Itron Raises Profit Outlook, But Revenue Miss and Soft Q3 Guide Weigh on Shares
ITRI sits 31% above its 52-week low of $77.77.
Summary
Itron's Q2 adjusted EPS of $1.59 beat by $0.30, and full-year EPS guidance was raised to $6.30-$6.50 from $5.75-$6.25, well above the $5.96 consensus. However, revenue fell 7.2% to $562.9M, missing estimates, and Q3 revenue guidance of $590M-$600M came in below the $607.7M consensus. The stock surged 23% yesterday on the initial beat but is down 4.9% today as traders digest the softer top-line and cautious near-term outlook. Record gross margins of 41.4% and a $4.4B backlog provide some offset. This follows yesterday's earnings release and adds granular segment data and forward guidance that were not in the initial headlines.
At the time of this announcement, ITRI was trading at $101.99 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $4.5B. The 52-week trading range was $77.77 to $142.00. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Benzinga.