Seeking Alpha

Fleetmatics bucks shorts, shares up 9.4% AH on Q3 results, guidance hike

  • Fleetmatics (FLTX) shares soar 9.4% AH after the company soundly beat Q3 expectations and guided to higher-than-expected Q4 revenue. The results may have put some criticism to bed, if at least temporarily. Shares were down 37% from Sept. highs before results were released due to a bear article by SA contributor Prescience Point.
  • Q3 gross margin of 75.9% expanded by 2.4% from Q3 in 2012.
  • Active vehicles at the end of Q3 were 417K, up 37.6% Y/Y. Quarterly net churn nearly halved to 1.1% from 2.1% in Q3 2012. Gross churn was 1.9%, compared to 2.2% in Q3 2012.
  • Management guides for Q4 revenue of $48.6M-$49.2M (vs. consensus of $47.0M), EBITDA of $14M-$14.4M, and EPS of $0.21-$0.23 ($0.22).
  • PRConference call at 5pm ET
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