Iteris (ITI) Tops Q4 EPS by 5c

Iteris (NASDAQ: ITI) reported Q4 EPS of $0.04, $0.05 better than the analyst estimate of ($0.01). Revenue for the quarter came in at $30.9 million versus the consensus estimate of $31.06 million.

Fiscal Fourth Quarter 2020 Financial Highlights

• Record total revenue of $30.9 million, up 18% year over year
• Total net bookings of $28.7 million, up 19% year over year
• Total ending backlog of $67.2 million, up 21% year over year
• GAAP net income of $0.2 million, or $0.01 per share, a $2.6 million, or $0.08 per share, improvement year over year
• Non-GAAP net income of $1.8 million, or $0.04 per share, a $3.1 million, or $0.08 per share, improvement year over year

Management Commentary:

“Our record revenue for both the fiscal 2020 fourth quarter and full year demonstrates solid performance across all reporting segments and a critical inflection point for the company,” said Joe Bergera, president and CEO of Iteris. “Given the strength of our total net bookings and ending backlog, we anticipate further growth in revenue and profitability as we capture additional market share in the smart mobility infrastructure management market.

“Despite the many global disruptions from COVID-19, we continue to see favorable long-term, secular trends in the smart mobility infrastructure management market. Therefore, we look forward to introducing several exciting new product innovations, during our current fiscal 2021 year that began on April 1, 2020, which we expect to further enhance our market leadership and contribute to our financial results.”

For earnings history and earnings-related data on Iteris (ITI) click here.

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