Lojack Corp (LOJN) Tops Q2 EPS by 1c

Lojack Corp (NASDAQ: LOJN) reported Q2 EPS of $0.06, $0.01 better than the analyst estimate of $0.05. Revenue for the quarter came in at $33.6 million versus the consensus estimate of $35.01 million.

"We posted a profitable second quarter that demonstrated our success in reducing expenses and right-sizing our foundational Stolen Vehicle Recovery (SVR) business while fully maintaining our focus on building future growth in key telematics segments," said LoJack President and CEO Randy Ortiz. "Ongoing cost-reduction initiatives helped to drive a $4.6 million improvement in the bottom line in the second quarter, and we remain on track to reduce fixed overhead expense by between $6 million and $8 million on an annualized basis this year.

"Driven by the success of our Pre-Install strategy, unit volume in our domestic dealer SVR business increased 5 percent in the quarter," Ortiz continued. "June was the strongest month in terms of SVR unit volume in seven years and the second-strongest month ever in terms of Pre-Install volume. Our domestic business has now equaled or exceeded the performance of the broader U.S. retail auto market in 10 of the past 11 quarters.

"We believe that demand and sales momentum are building for our LoJack® Connect for Equipment ruggedized telematics system," Ortiz said. "Construction firms are seeking to track their equipment and optimize their usage, while large multi-national rental companies are focusing on optimizing their rental models to lower overall maintenance costs and maximize profitability."

For earnings history and earnings-related data on Lojack Corp (LOJN) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Movano (MOVE) Misses Q2 EPS by 195c
• SanDisk upgraded at JPMorgan after investor day; shares climb