Powerfleet Changes Fiscal Year End From December 31, 2024 To March 31, 2024, Effective Immediately; Reiterates Its Guidance For Revenue And Adjusted EBITDA For Powerfleet And MiX Telematic
Portfolio Pulse from Benzinga Newsdesk
Powerfleet, Inc. (NASDAQ:PWFL) has changed its fiscal year end from December 31 to March 31, effective immediately, to align with MiX Telematics's fiscal year following their business combination on April 2, 2024. Powerfleet reiterated its revenue and adjusted EBITDA guidance for the year ending March 31, 2024.
May 09, 2024 | 10:30 pm
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Powerfleet's fiscal year change to March 31 aims to synchronize with MiX Telematics, enhancing post-merger integration. The company also reaffirmed its financial outlook for the upcoming year.
Changing the fiscal year end to match that of a business partner or merger entity like MiX Telematics can lead to streamlined financial reporting and potentially better financial performance visibility. Reiterating financial guidance may reassure investors about the company's stability and growth prospects, likely having a positive impact on the stock price in the short term.
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