ORBCOMM Inc. (ORBC) Expected to Post Quarterly Sales of $71.47 Million
Wall Street analysts expect that ORBCOMM Inc. (NASDAQ:ORBC) will announce sales of $71.47 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for ORBCOMM’s earnings, with the lowest sales estimate coming in at $70.60 million and the highest estimate coming in at $73.15 million. ORBCOMM reported sales of $46.83 million in the same quarter last year, which would suggest a positive year over year growth rate of 52.6%. The company is expected to announce its next quarterly earnings results on Tuesday, February 27th.
According to Zacks, analysts expect that ORBCOMM will report full-year sales of $71.47 million for the current financial year, with estimates ranging from $248.80 million to $251.39 million. For the next year, analysts anticipate that the business will report sales of $276.45 million per share, with estimates ranging from $268.60 million to $286.14 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover ORBCOMM.
ORBCOMM (NASDAQ:ORBC) last released its earnings results on Thursday, November 2nd. The technology company reported ($0.10) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.01). ORBCOMM had a negative return on equity of 8.01% and a negative net margin of 25.32%. The firm had revenue of $69.37 million during the quarter, compared to the consensus estimate of $65.62 million. During the same quarter in the previous year, the firm earned ($0.04) EPS. The business’s quarterly revenue was up 49.9% compared to the same quarter last year.
Shares of ORBCOMM (NASDAQ:ORBC) traded up $0.24 during mid-day trading on Wednesday, reaching $10.00. The company’s stock had a trading volume of 1,250,000 shares, compared to its average volume of 796,740. The company has a quick ratio of 2.21, a current ratio of 2.79 and a debt-to-equity ratio of 0.99. ORBCOMM has a 12-month low of $7.77 and a 12-month high of $11.99.
In related news, Director Jerome B. Eisenberg sold 7,000 shares of the company’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $10.67, for a total transaction of $74,690.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP John J. Stolte, Jr. sold 39,230 shares of the company’s stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $10.45, for a total value of $409,953.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 60,230 shares of company stock valued at $638,714. 9.50% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in ORBC. SG Americas Securities LLC bought a new position in shares of ORBCOMM during the third quarter valued at approximately $107,000. PNC Financial Services Group Inc. bought a new position in shares of ORBCOMM during the second quarter valued at approximately $120,000. Principal Financial Group Inc. raised its holdings in shares of ORBCOMM by 4.7% during the second quarter. Principal Financial Group Inc. now owns 12,575 shares of the technology company’s stock valued at $142,000 after acquiring an additional 569 shares in the last quarter. Highbridge Capital Management LLC bought a new position in shares of ORBCOMM during the third quarter valued at approximately $155,000. Finally, Legal & General Group Plc raised its holdings in shares of ORBCOMM by 4.4% during the second quarter. Legal & General Group Plc now owns 15,881 shares of the technology company’s stock valued at $180,000 after acquiring an additional 670 shares in the last quarter. Institutional investors own 77.83% of the company’s stock.
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ORBCOMM Company Profile
ORBCOMM Inc is a provider of Internet of Things (IoT) solutions, including network connectivity, devices, device management and Web reporting applications. The Company’s IoT products and services are designed to track, monitor and manage security for a range of assets, such as trailers, trucks, rail cars, sea containers, generators, fluid tanks, marine vessels, diesel or electric powered generators (gensets), oil and gas wells, pipeline monitoring equipment, irrigation control systems, and utility meters, in industries for transportation and supply chain, heavy equipment, fixed asset monitoring, maritime and government.
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