Iteris (ITI) Reports In-Line Q2 EPS

Iteris (NASDAQ: ITI) reported Q2 EPS of ($0.04), in-line with the analyst estimate of ($0.04). Revenue for the quarter came in at $24.4 million versus the consensus estimate of $25.1 million.

“As anticipated, the company’s consolidated second quarter results were down year over year due to the timing of a recent transition of a large Virginia Department of Transportation contract and continued issues in the Texas market,” said Joe Bergera, president and CEO. “Despite these temporary headwinds, we continue to experience overall strong demand across both the smart transportation and digital agriculture markets as evidenced by our solid backlog growth, which will drive improvements in our performance in the second half of FY19.”

“Indeed, Iteris remains a net beneficiary of a structural shift in transportation infrastructure spending that is increasingly directed at our core strengths – smart cities, data analytics, and enhanced safety and mobility,” continued Mr. Bergera. “For example, our Transportation Systems segment alone added $20.0 million in new backlog in the second quarter, bringing our total company-wide net ending backlog for Q2 FY19 to $59.2 million.”

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

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