Why Shares Of CalAmp Are Plunging Today

CalAmp Corp CAMP shares are trading lower after the company reported worse-than-expected first quarter adjusted earnings per share and sales results.

The company reported quarterly losses of $(0.10) per share which missed the analyst consensus estimate of $(0.03) and reported quarterly sales results of $64.73 million which missed the analyst consensus estimate of $69.43 million. 

Jeff Gardner, CalAmp's president and CEO, said "We have successfully converted more than one-third of our total installed base of eligible telematics customers to recurring software contracts through the end of our fiscal 2023 first quarter.”

CalAmp Corp provides wireless communications solutions applications to customers. The company's products, software, and application services are sold into a broad array of market verticals, including transportation, government, construction, and automotive.

The stock was trading about 30.5% lower at $4.99 per share on Friday at the time of publication.