Orbcomm Revenue Down 5.2% in 2Q
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Orbcomm Inc., a provider of machine-to-machine and internet of things technologies, said it had a net loss of $6.4 million in the second quarter ended June 30, compared to a net loss of $7.2 million in the second quarter of 2018.
Earnings per share were minus 8 cents, compared to minus 9 cents per share in the second quarter of 2018.
Revenue was down 5.2% to $67.1 million from $70.8 million a year earlier.
The company said product sales were $27.4 million, compared with $32.3 million in the second quarter of 2018.
The 2018 second-quarter sales included $2.9 million of revenue from a large hardware shipment to a transportation customer that did not repeat this year, the company said.
Eisenberg
“We successfully closed some large opportunities in both our in-cab and container programs and expect to grow both product and service revenues in the back half of this year,” said Marc Eisenberg, Orbcomm CEO, in its July 31 earnings release.
Orbcomm does major business with trucking companies. In February 2017, J.B. Hunt Transport Services of Lowell, Ark., selected Orbcomm to track and monitor 90,000 intermodal containers and over-the-road trailers. Orbcomm also picked up a contract with Tote Maritime to monitor refrigerated cargo containers moving between the U.S. mainland and Puerto Rico.
Based in Rochelle Park, N.J., the company offers asset monitoring and control solutions, including satellite and cellular connectivity. The company was founded in 1993.
