Itron Q3 Profit Tops Estimates, But Revenues Miss; Guides Q4 Well Below View
(RTTNews) - Itron, Inc. (ITRI) reported Thursday net income attributable to the company for the third quarter of $4.12 million or $0.09 per share, compared to a net loss of $1.87 million or $0.04 per share in the prior-year quarter. Excluding items, adjusted earnings per share for the quarter were $0.23, compared to $0.21 last year.
Total revenues for the quarter declined 14 percent to $420.86 million from $486.95 million in the same quarter last year. Revenue decreased 9 percent excluding the impact of changes in foreign currency exchange rates.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.22 per share on revenues of $461.42 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to the fourth quarter, the company projects adjusted earnings in a range of $0.00 to $0.15 per share on revenues between $420 million and $460 million. The Street is looking for earnings of $0.34 per share on revenues of $497.20 billion for the quarter.
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