Fleetmatics' adjusted earnings jump to €7.9m
Dublin-based technology firm Fleetmatics has reported adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of $10.1m (€7.9m) for the third quarter, up 80pc year-on-year.
Revenue at the firm, which provides electronic telemetry and logistics services to companies such as haulage operators, rose 39pc to $33.2m (€26m) in the period.
Fleetmatics floated on New York's Nasdaq exchange last month, raising just under $100m after fees and expenses. Shares in the company were flat in lunchtime trading yesterday. The firm has a market capitalisation of almost $750m (€589m).
Fleetmatics' chief executive Jim Travers said the third-quarter performance was helped by "robust" growth in subscriptions.
The company's technology is also now used to provide data on 303,000 vehicles -- the vast majority of them in the United States. That figure is 40pc higher than the 217,000 it had in the third quarter of 2011.
The Tallaght-based firm's technology aims to help client companies reduce fuel burn, develop optimum routes and improve overall logistics. The company was founded in 2004.
"There are numerous opportunities for Fleetmatics to continue to drive strong growth over the long-term, including acquiring new customers, increasing sales to existing customers, entering new geographies, introducing new features and further monetising our data," added Mr Travers.