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Source: CalAmp.

Shares of wireless networking specialist CalAmp (NASDAQ:CAMP) plunged as much as 17% in after-hours trading, following the release of results for the first quarter of fiscal year 2015.

Sales rose 10% year over year, landing at $59 million. Adjusted earnings increased by 19% to $0.19 per diluted share. Both figures exceeded analyst expectations by slim margins.

Revenue in CalAmp's wireless datacom division rose 17% from year-ago levels, while satellite sales fell by 14%. Business was soft in the energy market and lagged in South America, but late shipments of some high-margin satellite products still brought the company's sales above Wall Street's projections.

Looking ahead, CalAmp expects second-quarter revenue near $59 million with a radically different product mix. Solar power products will come back strong in this period while satellite sales should drop sharply. On the bottom line, non-GAAP earnings should work out to approximately $0.19 per diluted share.

For this period, analysts are currently looking for earnings of $0.22 per share on roughly $63 million in total sales. CalAmp set the bar far below these Street estimates.

That being said, CalAmp CEO Michael Burdiek expects a strong rebound in the second half of fiscal 2015, even as the satellite business continues to fade.

"We expect consolidated revenues to gain momentum as the year progresses," Burdiek said in a prepared statement. "The second half of fiscal 2015 will be significantly stronger than the first half of the year, with Wireless Datacom revenue growth expected to accelerate as we move through the last two quarters of the year driven by the emerging auto insurance telematics and heavy equipment markets."

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Anders Bylund has no position in any stocks mentioned. The Motley Fool recommends CalAmp. Try any of our Foolish newsletter services free for 30 days.

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