Have you ever lost something or someone so quickly that you can hardly believe you didn’t go to the beach to lose more sand through your fingers? Well, that’s been happening to a lot of us. Not just individual people but also, actual companies. Companies like Orbcomm for instance. They had been suffering a fourth-quarter net loss of almost about $14.8 million, while suffering a per-share loss of about 19 cents. This 19 cents per-share loss during the fourth quarter happens because it was a huge blow for $11.7 million loss on extinguishing debt, while the loss was 4 cents per share.
Marc Eisenberg, president and chief executive officer of Orbcomm, had this to say: “We made major strides in the integration of our 12 acquisitions by moving to a single platform, going live on our two customer-facing web platforms and rationalizing our product portfolio.”
Orbcomm has the main hustle of working entirely with transportation and distribution, while also utilizing heavy equipment, oil and gas, and more areas of logistics. They also happen to own some telecommunications infrastructure, which also involves low-Earth-orbit satellites, and accompanied ground infrastructure. The revenue was seemingly impacted by the disruptions made from the COVID-19 pandemic. Orbcomm, therefore, had to close numerous business transactions with carriers and shippers throughout their market. Thusly, the earnings per share has beaten all expectations laid by Wall Street.
It’s still pretty unfortunate. “Original equipment manufacturer builds are down year-over-year but signs we monitor point to recovery in 2021. In Q4, we shipped over 76,000 devices to customers across vertical markets, including 30,000 in transportation, nearly an additional 30,000 in our satellite business, and 15,000 refrigerated container customers.”
One would almost wonder if their failure was almost self-fulfilling. Is it an instance of actual regret or would there be some sort of joining of powers at a certain point? How does Orbcomm move forward from here? That’s a fascinating means of exploring their route traveled. You would expect them to be able to keep up.
