PowerFleet: Third Quarter Financial Results Overview

PowerFleet Reports Third Quarter Financial Results

PowerFleet, Inc., headquartered in Woodcliff Lake, New Jersey, announced on Monday that it recorded a net loss of $3.4 million for its fiscal third quarter.

The company reported a loss of $0.03 per share. After adjusting for non-recurring items, earnings stood at $0.02 per share.

These figures surpassed analysts’ expectations, as a consensus of five analysts polled by Zacks Investment Research had projected the company would break even per share.

PowerFleet, which specializes in fleet vehicle tracking and communication solutions, generated $113.5 million in revenue during the quarter, outperforming the $111.7 million average estimate from Zacks’ analysts.

Looking ahead, PowerFleet anticipates its annual revenue will fall between $440 million and $445 million.

At the close of trading, the company’s stock price was $4.84, compared to $5.95 at the same time last year.