Reports Q3 revenue $53.63M, consensus $56.2M. “In the third quarter, strength in our industrial and connected car segments was offset by soft demand in our TSP segment. Soft demand with TSPs led to lower than expected consolidated revenue and Adjusted EBITDA. We continue to work closely with our TSP customers as they rebalance inventory levels and respond to an overall competitive environment. We are optimistic that our rejuvenated efforts in this segment will result in a return to revenue growth from current levels” said Interim CEO, Jason Cohenour. “During the quarter, we also implemented initiatives to narrow our strategic focus and to reduce cash expenses by approximately $16 million on an annualized basis. Our sharpened focus on core segments, combined with a more efficient cost structure, adds considerable leverage to our operating model as we strive for a return to profitable growth.”
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on CAMP:
- CalAmp Reports Third Quarter Fiscal Year 2024 Financial Results
- Options Volatility and Implied Earnings Moves Today, January 09, 2024
- Options Volatility and Implied Earnings Moves This Week, January 08 – January 12, 2024
- CalAmp names Chris Adams as President and CEO
- CalAmp Appoints Chris Adams as President and Chief Executive Officer