Iteris (NASDAQ: ITI) reported Q3 GAAP EPS of $0.02, versus the analyst estimate of $0.01. Revenue for the quarter came in at $28.2 million versus the consensus estimate of $29.09 million.

“Despite COVID-19, we are pleased to report another quarter with significant improvements in net income and adjusted EBITDA,” said Joe Bergera, president and CEO of Iteris. “The continued improvements in financial performance demonstrate our own ability to adapt operations to the current environment; however, some of our sub-contractors have experienced temporary COVID-related supply chain and logistics issues that led to project delays, particularly in southern California, and impacted our revenue for the December 31, 2020 period.

“Still, Iteris continues to experience favorable long-term, secular trends. In our fiscal fourth quarter, we will extend our market leadership with the release of further enhancements to our ClearMobility Platform and begin to capture various benefits from our recent acquisition of TrafficCast. These initiatives along with other ongoing activities, such as our focus on annual recurring revenue growth, will continue to strengthen the company’s financial model going forward.”

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