Itron Slashes FY21 Outlook As Q2 Results Miss Estimates - Quick Facts

(RTTNews) - While reporting its financial results for the second quarter on Thursday, Itron, Inc. (ITRI) slashed its adjusted earnings and revenue guidance for the full-year 2021, reflecting the impact of component constraints.

For fiscal 2021, the company now projects adjusted earnings in a range of $1.00 to $1.50 per share on revenues between $2.05 billion and $2.15 billion.

Previously, the company expected adjusted earnings in the range of $2.30 to $2.70 per share on revenues between $2.23 billion and $2.33 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.42 per share on revenues of $2.26 billion for the year. Analysts' estimates typically exclude special items.

For the second quarter, the company reported a net loss attributable to the company of $33.12 million or $0.73 per share, narrower than $62.80 million or $1.56 per share in the prior-year quarter. Excluding items, adjusted earnings per share for the quarter were $0.28, compared to $0.03 last year.

Net sales for the quarter declined 4 percent to $489.41 million from $509.59 million in the same quarter last year.

The Street was looking for earnings of $0.48 per share on revenues of $535.91 million for the quarter.