Why Is Itron Stock Trading Up Monday?
Portfolio Pulse from Anusuya Lahiri
Itron, Inc. (NASDAQ:ITRI) reported a 23% year-on-year increase in fourth-quarter FY23 revenue to $577.2 million, surpassing the consensus of $570.2 million. Adjusted EPS was $1.23, beating the consensus of $0.75, leading to a 15.2% increase in stock price to $86.30. Revenue growth was seen across all segments, with Device Solutions up 13%, Networked Solutions up 30%, and Outcomes up 10%. The company also reported $839 million in bookings, a total backlog of $4.5 billion, a gross margin increase to 34.0%, and $39 million in free cash flow. For FY24, Itron expects revenue between $2.275 billion and $2.375 billion and adjusted EPS between $3.40 and $3.80, both above consensus estimates.
February 26, 2024 | 3:38 pm
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POSITIVE IMPACT
Itron, Inc. reported a significant beat on both top and bottom lines for Q4 FY23, with a 23% revenue increase and adjusted EPS of $1.23, surpassing consensus estimates. The stock price surged 15.2% to $86.30 following the announcement.
The significant beat on both revenue and EPS for Q4 FY23, coupled with a positive outlook for FY24, has likely instilled confidence among investors, leading to a sharp increase in Itron's stock price. The company's performance across all segments and the positive forward guidance suggest strong operational efficiency and market demand, supporting the stock's short-term upward trajectory.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100