Itron, Inc. (ITRI - Free Report) reported adjusted earnings of 71 cents per share in second-quarter 2017, up 9% from 65 cents recorded in the year-ago quarter. Earnings also surpassed the Zacks Consensus Estimate of 67 cents by a margin of around 6%. Results include the impact of the Comverge acquisition that contributed $5 million of distributed energy management (DEM) revenue reported in the Electricity segment.
Including one-time items, the company reported earnings of 36 cents per share, down 31% from 52 cents witnessed in the prior-year quarter.
Total revenue decreased around 2% year over year to $503 million, but comfortably beat the Zacks Consensus Estimate of $483 million. Foreign currency exchange rates had an unfavorable impact of around $6 million on revenues. Improvement in the Electricity segment was offset by decline in the Gas and Water segments.
Cost of goods sold went down 5.3% to $325 million from $343 million recorded in the year-earlier quarter. Gross profit improved 5% year over year to $117.9 million. Gross margin advanced 230 basis points (bps) year over year to 35.4%, driven by improvement across all segments.
Adjusted operating expenses declined 3% year over year to $126 million. Higher sales and marketing, along with acquisition and integration-related expenses were partially offset by lower legal and professional services fees, reduced headcount in general and administrative areas and lower amortization of intangible assets.
Itron posted adjusted operating income of $53.3 million compared with $41.6 million posted in the year-ago quarter. Operating margin expanded 250 bps to 10.6% in the quarter.
Itron, Inc. Price, Consensus and EPS Surprise
Zacks Names "Single Best Pick to Double"
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It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
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Itron, Inc. (ITRI - Free Report) reported adjusted earnings of 71 cents per share in second-quarter 2017, up 9% from 65 cents recorded in the year-ago quarter. Earnings also surpassed the Zacks Consensus Estimate of 67 cents by a margin of around 6%. Results include the impact of the Comverge acquisition that contributed $5 million of distributed energy management (DEM) revenue reported in the Electricity segment.
Including one-time items, the company reported earnings of 36 cents per share, down 31% from 52 cents witnessed in the prior-year quarter.
Total revenue decreased around 2% year over year to $503 million, but comfortably beat the Zacks Consensus Estimate of $483 million. Foreign currency exchange rates had an unfavorable impact of around $6 million on revenues. Improvement in the Electricity segment was offset by decline in the Gas and Water segments.
Cost of goods sold went down 5.3% to $325 million from $343 million recorded in the year-earlier quarter. Gross profit improved 5% year over year to $117.9 million. Gross margin advanced 230 basis points (bps) year over year to 35.4%, driven by improvement across all segments.
Adjusted operating expenses declined 3% year over year to $126 million. Higher sales and marketing, along with acquisition and integration-related expenses were partially offset by lower legal and professional services fees, reduced headcount in general and administrative areas and lower amortization of intangible assets.
Itron posted adjusted operating income of $53.3 million compared with $41.6 million posted in the year-ago quarter. Operating margin expanded 250 bps to 10.6% in the quarter.
Itron, Inc. Price, Consensus and EPS Surprise
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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