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Itron (ITRI) to Post Q4 Earnings: Here's What You Should Know
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Itron, Inc (ITRI - Free Report) is slated to report fourth-quarter 2023 results on Feb 26.
The company expects fourth-quarter revenues to be between $565 million and $575 million. The Zacks Consensus Estimate is pegged at $570.8 million, indicating an increase of 22.1% from a year ago.
Non-GAAP earnings per share are anticipated in the range of 70-80 cents. The Zacks Consensus Estimate is pegged at 75 cents. The company reported earnings of 71 cents in the year-ago quarter.
ITRI’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 289.3%.
The stock has gained 36.6% compared with sub-industry’s growth of 8.9% in the past year.
Image Source: Zacks Investment Research
Factors to Consider
ITRI’s top-line performance is likely to have been driven by robust operational execution, resulting in increased shipments to customers amid improving supply-chain issues. Margin performance is likely to have been cushioned by a favorable product mix and improved operational efficiencies. Strategic collaborations and frequent product launches augur well.
Continued momentum in software license sales driven by Distributed Intelligence offerings is a tailwind. It expects increased demand for electric vehicles and distributed energy resource management to drive customer bookings. By the end of third-quarter 2023, the company’s bookings were $413 million and its backlog amounted to $4.3 billion. Management expects bookings to be $2 billion for 2023.
Accelerating trends in electrification, gas safety, energy transition, grid-edge digitalization and water efficiency are likely to have driven demand for the company’s solutions. Management noted that utilities across the Asia-Pacific region are working on improving grid stability and reliability. This represents a solid opportunity for Itron.
The Device Solutions segment is likely to have been driven by increasing water meter sales. The Outcomes segment is benefiting from higher recurring services revenues. Networked Solutions performance is likely to have been driven by the easing of supply-chain issues.
We expect revenues from the Device Solutions, Outcomes and Networked Solutions segments to be $118.2 million, $379 million and $72.5 million, respectively.
Driven by strong third-quarter results, the company made upward revisions to its 2023 guidance. It now projects revenues to be between $2.16 billion and $2.17 billion. Non-GAAP earnings per share are estimated in the band of $2.83-$2.93.
Earlier, ITRI predicted revenues in the range of $2.11-$2.14 billion. Non-GAAP earnings per share were envisioned to be between $2.03 and $2.28.
However, rising operating expenses and a leveraged balance sheet amid weak macroeconomic conditions remain concerns.
Recent Developments
On Feb 20, 2024, management rolled out an enterprise-grade, cloud-based Meter Data Management platform — Itron Enterprise Edition (IEE) Cloud. IEE Cloud is available on Microsoft Azure as well as other cloud platforms. It is designed to aid utilities to accelerate their digital transformation efforts. IEE Cloud extends flexibility for utilities to customize their business processes seamlessly, thereby eradicating regular maintenance requirements.
What Our Model Says
Our proven model predicts an earnings beat for ITRI this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat.
ITRI has an Earnings ESP of +1.33% and carries a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Other Stocks to Consider
Here are a few other stocks that you may want to consider, as our model shows that these, too, have the right combination of elements to post an earnings beat this time around.
The Zacks Consensus Estimate for IPAR’s to-be-reported quarter’s revenues is pegged at $329 million. The consensus estimate for earnings is pegged at 35 cents per share.
Wayfair Inc (W - Free Report) has an Earnings ESP of +27.27% and a Zacks Rank #2. W is set to post fourth-quarter 2023 results on Feb 22.
The Zacks Consensus Estimate for Wayfair’s to-be-reported quarter’s revenues is pegged at $3.11 billion. The consensus estimate is pegged at a loss of 22 cents per share.
Floor & Decor Holdings, Inc (FND - Free Report) has an Earnings ESP of +4.87% and carries a Zacks Rank #3. FND is slated to release fourth-quarter 2023 numbers on Feb 22.
The Zacks Consensus Estimate for FND’s to-be-reported quarter’s earnings and revenues is pegged at 27 cents per share and $1.01 billion, respectively. Shares of FND have increased 23.1% in the past year.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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Itron (ITRI) to Post Q4 Earnings: Here's What You Should Know
Itron, Inc (ITRI - Free Report) is slated to report fourth-quarter 2023 results on Feb 26.
