Itron, Inc. (NASDAQ:ITRI) delivered a profit and met Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Itron, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 50% to $0.58 in the quarter versus EPS of $1.16 in the year-earlier quarter.
Revenue: Decreased 16.77% to $482 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Itron, Inc. reported adjusted EPS income of $0.58 per share. By that measure, the company met the mean analyst estimate of $0.58. It missed the average revenue estimate of $485.16 million.
Quoting Management: “Our second quarter results improved over first quarter in nearly every metric,” said Philip Mezey, Itron’s president and chief executive officer. “We were encouraged by the revenue growth in our core electricity business and improved total gross margin. In addition, our bookings increased 15 percent year-over-year to the highest level in six quarters. We expect our results to strengthen further in the second half of this year and we will continue to focus on lowering our costs to drive additional earnings leverage in our business.”
Key Stats (on next page)…