By Katherine Hamilton
Shares of Powerfleet climbed after reporting third-quarter revenue that beat expectations and raising its 2025 guidance.
The stock was up 27% to $7.53 in late morning trading on Monday, and touched an all-time high of $7.55 earlier in the session. Shares are up 36% in the last three months.
The Woodcliff Lake, N.J. software-as-a-service company said before the open that revenue increased 45% to $106.4 million in the third quarter. Analysts polled by FactSet expected $99.2 million.
The acquisition of fleet management platform Fleet Complete and strong in-warehouse sales helped drive revenue, Powerfleet said. In April, Powerfleet combined with the fleet management company MiX Telematics. That merger is expected to help save costs and expand market opportunity.
"Our strategic focus on achieving global scale through accretive M&A transactions has fundamentally reshaped our business," said Chief Executive Steve Towe.
Powerfleet also increased its revenue guidance for 2025 to $362.5 million, up from $352.5 million previously. Analysts had expected $351.9 million, according to FactSet.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
February 10, 2025 11:41 ET (16:41 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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