Revenues up 24% at Dublin-based Fleetmatics

Fleetmatics, a Dublin-based provider of GPS-based fleet management systems, has reported revenues of $68.6 million for the second quarter, up 24 per cent on the $55.3 million recorded a year earlier.

Active vehicles under subscription grew by 31,000 in the three months under review to 625,000, the group said.

Net income totalled $5.4 million, or $0.14 per share from $3.2 million or $0.08 per share.

Adjusted earnings before interest, taxes, depreciation, and amortization (ebitda) for the second quarter of 2015 was $21.2 million, an increase of 41 per cent versus the $15 million announced for the second quarter of 2014.

As of June 30th, the company had $179.6 million compared to $172.2 million at the end of March.

During the second quarter, Fleetmatics generated $21.7 million in net cash from operations and invested $11.8 million in purchases of property and equipment and capitalisation of internally developed software, resulting in free cash flow of $9.9 million.

"We are particularly pleased with the addition of 31,000 new vehicle subscriptions in the second quarter, our ability to secure important strategic wins in larger fleets, and in the progress we are making to develop beachheads in key international markets," said chairman and chief executive Jim Travers.

Fleetmatics develops and sells fleet-management software that tracks the location of vehicles and gives fleet operators a host of information on fuel use, speed, mileage, delivery times and so on.

The Tallaght-based company successfully floated on the New York Stock Exchange in an initial public offering (IPO) that raised $132 million two years ago. It currently employs more than 600, about 100 of which are based in Dublin, where the firm maintains its core intellectual property development.

In Ireland, clients include DHL, Sierra Communications, Munster Joinery, KN Networks, South Dublin County Council and UPC. Further afield, Fleetmatics has scored particular success in the telecoms field, with companies such as Comcast and Time Warner Cable among its customers in the US.

Looking ahead, Fleetmatics said it expects third quarter revenue to be in the range of $72.5 million to $73.5 million with adjusted ebitda of $22.0 million to $23.0 million.

For the year as a whole, the company forecasts total revenue of between $282 million and $284 million with adjusted ebitda to be in the range of $88 million to $90 million.

Fleetmatics also said on Friday that it had appointed former Dell executive John Molamphy as its new vice president of engineering.