Itron (ITRI) Tops Q4 EPS by 19c, Revenues Beat; Offers FY20 EPS/Revenue Outlook

Itron (NASDAQ: ITRI) reported Q4 EPS of $0.72, $0.19 better than the analyst estimate of $0.53. Revenue for the quarter came in at $628 million versus the consensus estimate of $598.83 million.

• Quarterly and full year revenue of $628 million and $2.5 billion;
• Quarterly and full year gross margin of 28.2% and 30.1%;
• Quarterly and full year GAAP net income of $15 million and $49 million;
• Quarterly and full year GAAP diluted earnings per share of $0.36 and $1.23;
• Quarterly and full year non-GAAP diluted earnings per share of $0.72 and $3.32;
• Quarterly and full year adjusted EBITDA of $57 million and $270 million; and
• Record backlog of $3.2 billion and 12-month backlog of $1.5 billion.

"We ended 2019 with aggregate results in line with expectations," said Tom Deitrich, Itron's president and chief executive officer. "For the full year 2019, we achieved strong revenue growth of over 5%, non-GAAP earnings per share growth of over 25%, and have made solid strides in our operational performance."

"We ended the year with a record backlog and see an active pipeline to support the 2020 guidance," continued Deitrich.

GUIDANCE:

Itron sees FY2020 EPS of $3.35-$3.85, versus the consensus of $3.60. Itron sees FY2020 revenue of $2.475-2.575 billion, versus the consensus of $2.55 billion.

Itron’s guidance for the full year 2020 is as follows:

• Revenue between $2.475 and $2.575 billion
• Non-GAAP diluted EPS between $3.35 and $3.85

Guidance assumes an average euro to U.S. dollar foreign currency exchange rate of $1.12 in 2020, diluted weighted average shares outstanding of approximately 40.7 million for the year and a non-GAAP effective tax rate for the year of approximately 25 to 27%.

For earnings history and earnings-related data on Itron (ITRI) click here.

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