CalAmp Corp. (NASDAQ:CAMP) shares are trading lower after the company reported third-quarter EPS results were lower year over year and also reported worse-than-expected third-quarter sales results.
CalAmp reported quarterly losses of 8 cents per share. The company reported quarterly sales of $69 million which missed the analyst consensus estimate of $79 million by 13%. This is a 22% decrease over sales of $88.01 million in the same period last year.
"As indicated in the business update announcement last month, the ongoing global component shortages have been more pronounced than expected, causing a significant reduction in our shipments during the quarter," said Jeff Gardner, CalAmp's President and CEO.
"We are working closely with our suppliers to source the needed parts, qualify additional components and even redesign certain devices when possible. Despite this challenging situation, we are encouraged with the strong customer demand as evidenced by the consistently high level of customer backlog over the past few quarters as we continue our transformation to a SaaS enterprise," Gardner stated.
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CalAmp has a 52-week high of $14.51 and a 52-week low of $7.15.
