WOODCLIFF LAKE, N.J. (AP) 鈥� WOODCLIFF LAKE, N.J. (AP) 鈥� PowerFleet, Inc. (AIOT) on Monday reported a loss of $2.7 million in its fiscal fourth quarter.
The Woodcliff Lake, New Jersey-based company said it had a loss of 2 cents per share. Earnings, adjusted for one-time gains and costs, were 4 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was breakeven on a per-share basis.
The maker of tracking and communications technology for fleet vehicles posted revenue of $114.5 million in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $112.9 million.
For the year, the company reported that its loss narrowed to $20.6 million, or 15 cents per share. Revenue was reported as $443.8 million.
PowerFleet expects full-year revenue in the range of $485 million to $490 million.
The company’s shares closed at $4.22. A year ago, they were trading at $4.45.
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