ITRI - Why Shares of Itron Are Plummeting Today
Reporting fourth-quarter 2021 earnings this morning, Itron (NASDAQ: ITRI) failed to meet analysts' revenue expectations. But that wasn't the only disappointment for the provider of smart energy solutions. Investors seem to be heading for the exits due to a variety of other details found in the financials.
As of 9:53 a.m. ET, Itron's stock is down 14.3%.
While analysts had expected Itron to book sales of $505.8 million in Q4 2021, the company came up short, reporting $485.6 million on the top line. The failure to meet Wall Street's estimate isn't the only reason investors are upset; the company's quarterly revenue represented an 8% year-over-year decrease. In addition, the company suffered a contraction in its gross margin for the quarter. Whereas Itron generated a 28.3% gross margin in Q4 2020, its gross margin in the recently completed quarter was 330 basis points lower at 25%.
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Why Shares of Itron Are Plummeting Today