Itron Q2 Results Top Estimates; Boosts FY24 Outlook; Stock Up 7%
(RTTNews) - Itron, Inc. (ITRI) reported Thursday that net income attributable to the company for the second quarter of $51.32 million or $1.10 per share, sharply higher than $24.20 million or $0.53 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter were $1.21 per share, compared to $0.65 per share last year.
Total revenues for the quarter increased 13 percent to $609.07 million from $541.07 million in the same quarter last year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.96 per share on revenues of $599.61 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to the third quarter, the company expects adjusted earnings in a range of $1.10 to $1.20 per share on revenues between $590 million and $600 million.
Analysts are expecting earnings of $0.92 per share on revenues of $586.09 million for the quarter.
For fiscal 2024, the company projects adjusted earnings in a range of $4.45 to $4.65 per share on revenues between $2.385 billion and $2.415 billion. The Street is looking for earnings of $4.07 per share on revenues of $2.38 billion for the year.
Previously, the company expected adjusted earnings in the range of $3.40 to $3.80 per share on revenues between $2.275 billion and $2.375 billion.
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