(Adds Outlook, stock movement)
Looking ahead, for the full year, PowerFleet, Inc. (AIOT) has revised up its full-year revenue and EBITDA outlook to reflect year-to-date financial performance and the accounting impact of Fleet Complete's conversion from Canadian accounting standards to the U.S. GAAP. Following the news, shares were trading up almost 9 percent in the pre-market trading.
Excluding items, for the full year, the company now projects EBITDA of more than $75 million, a $2.5 million increase from the prior expectation of $72.5 million. PowerFleet now expects annual revenue of over $362.5 million, a $10 million increase from its prior guidance of around $352.5 million.
AIOT was up by 9.24 percent at $6.50 in the pre-market trade on the Nasdaq.
Q3 Results:
Below are the earnings highlights for PowerFleet, Inc. (AIOT):
Earnings: -$14.349 million in Q3 vs. -$5.049 million in the same period last year. EPS: -$0.11 in Q3 vs. -$0.05 in the same period last year. Excluding items, PowerFleet, Inc. reported adjusted earnings of $1.572 million or $0.01 per share for the period.
Analysts projected $0.05 per share Revenue: $106.429 million in Q3 vs. $73.635 million in the same period last year.
The company's third-quarter net loss reflects higher transaction costs, interest expense, and taxes. After adjusting for one-time expenses and amortization of acquisition-related intangibles, adjusted income stands at $0.01 per share, down from $0.03 per share in the prior year. "The $0.02 decline was fully accounted for by a $0.07 per share increase in interest expense and taxes," the company said.
An increase in the third-quarter revenue was driven by the Fleet Complete acquisition and strong in-warehouse product sales. Product revenue grew by 42 percent to $24.7 million, while service revenue rose 45 percent to $81.7 million, fueled by the Fleet Complete acquisition and Unity's safety-centric solutions.
* Adjusted EPS - basic
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