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What's happening: Shares of CalAmp Corp. (NASDAQ:CAMP) were up 9.5% as of 12:50 p.m. Wednesday after the machine-to-machine communications specialist turned in solid fiscal first-quarter 2016 results.

Consolidated revenue climbed 11% year over year to $65.4 million, which translated to 37% growth in adjusted net income to $9.5 million, or $0.26 per diluted share. Both figures were in line with analysts' expectations.

In addition, CalAmp sees current-quarter revenue of $66 million to $70 million, also in line with Wall Street's estimates.

But the market is likely much more excited about CalAmp's full fiscal 2016 guidance, which calls for revenue of $280 million to $290 million. The midpoint of that range sits above analysts' models, which called for full-fiscal-year sales of $282.8 million.

Why it's happening: As per usual, driving CalAmp's results was its core Wireless Datacom segment, revenue from which climbed 21% year over year to $57.8 million. Meanwhile, Satellite segment revenue fell by nearly a third to $7.6 million over the same period -- but that was an expected result after what CalAmp CEO Michael Burdiek labeled an "exceptional" performance from the smaller satellite business last year.

Burdiek elaborated, "Contributing to our strong results were record quarterly revenues posted by our Mobile Resource Management products business as well as broad based growth in our Wireless Networks business. ... Overall, I am quite pleased with our first quarter results and expect revenue growth and earnings to accelerate through the balance of our fiscal year."

Judging by the market's positive reaction today, it seems investors wholeheartedly agree with his optimism. With shares of CalAmp still trading at a reasonable 15.5 times next year's estimated earnings, I'm not surprised the market is bidding up the 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.