Fleetmatics' share price rockets 17pc
SHARES in Dublin-based Fleetmatics soared in New York yesterday, after the company said sales are set to improve faster than expected next year.
Shares rose as much as 17pc to $37.90 in New York after Fleetmatics said it expects sales of between $175.9m and $176.5m this year, and sales of $225m to $227m next year.
The NYSE-listed software-as-a-service (SaaS) player, said it expects fourth quarter earnings per share to average 21c to 23c.
Shares in Fleetmatics have soared since the firm listed last year and posted a series of results that beat expectations.
The Dublin-headquartered company allows fleet operators to use the internet to track vehicles and their fuel usage, speed and mileage, as well as other insights into the performance of their mobile workforce. The company helps customers track more than 417,000 vehicles.
"Our ability to exceed the high end of our expectations across all key operating metrics during the third quarter was driven by the ongoing strong demand for our comprehensive fleet management solution," chief executive Jim Travers said.
"The combination of growth in new customers, increasing sales to existing customers and low churn led to the record results during the quarter. Looking forward, we continue to be very excited about the company's future."