Shares of CalAmp (NASDAQ:CAMP) were climbing today after the company reported its fiscal 2021 first-quarter results. The company's shares spiked as much as 15.2% during today's trading.
As of 2:59 p.m. EDT, CalAmp's stock was up 4.6%.
CalAmp reported its first-quarter results yesterday, and investors were happy to see the company's results outpace analysts' earnings and revenue estimates. CalAmp's non-generally accepted accounting principles (GAAP) earnings of $0.02 per share were down from $0.12 per share in the year-ago quarter but easily beat Wall Street's consensus estimate of a loss of $0.05 per share.
Similarly, analysts were expecting CalAmp's revenue to come in at $75.3 million, but CalAmp delivered $80.2 million in sales in the quarter.
Jeff Gardner, CalAmp's interim president and chief executive officer, said in a press release:
Despite significant impact from the ongoing COVID-19 pandemic, our first-quarter results were solid as a result of the highly coordinated effort from our team, combined with close interactions with our customers in support of their product supply requirements.
Despite today's share price gains, CalAmp's stock is still down 19% over the past 12 months and hasn't yet recovered from its severe drop back in March.
Like many other publicly traded companies, CalAmp isn't providing guidance for the upcoming quarter. Kurt Binder, CalAmp's chief financial officer, said in a statement that "Visibility into customer demand and product shipments remains uncertain due to the ongoing effects of the worldwide COVID-19 pandemic." He added that as the company obtains more clarity about its business outlook, it will begin issuing quarterly guidance again.