Shares of Itron are soaring to a two-year high following the company’s impressive fourth-quarter performance and optimistic first-quarter guidance that exceeded analyst expectations.
Stock Performance
The stock surged by 25% to $93.32 in premarket trading, marking a significant increase after remaining relatively flat year-to-date up until last week’s market close.
First-Quarter Projections
Itron, a leading utilities services provider, anticipates adjusted earnings ranging from 80 to 90 cents per share in the first quarter, with revenue projected between $575 million and $585 million. This outlook surpassed analysts’ forecasts of 57 cents per share on $542 million in revenue.
Fourth Quarter Highlights
In the fourth quarter, Itron reported a profit of $44.4 million, or 96 cents per share, representing substantial growth from $22.2 million, or 49 cents per share, in the same period the previous year. Adjusted earnings, excluding one-time items, reached $1.23 per share, significantly surpassing analysts’ expectations of 75 cents per share.
Sales Performance
Fourth-quarter sales surged by 23% to $577.2 million, outperforming analyst predictions. The increase was attributed to improvements in the supply chain conditions and an uptick in customer deliveries.
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