PowerFleet Reports Q3 Loss, Revenue Beats Estimates
WOODCLIFF LAKE, N.J. - PowerFleet, Inc. (AIOT) reported a net loss of $14.3 million for its fiscal third quarter, equivalent to an 11-cent loss per share. The Woodcliff Lake, New Jersey-based company's results fell short of analysts' expectations, with four Zacks Investment Research analysts estimating earnings of 2 cents per share.
Despite the loss, PowerFleet's revenue for the period reached $106.4 million, surpassing market forecasts. Five Zacks analysts had projected revenue of $100.6 million.
PowerFleet provides tracking and communications technology for fleet vehicles and expects full-year revenue to reach $362.5 million.
Shares of PowerFleet have declined 11% year-to-date, but have shown significant growth over the past 12 months, increasing by 83%.
This news was generated by Automated Insights using data from Zacks Investment Research. For more information, visit https://www.zacks.com/ap/AIOT.