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What: Shares of wireless communications technologist CalAmp (NASDAQ:CAMP) soared 15% today after its quarterly results and outlook impressed Wall Street.

So what: The stock has soared in 2013 on a string of market-topping quarters, and today's second-quarter results -- adjusted earnings per share of $0.19 topped Wall Street by $0.03 on a revenue spike of 34% -- coupled with upbeat guidance suggest that the momentum isn't slowing. In fact, gross margin during the quarter increased 160 basis points to 33.7%, indicating that its competitive position and product mix are improving as well.

Now what: Management now sees third-quarter adjusted EPS of $0.19-$0.23 on revenue of $59 million-$63 million, versus the consensus of $0.21 and $57.8 million, respectively. "We believe CalAmp's strong momentum exiting the second quarter and healthy pipeline of new opportunities, driven by an expanding network of global channel partners and a robust portfolio of innovative products, provide the Company with a strong tailwind as we enter the second half of fiscal 2014," said CEO Michael Burdiek. Of course, with the stock now up more than 180% over its 52-week lows and trading at a 20-plus forward P/E, those prospects might already be baked into the valuation.

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