Itron Boosts FY24 Outlook As Q3 Results Top Estimates; Stock Up 4%

Itron

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(RTTNews) - Itron, Inc. (ITRI) reported Thursday that net income attributable to the company for the third quarter of $77.96 million or $1.70 per share, sharply higher than $40.17 million or $0.87 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter were $1.84 per share, compared to $0.98 per share last year.

Total revenues for the quarter increased 10 percent to $615.46 million from $560.77 million in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.13 per share on revenues of $595.97 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to the fourth quarter, the company expects adjusted earnings in a range of $1.00 to $1.10 per share on revenues between $600 million and $610 million.

Analysts are expecting earnings of $1.0 per share on revenues of $596.51 million for the quarter.

For fiscal 2024, the company projects adjusted earnings in a range of $5.28 to $5.38 per share on revenues between $2.428 billion and $2.438 billion. The Street is looking for earnings of $4.57 per share on revenues of $2.41 billion for the year.

Previously, the company expected adjusted earnings in the range of $4.45 to $4.65 per share on revenues between $2.385 billion and $2.415 billion.

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