Iteris (ITI) Reports Q4 Loss of $0.01

Iteris (NASDAQ: ITI) reported Q4 EPS of ($0.01), versus ($0.05) reported last year. Revenue for the quarter came in at $31.7 million versus the consensus estimate of $31.45 million.

“Our record fourth quarter revenue is a nice capstone to a solid fiscal year ending March 31, 2021,” said Joe Bergera, president and CEO of Iteris. “Despite the challenges of COVID-19, our ClearMobility strategy demonstrated measurable operating leverage with 9% revenue growth translating to significant improvements in fiscal 2021 net income, adjusted EBITDA and cash flow from operations. Additionally, we made good progress delivering against our ClearMobility roadmap, and the successful acquisition and integration of TrafficCast accelerated the development of Iteris’ ClearMobility Cloud.

“Based on our product roadmap and record total ending backlog as we enter fiscal 2022, we expect to gain additional share of the smart mobility infrastructure management market, which remains vibrant due to the need for cities and states to upgrade aging infrastructure and the desire of various commercial entities for better insight into the infrastructure they depend upon. Therefore, in fiscal 2022, we anticipate an acceleration in year-over-year revenue growth with significant improvements in net income and adjusted EBITDA, even without any potential upside from a possible national infrastructure investment program.”

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

You May Also Be Interested In

• 'Ocean of opportunity': Wolfe initiates SpaceX at Buy ahead of historic IPO
• Medtronic completes $550 million Scientia Vascular acquisition
• Sharon AI surges premarket; New Oriental gains, Medline slips