UPDATE: Itron (ITRI) Tops Q4 EPS by 35c, Revenues Miss; Offers FY21 EPS Mid-Point Guidance Above Consensus, FY21 Revenue Mid-Point Below Consensus
Itron (NASDAQ: ITRI) reported Q4 EPS of $0.65, $0.35 better than the analyst estimate of $0.30. Revenue for the quarter came in at $525.16 million versus the consensus estimate of $569.75 million.
Highlights for the quarter and full year include:
- Quarterly and full year revenue of $525 million and $2.2 billion;
- Quarterly and full year gross margin of 28.3% and 27.7%;
- Quarterly and full year GAAP net income of $22 million and net loss of $(58) million;
- Quarterly GAAP diluted earnings per share of $0.53 and full year loss per share of $(1.44);
- Quarterly and full year non-GAAP diluted earnings per share of $0.65 and $1.85;
- Quarterly and full year adjusted EBITDA of $56 million and $178 million; and
- Backlog of $3.3 billion and 12-month backlog of $1.2 billion.
"I'm proud of our team's commitment during a challenging year with the COVID-19 pandemic," said Tom Deitrich, Itron's president and chief executive officer. "We have prioritized the health and safety of our employees, customers and the communities we serve, while continuing to execute on our strategy."
"We are optimistic as we enter 2021 with a record backlog; over 74 million endpoints under management; and over 2.7 million Distributed Intelligent Riva® meters deployed."
Bookings were $973 million in the fourth quarter. This is a book to bill ratio of 1.9 to 1 for the quarter. Total backlog was $3.3 billion and 12-month backlog was $1.2 billion at the end of the quarter.
GUIDANCE:
Itron sees FY2021 EPS of $2.15-$2.55, versus the consensus of $2.26. Itron sees FY2021 revenue of $2.23-2.33 billion, versus the consensus of $2.31 billion.
Itron’s guidance for the full year 2021 is as follows:
- Revenue between $2.23 and $2.33 billion
- Non-GAAP diluted EPS between $2.15 and $2.55
Guidance assumes an average euro to U.S. dollar foreign currency exchange rate of $1.20 in 2021, diluted weighted average shares outstanding of approximately 41 million for the year, non-GAAP interest expense of $36 million and a non-GAAP effective tax rate for the year of approximately 30%.
For earnings history and earnings-related data on Itron (ITRI) click here.