Stock Monitor: CalAmp Post Earnings Reporting
LONDON, UK / ACCESSWIRE / July 9, 2018 / If you want access to our free earnings report on Iteris, Inc. (NASDAQ ITI), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=ITI. The Company reported its fourth quarter fiscal 2018 and full fiscal year 2018 operating and financial results on June 07, 2018. The vehicle detection and traffic control Company reported results lower than market expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the fourth quarter of the fiscal year 2018, Iteris’ total revenues were $25.3 million, which were consistent with the revenues of $25.3 million recorded in Q4 FY18. The Company’s revenue numbers missed analysts’ estimates by $1.05 million.
Iteris’ research and development (R&D) expenses increased to $2.29 million in Q4 FY18 compared to $1.59 million in Q4 FY17, driven primarily by a higher capitalization of internally developed software in FY17.
For Q4 FY18, Iteris’ operating expenses were $12.8 million compared to $13.4 million in Q4 FY17. The Company’s non-GAAP operating expenses increased to $11.6 million in the reported quarter versus $10.8 million in the year earlier comparable quarter.
Iteris’ operating loss was $2.8 million in Q4 FY18 compared to an operating loss of $3.5 million in Q4 FY17. The Company’s non-GAAP operating loss was $1.4 million in the reported quarter compared to an operating loss of approximately $767,000 in the year earlier corresponding quarter.
Iteris reported a net loss of $2.4 million, or $0.07 loss per share, in Q4 FY18 compared to a net loss of $3.4 million, or $0.10 loss per share, in Q4 FY17. The Company’s non-GAAP net loss was approximately $1.4 million, or $0.04 loss per share, in the reported quarter compared to a net loss of approximately $674,000, or $0.02 loss per share, in the year earlier same quarter. Iteris’ earnings numbers lagged Wall Street’s estimates for a loss of $0.05 per share.
During Q4 FY18, Iteris’ Transportation Systems segment’s revenues increased 4% to $13.1 million on a y-o-y basis versus $12.6 million in Q4 FY17, with the segment’s gross margins expanding 370 basis points (bps). The Transportation Systems segment ended the year with a backlog of $37.7 million.
Iteris’ Agriculture and Weather Analytics segment’s revenues increased 1% to $1.4 million on a y-o-y basis, with the segment’s gross margins expanding 510 bps compared to the year ago same period.
For Q4 FY18, Iteris’ Roadway Sensors segment’s revenues declined 4% to $10.8 million on a y-o-y basis versus $11.3 million in Q4 FY17, due to the continued choppiness in Texas following Hurricane Harvey in 2017.
For the full fiscal year 2018, Iteris’ total revenues increased 8.1% to a record $103.7 million compared to $96.0 million in FY17. The increase was driven primarily by a 10.6% increase in the Transportation Systems segment; a 5.2% increase in the Roadway Sensors segment; and a 7.7% increase in the Agriculture and Weather Analytics segment.
Iteris’ net loss was approximately $3.5 million, or $0.11 loss per share, in FY18 compared to a net loss of approximately $4.8 million, or $0.15 loss per share, in FY17, primarily driven by the passage of the new tax legislation, the Tax Cuts and Jobs Act 2017 (TCJA), which provided an income tax benefit of $1.7 million.
Iteris’ non-GAAP net loss was approximately $1.4 million, or $0.04 loss per share, in FY18 compared to a net loss of approximately $376,000, or $0.01 loss per share, in FY17.
Iteris ended FY18 with a cash and short-term investments balance of $15.4 million and did not have any debt. Iteris’ deferred revenue balance grew from $4 million at the start of FY18 to $4.9 million at the close of FY18.
Stock Performance Snapshot
July 06, 2018 - At Friday’s closing bell, Iteris’ stock fell 1.12%, ending the trading session at $5.31.
Volume traded for the day: 102.88 thousand shares.
Stock performance in the last month – up 5.78%; and previous three-month period – up 18.00%
After last Friday’s close, Iteris’ market cap was at $169.71 million.
Price to Earnings (P/E) ratio was at 312.35.
The stock is part of the Technology sector, categorized under the Communication Equipment industry. This sector was up 1.2% at the end of the session.
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