- Itron Inc (NASDAQ:ITRI) reported a fourth-quarter FY21 revenue decline of 8% year-on-year to $485.6 million, missing the consensus of $505.8 million.
- By segment, Outcomes revenue increased 4%, driven by an increase in software and professional services. Networked Solutions revenue decreased 5%, and Device Solutions revenue fell 16%.
- Bookings were $1.1 billion, leading to a book-to-bill ratio of 2.2 to 1.
- Total backlog and 12-month backlog were $4.0 billion and $1.5 billion, respectively.
- Consolidated gross margin of 25.0% decreased 330 bps, driven primarily by higher component costs.
- Non-GAAP EPS of $0.75 beat the consensus of $0.19.
- Itron generated $14 million in operating cash flow.
- "Customer demand for Itron's solutions is at an all-time high, as demonstrated by record bookings and backlog in the fourth quarter," said Tom Deitrich, CEO.
- "Unfortunately, headwinds due to semiconductor component shortages impacted our fourth-quarter results, and we anticipate these conditions continuing through at least the first half of 2022."
- Outlook: Itron sees FY22 revenue of $2.0 billion - $2.1 billion, below the consensus of $2.2 billion.
- Itron sees non-GAAP EPS of $1.25 - $1.75, below the consensus of $2.12.
- Price Action: ITRI shares traded lower by 16.2% at $45.85 on the last check Monday.
