NEW YORK (TheStreet) -- Shares of CalAmp (CAMP) - Get CalAmp Corp. Report closed higher by 0.78% to $14.20 on heavy trading volume Wednesday after the company reported better-than-expected results for the 2017 fiscal first quarter.
After yesterday's closing bell, the Irvine, CA-based wireless communications solutions company posted adjusted earnings of 30 cents per diluted share, topping analysts' expectations for 21 cents per share.
Revenue jumped 39% to $91.1 million from last year and was above Wall Street's estimates of $80.8 million.
For the second quarter, CalAmp sees earnings per share between 25 cents and 31 cents per share on revenue of $90 million to $95 million.
Analysts are looking for earnings of 28 cents per share on revenue of $96.5 million for the current period.
Canaccord Genuity maintained its "buy" rating and $25 price target on the stock after the results.
"CalAmp reported Q1/F2017 revenue and EPS above our and consensus expectations after adjusting for the satellite division included in earnings versus our prior expectations that excluded the soon to be closed satellite business," the firm wrote in an analyst note.
"However, adjusting for the satellite business, Q2/F'17 revenue guidance was roughly $7 million below our expectations due to a short-term inventory correction at CalAmp's customers, primarily for MRM products at fleet customers in North America," Canaccord noted.
The firm said it anticipates stronger results in the second half of fiscal 2017.
About 1.14 million of the company's shares were traded today vs. its average 30-day volume of 372,649 shares per day.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations and expanding profit margins.
But the team also finds weaknesses including a generally disappointing performance in the stock itself, unimpressive growth in net income and disappointing return on equity.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: CAMP