Itron Q4 Results Top Estimates; Guides Q1, FY24 Profit Well Above View; Stock Up 17%

(RTTNews) - Itron, Inc. (ITRI) reported Monday net income attributable to the company for the fourth quarter of $44.39 million or $0.96 per share, higher than $22.21 million or $0.49 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter were $1.23 per share, compared to $0.71 per share last year.

Total revenues for the quarter increased 23 percent to $577.17 million from $467.49 million in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.75 per share on revenues of $570.23 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to the first quarter, the company expects adjusted earnings in a range of $0.80 to $0.90 per share on revenues between $575 million and $585 million.

Analysts are expecting earnings of $0.58 per share on revenues of $541.74 million for the quarter. For fiscal 2024, the company projects adjusted earnings in a range of $3.40 to $3.80 per share on revenues between $2.275 billion and $2.375 billion. The Street is looking for earnings of $3.12 per share on revenues of $2.29 billion for the year.

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