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Itron reports big profit miss and slashes outlook, citing continuing supply contraints

Itron Inc. reported Thursday second-quarter profit and revenue that missed expectations by wide margins, and slashed the full-year outlook, citing supply chain challenges that are expected to remain through yearend. Shares of Itron, which provides products and services for measuring energy and water use, have been halted for news, and is expected to resume trading at 9:00 a.m. Eastern. The company reported a net loss that narrowed to $33.1 million, 73 cents a share, from $62.8 million, or $1.56 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to 28 cents from 3 cents, but was well below the FactSet consensus of 48 cents. Revenue fell 4.0% to $489.4 million, missing the FactSet consensus of $535.9 million, as product revenue dropped 6.2% while service revenue grew 10.0%. For 2021, the company cut its guidance ranges for adjusted EPS to $1.00 to $1.50 from $2.30 to $2.70 and for revenue to $2.05 billion to $2.15 billion from $2.23 billion to $2.33 billion. “While we saw demand recovery in the second quarter, our results were negatively impacted by component constraints, which affected both our ability to meet customer demand and our cost structure,” said Chief Executive Tom Deitrich. “We anticipate that the component supply will remain constrained in the second half of the year and into 2022.” The stock has edged up 1.8% year to date, while the S&P 500 has gained 17.2%.

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