Itron Q4 Results Misses View, Sees Weak FY14; Shares Tank 14%

(RTTNews) - Itron Inc. (ITRI) Wednesday reported a huge loss for the fourth quarter, hurt largely by a goodwill impairment charge and restructuring costs. Adjusted earning and revenues for the quarter fell short of Wall Street's expectations. The company also detailed a weak outlook for the full year. Shares of Itron plunged 14 percent in after-hours trade, following the news.

Net loss for the quarter was $154.4 million or $3.93 per share, compared to a profit of $15.96 million or $0.40 per share last year.

Adjusted net income for the quarter was $14.3 million or $0.36 per share, down from $22.9 million or $0.58 per share last year. Analysts polled by Thomson Reuters estimated earnings of $0.74 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter were $523.5 million, compared to $523.3 million last year. Analysts estimated revenues of $526.9 million for the quarter.

Looking forward to the full-year 201, the company expects adjusted earnings of $1.30 to $1.80 per share and revenues of $1.825 to $1.925 billion. Analysts currently sees earnings of $2.95 per share on revenues of $2.06 billion.

The company authorized a new share repurchase program of up to $50 million of stock over a 12 month period to commence upon the completion of the current repurchase program in March 2014.