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Fleetmatics profits jump 56pc in year

Thursday, February 21 10:57:04

Fleetmatics, the Irish fleet management group newly listed on Wall Street, today posted a 56pc jump in full year core profits to USD33.9m as revenues rose 38pc to USDUSD127.5m

GAAP gross profit for the full year was $91.9 million, compared to $63.7 million for 2011 and operating income for the full year was $12.4 million, an increase of 108pc compared to $6.0 million for 2011.

Total revenue for the fourth quarter was $35.8 million, an increase of 38pc compared to $25.9 million for the fourth quarter of 2011.

Adjusted EBITDA for the fourth quarter was $11.8 million, an increase of 77pc compared to $6.7 million for the fourth quarter of 2011, the company said.

"We were very pleased with the company's execution during the fourth quarter, which provided a strong finish to a record year," said Jim Travers, Chief Executive Officer of Fleetmatics.

"Our strong growth in subscriptions, revenue, and profitability is being driven by continued market demand for our highly differentiated Software-as-a-Service fleet management solution for SMBs."

Mr Travers added, "Looking forward, Fleetmatics remains well positioned to maintain its momentum and capitalize on the large underpenetrated market for fleet tracking. We continue to expect the combination of acquiring new customers, increasing sales to existing customers, entering new geographies, introducing new features and further monetizing our data, to extend our leadership position and increase our market share worldwide."