Itron (ITRI) Tops Q2 EPS by 22c; Plans to Restructure Operations
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Itron (NASDAQ: ITRI) reported Q2 EPS of $0.65, $0.22 better than the analyst estimate of $0.43. Revenue for the quarter came in at $513 million versus the consensus estimate of $478.7 million.
The company filed a Form 8-K today announcing projects to restructure its operations. These projects will improve operational efficiency, reduce expenses and improve our competitiveness. The company expects to close or consolidate several facilities and reduce its global workforce as a result of the restructuring. Certain projects will begin immediately and we target to substantially complete the activities by the end of 2018. We forecast annualized savings of approximately $40 million upon completion of these projects. We expect to incur pre-tax restructuring charges of approximately $55 to $65 million related to these projects. As many of our employees are represented by unions or works councils, any specific employment actions related to the projects may be subject to legal requirements, including prior consultation on the projects with work councils and authorities in some of the countries in which Itron operates. This may affect the timing of the charges and planned savings in certain jurisdictions. See the Form 8-K for further details on the restructuring.
Update on Second Quarter 2016 Form 10-Q Filing
The company expects to file its Form 10-Q for the second quarter no later than Sept. 12, 2016, remediating its delinquency in its Quarterly Reports.
Itron sees FY2016 EPS of $2.20-$2.45, versus the consensus of $2.17. Itron sees FY2016 revenue of $1.95-2.00 billion, versus the consensus of $1.95 billion.
For earnings history and earnings-related data on Itron (ITRI) click here.
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