong as demonstrated by the steady high levels of backlog in recent quarters. We continue to transform our company into a SaaS business.

CalAmp provided no guidance on visibility to product shipments due the uncertainty surrounding global component supply shortages as well as the Chinese New Years’ timing in February.

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