The company expects fourth-quarter revenues to be between $565 million and $575 million. The Zacks Consensus Estimate is pegged at $570.8 million, indicating an increase of 22.1% from a year ago.
Non-GAAP earnings per share are anticipated in the range of 70-80 cents. The Zacks Consensus Estimate is pegged at 75 cents. The company reported earnings of 71 cents in the year-ago quarter.
Itron, Inc. Price and EPS Surprise
Itron, Inc. price-eps-surprise | Itron, Inc. Quote
ITRI’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 289.3%.
The stock has gained 36.6% compared with sub-industry’s growth of 8.9% in the past year.
Image Source: Zacks Investment Research
Factors to Consider
ITRI’s top-line performance is likely to have been driven by robust operational execution, resulting in increased shipments to customers amid improving supply-chain issues. Margin performance is likely to have been cushioned by a favorable product mix and improved operational efficiencies. Strategic collaborations and frequent product launches augur well.
Continued momentum in software license sales driven by Distributed Intelligence offerings is a tailwind. It expects increased demand for electric vehicles and distributed energy resource management to drive customer bookings. By the end of third-quarter 2023, the company’s bookings were $413 million and its backlog amounted to $4.3 billion. Management expects bookings to be $2 billion for 2023.
Accelerating trends in electrification, gas safety, energy transition, grid-edge digitalization and water efficiency are likely to have driven demand for the company’s solutions. Management noted that utilities across the Asia-Pacific region are working on improving grid stability and reliability. This represents a solid opportunity for Itron.
The Device Solutions segment is likely to have been driven by increasing water meter sales. The Outcomes segment is benefiting from higher recurring services revenues. Networked Solutions performance is likely to have been driven by the easing of supply-chain issues.
We expect revenues from the Device Solutions, Outcomes and Networked Solutions segments to be $118.2 million, $379 million and $72.5 million, respectively.
Driven by strong third-quarter results, the company made upward revisions to its 2023 guidance. It now projects revenues to be between $2.16 billion and $2.17 billion. Non-GAAP earnings per share are estimated in the band of $2.83-$2.93.
Earlier, ITRI predicted revenues in the range of $2.11-$2.14 billion. Non-GAAP earnings per share were envisioned to be between $2.03 and $2.28.
However, rising operating expenses and a leveraged balance sheet amid weak macroeconomic conditions remain concerns.
Recent Developments
On Feb 20, 2024, management rolled out an enterprise-grade, cloud-based Meter Data Management platform — Itron Enterprise Edition (IEE) Cloud. IEE Cloud is available on Microsoft Azure as well as other cloud platforms. It is designed to aid utilities to accelerate their digital transformation efforts. IEE Cloud extends flexibility for utilities to customize their business processes seamlessly, thereby eradicating regular maintenance requirements.
What Our Model Says
Our proven model predicts an earnings beat for ITRI this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat.
ITRI has an Earnings ESP of +1.33% and carries a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Other Stocks to Consider
Here are a few other stocks that you may want to consider, as our model shows that these, too, have the right combination of elements to post an earnings beat this time around.
Inter Parfums, Inc (IPAR - Free Report) has an Earnings ESP of +5.71% and a Zacks Rank #2. IPAR is scheduled to report fourth-quarter fiscal 2023 earnings on Feb 27. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for IPAR’s to-be-reported quarter’s revenues is pegged at $329 million. The consensus estimate for earnings is pegged at 35 cents per share.
Wayfair Inc (W - Free Report) has an Earnings ESP of +27.27% and a Zacks Rank #2. W is set to post fourth-quarter 2023 results on Feb 22.
The Zacks Consensus Estimate for Wayfair’s to-be-reported quarter’s revenues is pegged at $3.11 billion. The consensus estimate is pegged at a loss of 22 cents per share.
Floor & Decor Holdings, Inc (FND - Free Report) has an Earnings ESP of +4.87% and carries a Zacks Rank #3. FND is slated to release fourth-quarter 2023 numbers on Feb 22.
The Zacks Consensus Estimate for FND’s to-be-reported quarter’s earnings and revenues is pegged at 27 cents per share and $1.01 billion, respectively. Shares of FND have increased 23.1% in the past year.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.