Stock Monitor: Mitcham Industries Post Earnings Reporting
LONDON, UK / ACCESSWIRE / April 13, 2018 / Active-Investors.com has just released a free earnings report on Itron, Inc. (NASDAQ: ITRI). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=ITRI. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on February 28, 2018. The energy and water meter Company outperformed top- and bottom-line expectations, and provided guidance for the upcoming quarter and fiscal year. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Mitcham Industries, Inc. (NASDAQ: MIND), which also belongs to the Technology sector as the Company Itron. Do not miss out and become a member today for free to access this upcoming report at:
www.active-investors.com/registration-sg/'symbol=MIND
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Itron most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=ITRI
Earnings Highlights and Summary
For the fourth quarter of the fiscal year 2017, Itron's total revenues increased 11% to $550.8 million on a y-o-y basis from $495.1 million in Q4 2016, or 8% excluding the impact of changes in foreign currency exchange rates, driven by strong smart solution business and managed services. The Company's revenue numbers topped analysts' estimates of $535.6 million.
For the full year FY17, Itron's revenues totaled $1.81 billion compared to $1.83 billion in FY16.
During Q4 2017, Itron's consolidated gross margin increased 10 basis points to 31.7% compared to Q4 2016, driven by a higher volume and mix of smart solutions, primarily in the Electricity segment, offsetting lower gross margins in the Gas and Water segments.
For Q4 2017, Itron's GAAP operating income surged 53% to $47.2 million compared to $30.8 million in Q4 2016. The Company's non-GAAP operating income increased 23% to $54.9 million compared to $44.7 million in the year ago same period. Itron's GAAP and non-GAAP operating income improved due to increased revenues at a higher gross margin, offsetting modest increases in operating expenses to support new solutions.
Itron's GAAP net income attributable to common shareholders was $1.8 million, or $0.05 per diluted share, in Q4 2017 compared to a net income of $11.6 million, or $0.30 per diluted share, in Q4 2016. The lower GAAP net income and earnings per share (EPS) were due to a charge of $30 million, or $0.77 per share, to recognize estimated impacts on the Company's deferred tax assets due to the enactment of the Tax Reform.
For Q4 2017, Itron's non-GAAP net income increased to $40 million, or $1.01 per diluted share, compared to $26 million, or $0.68 per diluted share, in Q4 2016. The increase reflects a higher non-GAAP operating income and a lower tax expense related to tax audit settlements, adjustments to valuation allowances, and the timing and mix of taxable income by jurisdiction. The Company's earnings beat Wall Street's estimates of $0.94 per share.
For FY17, Itron posted a net income of $57.3 million, or $1.45 per diluted share, compared to $31.8 million, or $0.82 per diluted share, in FY16. For FY17, the Company reported a non-GAAP net income of $120.5 million, or $3.06 per diluted share, compared to $98.3 million, or $2.54 per diluted share, in FY16.
Segment Results
During Q4 2017, Itron's Electricity segment's revenues surged 20% to $293.7 million on a y-o-y basis, driven by higher smart solution deliveries primarily in North America and Europe, Middle-East, and Africa (EMEA) regions. The Company's Gas segment's and Water segment's revenues increased 2% and 3% to $138.9 million and $118.1 million on a y-o-y basis, respectively; primarily due to a favorable impact from changes in foreign currency exchange rates.
Cash Flow
For Q4 2017, Itron's cash provided by operating activities of $77 million and free cash flow of $61 million increased $43 million and $40 million, respectively, compared to Q4 2016. For FY17, the Company's cash provided by operating activities of $191 million and free cash flow of $142 million increased $76 million and $70 million, respectively, on a y-o-y basis. These cash flow increases were primarily driven by improved profitability and changes in working capital.
Backlog
For Q4 2017, Itron's bookings surged 24% to $811 million on a y-o-y basis. The Company's total backlog was $1.8 billion, while 12-month backlog was $931 million, at the end of the reported quarter, reflecting a growth of 6% and 22% y-o-y, respectively.
Financial Guidance
For the full year FY18, Itron is forecasting revenues to be in the range of $2.33 billion and $2.43 billion, and non-GAAP earnings per diluted share to be between $2.95 and $3.35.
For the first quarter of FY18, Itron is projecting revenues to be between $575 million and $600 million, and non-GAAP earnings per diluted share to be in the band of $0.10 and $0.15.
Stock Performance Snapshot
April 12, 2018 - At Thursday's closing bell, Itron's stock was slightly up 0.65%, ending the trading session at $70.00.
Volume traded for the day: 166.27 thousand shares.
Stock performance in the past twelve-month period - up 14.01%; and year-to-date - up 2.64%
After yesterday's close, Itron's market cap was at $2.79 billion.
Price to Earnings (P/E) ratio was at 31.46.
The stock is part of the Technology sector, categorized under the Scientific & Technical Instruments industry. This sector was up 0.9% at the end of the session.
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