ITRI - Itron slumps 16% on missing revenue expectation
Itron (ITRI -15.5%) Q4 shows a revenue $485.63M, a drop of 7.5% Y/Y, missing consensus by $23.11M. By segment, Outcomes revenue increased 4%, driven by an increase in software and professional services; Networked Solutions revenue decreased 5% and Device Solutions revenue decreased 16%. Bookings were a record $1.1B in Q4, this is a book to bill ratio of 2.2 to 1 for the quarter. Gross margin of 25.0%, decreased 330 basis points EBITDA of $3M. GAAP net loss of $(59)M. Backlog of $4B. Non-GAAP EPS of $0.75 beats consensus by $0.56. Cash provided by operating activities was $14M compared with $39M in 2020. "Customer demand for Itron’s solutions is at an all-time high, as demonstrated by record bookings and backlog in the fourth quarter,” said Tom Deitrich, Itron’s president and CEO. “Unfortunately, headwinds due to semiconductor component shortages impacted our fourth quarter results and we anticipate these conditions continuing through at least the
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Itron slumps 16% on missing revenue expectation