Itron (ITRI) Tops Q1 EPS by 1c; Suspends FY Guidance

Itron (NASDAQ: ITRI) reported Q1 EPS of $0.57, $0.01 better than the analyst estimate of $0.56. Revenue for the quarter came in at $598 million versus the consensus estimate of $613.33 million.

"During these unprecedented times, Itron is committed to supporting our customers who provide critical infrastructure and ensure the grid is resilient and secure," said Tom Deitrich, Itron's president and chief executive officer.

"In the first quarter, our operations were impacted by the pandemic, and we are taking actions to mitigate the impact on the rest of year," continued Deitrich. "As we navigate the COVID-19 pandemic, our top priority continues to be the health, safety and support of our employees and the people in the communities we serve."

GUIDANCE:

The scope and magnitude of the COVID-19 pandemic was not anticipated in our full year 2020 guidance provided on February 24, 2020. As a result, we are suspending our prior guidance for the full year 2020 due to the uncertainty of the impact of the COVID-19 pandemic. As the situation and our visibility improves, we will update our annual outlook.

With this unique situation, we will provide some insight into the second quarter based on the best information and scenarios as we see them today. We estimate second quarter revenue to be between $475 million to $500 million, non-GAAP EPS to be a loss of $(0.30) to $(0.10) and free cash flow to be in a range of negative $(85) million to $(70) million. We currently expect the second quarter to be the low point of the year for these three metrics.

For earnings history and earnings-related data on Itron (ITRI) click here.

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