By midday, shares had tanked -23% to $18.96.
Over the three months to February, the wireless tech developer earned 20 cents a share, a penny lower than analysts surveyed by Thomson Reuters forecast.
Revenue of $59.8 million jumped 23.6% year over year but fell short of expectations for $61.49 million.SELL NOW: If you own any of the 900 stocks that TheStreet Quant Ratings has identified as a 'Sell'...you could potentially lose EVERYTHING in the next 6-12 months. Learn more. "Performance issues on the part of a contract manufacturer that we inherited with the Navman Wireless product line acquisition prevented us from shipping approximately $2 million in product orders in the fourth quarter," said CEO Michael Burdiek in a statement. Management said it expected first-quarter revenue between $56 million and $60 million and earnings of 17 cents to 21 cents a share. Analysts had expected revenue of $61.47 million and earnings of 21 cents a share. TheStreet Ratings team rates CALAMP CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation: "We rate CALAMP CORP (CAMP) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, good cash flow from operations and increase in net income. We feel these strengths outweigh the fact that the company shows low profit margins."
- You can view the full analysis from the report here: CAMP Ratings Report