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What: Shares of Itron (NASDAQ:ITRI) got crushed today by as much as 12% after the company reported weaker-than-expected earnings.
So what: Revenue during the fourth quarter added up to $523 million, with non-GAAP earnings per share of $0.58. The fact that sales toppled the consensus estimate of $472.9 million was little consolation for the notable miss on the bottom-line result, since investors were expecting a profit of $0.66 per share.
Now what: It gets worse. Guidance calls for full-year sales of $2 billion to $2.1 billion, which should translate into adjusted earnings per share of just $3.00 to $3.25. That hardly compares to the $3.66 per share profit that analysts were modeling for. As a result, the stock has received numerous downgrades today from analysts, including J.P. Morgan, Brean Capital, and Needham.
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Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.