Iteris (ITI) Tops Q1 EPS by 4c

Iteris (NASDAQ: ITI) reported Q1 EPS of $0.01, $0.04 better than the analyst estimate of ($0.03). Revenue for the quarter came in at $28 million versus the consensus estimate of $28.28 million.

Fiscal First Quarter 2021 Financial Highlights

• Total revenue of $28.0 million, up 11% year over year
• Total net bookings of $33.8 million, up 11% year over year
• Total ending backlog of $67.9 million, up 21% year over year
• GAAP net income from continuing operations of $0.4 million, or $0.01 diluted per share, a $1.0 million, or $0.03 per share, improvement year over year
• Adjusted EBITDA of $2.3 million, a $1.8 million improvement year over year

Management Commentary:

“Our significantly improved net income and adjusted EBITDA results in the first quarter demonstrate a critical financial inflection point for Iteris, despite the challenging economic environment associated with COVID-19,” said Joe Bergera, president and CEO of Iteris. “During the last several quarters, we have executed a series of successful strategic initiatives that have fundamentally enhanced the company’s cost structure and positioned Iteris for long-term profitable growth.

“While COVID-19 has created considerable macroeconomic uncertainty, we have experienced continued strong demand within our transportation segments with record net bookings of $33.8 million. We look forward to introducing several exciting new product innovations this fiscal year that will enhance our market leadership and further position Iteris to capitalize on favorable long-term, secular growth trends in the smart mobility infrastructure management market.”

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

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