PowerFleet reports Q3 adjusted EPS 1c, consensus 5c

Reports Q3 revenue $106.4M, consensus $99.43M. Q3 adjusted EPS in FY23 was 3c. The company said, “The 2c decline was fully accounted for by a 7c per share increase in interest expense and taxes”. “Our strategic focus on achieving global scale through accretive M&A transactions has fundamentally reshaped our business. With the rapid follow-up of the Fleet Complete acquisition after the MiX combination, we have built a scaled P&L that sets the stage for long-term growth,” said CEO Steve Towe. “With these strong financial foundations in place, our primary focus is now on seamlessly integrating the combined businesses, executing our strategic priorities, and positioning Powerfleet (AIOT) for accelerated top-line growth. The process of integration is well underway, as we align our organizational structure to drive sustainable growth and enhance operational excellence. Simultaneously, our cost synergy program remains on track, with $15 million in annualized savings secured exiting the December quarter and more than $16M targeted by fiscal year-end.”