Itron, Inc. (NASDAQ:ITRI) delivered a profit and missed 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. Shares are down 11.65%.
Itron, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 65.93% to $0.31 in the quarter versus EPS of $0.91 in the year-earlier quarter.
Revenue: Decreased 21.71% to $447.54 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Itron, Inc. reported adjusted EPS income of $0.31 per share. By that measure, the company missed the mean analyst estimate of $0.44. It missed the average revenue estimate of $465.04 million.
Quoting Management: “First quarter revenues were down compared to last year, as expected. Core electricity and water revenues increased, offset by the successful completion of several large OpenWay deployments in North America in 2012,” said Philip Mezey, Itron’s president and chief executive officer. “Overall, lower volumes pressured our gross margin in the quarter while sales, marketing, and general and administrative expenses declined compared with last year. As Itron invests in innovation for the long-term to support smart metering projects around the world, our near-term focus is to improve operating performance through efficiencies. I remain confident about our industry’s future growth prospects and confident in Itron’s ability to lead the transformation to smarter grids and smarter cities.”
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