Itron Reports Significant Q3 Earnings and Revenue Growth

Itron, Inc. has posted a strong increase in net income and revenue for the third quarter, exceeding analyst expectations. With promising projections for Q4 and fiscal 2024, the report highlights a positive outlook for the company.

Date: 31-10-2024

AI Rating: 8

The report provides several key financial indicators that could significantly influence Itron, Inc.'s stock price. Firstly, the net income for Q3 rose sharply to $77.96 million, translating to $1.70 per share, compared to $40.17 million or $0.87 per share in the same quarter last year. This represents a strong year-over-year growth in profitability.

Moreover, the adjusted earnings per share (EPS) also saw a notable increase, reaching $1.84 per share compared to $0.98 per share in the prior-year quarter, further highlighting improved earnings potential.

Revenue growth was also robust, with total revenues increasing by 10 percent to $615.46 million, up from $560.77 million. This growth outperformed expectations, as analysts had anticipated revenues of $595.97 million.

Looking ahead, the company forecasts adjusted earnings for the fourth quarter between $1.00 and $1.10 per share on revenues of $600 million to $610 million, which aligns closely with analysts' forecasts of $1.0 per share and $596.51 million, respectively.

For fiscal 2024, Itron projects adjusted earnings between $5.28 and $5.38 per share, significantly exceeding the market expectation of $4.57 per share. This is an improvement from previous forecasts, which were lower, reinforcing a trend of positive revision in earnings expectations.

Overall, the strong performance in both net income and revenue, along with favorable future projections, positions Itron positively within the market. Investors should regard this news as a strong indicator of the company's continuing growth trajectory.

Stocks: ITRI