Itron Inc. Q3 Profit Decreases, But Beats Estimates

(RTTNews) - Itron Inc. (ITRI) revealed a profit for third quarter that Decreased from the same period last year but beat the Street estimates.

The company's bottom line came in at $65.613 million, or $1.41 per share. This compares with $77.959 million, or $1.70 per share, last year.

Excluding items, Itron Inc. reported adjusted earnings of $71.812 million or $1.54 per share for the period.

Analysts on average had expected the company to earn $1.48 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period fell 5.5% to $581.625 million from $615.462 million last year.

Itron Inc. earnings at a glance (GAAP) :

-Earnings: $65.613 Mln. vs. $77.959 Mln. last year. -EPS: $1.41 vs. $1.70 last year. -Revenue: $581.625 Mln vs. $615.462 Mln last year.

Looking ahead, for the fourth quarter, the company expects adjusted income of $2.15 to $2.25, better than analysts’ forecast of $1.46 per share. Itron anticipates revenue of $555 million to $565 million, below Street view of $586.99 million.

For the full year, Itron has revised up its earnings guidance above analysts’ expectations.

The company now projects adjusted profit of $6.84 to $6.94 per share, higher than the earlier guidance of $6 to $6.20 per share. Revenue is now anticipated to be $2.35 billion to $2.36 billion, compared with the previous guidance of $2.35 billion to $2.4 billion.

Analysts, on average, forecast the firm to earn $6.08 per share, on revenue of $2.38 billion for the year.

ITRI was down by 0.06% at $138.10 in the pre-market trade on the Nasdaq.