Itron Revises Guidance - Quick Facts

(RTTNews) - Itron, Inc. (ITRI) announced, for 2018, the company now expects non-GAAP EPS between $2.40 - $2.50, down from previous guidance of $2.75 - $2.90; and revenue between $2.370 - $2.390 billion, revised from previous guidance of $2.425 to $2.475 billion.

For the third-quarter, non-GAAP EPS was $1.13, compared with $0.77 in the third quarter of 2017; and revenue was $596 million, compared with $487 million in the third quarter of 2017. Excluding $90 million from the acquired Networks segment, total revenue increased 4 percent.

Philip Mezey, Itron's CEO, said: "We achieved strong revenue growth year over year - both organic and through the addition of the Networks segment - and have seen significant improvement year over year and sequentially in our operating income. However, we continue to experience external and operational supply chain headwinds, which are expected to remain in the fourth quarter and into 2019. We are executing on initiatives to mitigate these cost headwinds, but extended lead times and component shortages are now impacting our top line, resulting in lower revenue guidance for the full year 2018. We believe these headwinds will subside somewhat in 2019 and do not change our fundamental long-term model."