Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What's happening: Shares of CalAmp Corp. (NASDAQ:CAMP) were up 21% as of 11:50 a.m. Wednesday after the Internet of Things company reported record fiscal fourth-quarter 2015 results.

Quarterly revenue rose 16% year over year to $69.2 million, which resulted in a 60% increase in adjusted net income per share to $0.32. Analysts, on average, would have settled for earnings of just $0.28 per share on sales of $67.8 million.

For the current quarter, CalAmp expects revenue of $63 million to $67 million, and adjusted net income per share in the range of $0.24 to $0.28. Analysts were modeling fiscal first-quarter revenue and earnings of $67.4 million and $0.26 per share, respectively.

Why it's happening: Driving CalAmp's impressive fiscal fourth-quarter results was its core Wireless Datacom business, revenue from which jumped 23% year over year to $60.5 million. Within that, CalAmp enjoyed strong sales from its mobile resource management products, as well as an expected ramp in sales of telematics products to Caterpillar. CalAmp also saw a 10% sequential increase in fleet management software-as-a-service solutions to higher-margin enterprise fleet subscribers, including Sascar, Brazil's largest fleet management and freight security company.

In addition, just prior to the close of the quarter CalAmp acquired an early stage insurance telematics company called Crashboxx. Once commercialized, according to CalAmp CEO Michael Burdiek, Crashboxx's "unique intellectual property" should bolster CalAmp's ability to capitalize on the "enormous and largely untapped" insurance telematics market.

Finally, management explained that CalAmp's slightly lower-than-expected revenue guidance was due to a combination of lower Satellite segment revenue -- which I've already argued isn't of particular concern -- and the timing of shipments to Caterpillar. Furthermore, those shipments should resume in subsequent quarters and "are expected to represent significant year-over-year revenue growth."

All things considered, this was an excellent performance from a promising up-and-coming business. With shares still more than 20% below their 52-week-high, I can't blame the market for bidding up CalAmp stock so aggressively today.

Steve Symington has no position in any stocks mentioned. The Motley Fool recommends CalAmp. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.