Why Itron (ITRI) Outpaced the Stock Market Today
Shares of the energy and water meter company have appreciated by 0.91% over the course of the past month, underperforming the Computer and Technology sector's gain of 6.84%, and the S&P 500's gain of 4.61%.
The investment community will be closely monitoring the performance of Itron in its forthcoming earnings report. The company is scheduled to release its earnings on July 31, 2025. The company's earnings per share (EPS) are projected to be $1.33, reflecting a 9.92% increase from the same quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $609.26 million, reflecting a 0.03% rise from the equivalent quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $5.46 per share and revenue of $2.46 billion, which would represent changes of -2.85% and +0.76%, respectively, from the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Itron. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.11% higher. Right now, Itron possesses a Zacks Rank of #3 (Hold).
In terms of valuation, Itron is presently being traded at a Forward P/E ratio of 24.55. This indicates a discount in contrast to its industry's Forward P/E of 24.94.
One should further note that ITRI currently holds a PEG ratio of 0.85. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The average PEG ratio for the Electronics - Testing Equipment industry stood at 2.7 at the close of the market yesterday.
The Electronics - Testing Equipment industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 221, putting it in the bottom 11% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow ITRI in the coming trading sessions, be sure to utilize Zacks.com.
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Itron, Inc. (ITRI) : Free Stock Analysis Report
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SECOND QUARTER SEGMENT RESULTS Following the divestiture of the Fleet segment, the Company operates under a single reportable operating segment. The reconciliation below provides transitional disclosure of Aviation's results for the three and six months ended June 30, 2025 and 2024 to support comparability with prior period disclosures. NON-GAAP MEASURES In addition to the financial measures prepared in accordance with generally accepted accounting principles ("GAAP"), this earnings release also contains Non-GAAP financial measures. These measures provide useful information to investors, and a reconciliation of these measures to the most directly comparable GAAP measures and other information relating to these Non-GAAP measures is included in the supplemental schedules attached. NON-GAAP FINANCIAL INFORMATION Adjusted Net Income from Continuing Operations and Adjusted EPS Three months ended June 30, Six months ended June 30, (in thousands) 2025 2024 % Change 2025 2024 % Change Net income (loss) from continuing operations $ 13,638 $ (5,288 ) NM $ 27,606 $ 254 NM Adjustments to income from continuing operations: Acquisition, integration and restructuring costs 1,832 1,099 66.7 % 4,697 3,283 43.1 % Lease abandonment costs — 12,857 (100.0 )% — 12,857 (100.0 )% Divestiture-related restructuring costs 432 3,861 (88.8 )% 495 3,861 (87.2 )% Earn-out adjustment 5,900 — — % 5,900 — — % Debt issuance costs 491 — — % 491 — — % 22,293 12,529 77.9 % 39,189 20,255 93.5 % Tax impact of adjusted items (2,159 ) (4,445 ) (51.4 )% (2,890 ) (4,990 ) (42.1 )% Adjusted net income from continuing operations $ 20,134 $ 8,084 149.1 % $ 36,299 $ 15,265 137.8 % Weighted average dilutive shares 20,731 17,202 20.5 % 20,736 16,571 25.1 % Adjusted EPS (Diluted) $ 0.97 $ 0.47 106.4 % $ 1.75 $ 0.92 90.2 % Expand EBITDA and Adjusted EBITDA Three months ended June 30, Six months ended June 30, (in thousands) 2025 2024 % Change 2025 2024 % Change Net income (loss) from continuing operations $ 13,638 $ (5,288 ) NM $ 27,606 $ 254 NM Interest expense 6,445 9,826 (34.4 )% 14,384 19,016 (24.4 )% Income taxes 2,430 (1,936 ) NM 5,027 (1,025 ) NM Amortization of intangible assets 6,487 4,329 49.8 % 12,621 7,679 64.4 % Depreciation and other amortization 3,147 1,753 79.5 % 6,187 3,514 76.1 % EBITDA 32,147 8,684 270.2 % 65,825 29,438 123.6 % Acquisition, integration and restructuring costs 1,832 1,099 66.7 % 4,697 3,283 43.1 % Lease abandonment costs — 12,857 (100.0 )% — 12,857 (100.0 )% Divestiture-related restructuring costs 432 3,861 (88.8 )% 495 3,861 (87.2 )% Earn-out adjustment 5,900 — — % 5,900 — — % Stock-based compensation 3,141 2,111 48.8 % 6,888 4,387 57.0 % Adjusted EBITDA $ 43,452 $ 28,612 51.9 % $ 83,805 $ 53,826 55.7 % Expand Adjusted EBITDA Summary (in thousands) Three months ended June 30, Six months ended June 30, 2025 2024 % Change 2025 2024 % Change Aviation $ 46,522 $ 31,488 47.7 % $ 89,847 $ 59,915 50.0 % Adjusted unallocated corporate costs (1) (3,070 ) (2,876 ) 6.7 % (6,042 ) (6,089 ) (0.8 )% Adjusted EBITDA $ 43,452 $ 28,612 51.9 % $ 83,805 $ 53,826 55.7 % (1) Includes certain adjustments not directly attributable to the Aviation segment. Expand Segment EBITDA and Adjusted EBITDA Three months ended June 30, Six months ended June 30, (in thousands) 2025 2024 % Change 2025 2024 % Change Aviation Operating income $ 35,072 $ 24,468 43.3 % $ 66,596 $ 46,778 42.4 % Depreciation and amortization 9,626 6,034 59.5 % 18,792 10,968 71.3 % EBITDA 44,698 30,502 46.5 % 85,388 57,746 47.9 % Acquisition, integration and restructuring costs 556 474 17.3 % 1,900 909 109.0 % Stock-based compensation 1,268 512 147.7 % 2,559 1,260 103.1 % Adjusted EBITDA $ 46,522 $ 31,488 47.7 % $ 89,847 $ 59,915 50.0 % Expand Three months ended June 30, Six months ended June 30, (in thousands) 2025 2024 % Change 2025 2024 % Change Corporate Unallocated corporate costs $ 12,559 21,866 (42.6 )% 19,579 28,533 (31.4 )% Depreciation and amortization (8 ) (48 ) (83.3 )% (16 ) (225 ) (92.9 )% EBITDA 12,551 21,818 (42.5 )% 19,563 28,308 (30.9 )% Acquisition, integration and restructuring costs (1,276 ) (625 ) 104.2 % (2,797 ) (2,374 ) 17.8 % Lease abandonment costs — (12,857 ) (100.0 )% — (12,857 ) (100.0 )% Divestiture-related restructuring costs (432 ) (3,861 ) (88.8 )% (495 ) (3,861 ) (87.2 )% Earn-out adjustment (5,900 ) — — % (5,900 ) — — % Stock-based compensation (1,873 ) (1,599 ) 17.1 % (4,329 ) (3,127 ) 38.4 % Adjusted unallocated corporate costs $ 3,070 $ 2,876 6.7 % $ 6,042 $ 6,089 (0.8 )% Expand Free Cash Flow Three months ended June 30, Six months ended June 30, (in thousands) 2025 2024 2025 2024 Net cash provided by (used in) operating activities $ 11,891 $ (17,528 ) $ (34,741 ) $ (96,588 ) Capital expenditures (5,589 ) (3,945 ) (8,464 ) (11,674 ) Free cash flow $ 6,302 $ (21,473 ) $ (43,205 ) $ (108,262 ) Expand Net Debt (in thousands) June 30, 2025 December 31, 2024 Principal amount of debt $ 383,000 $ 432,500 Debt issuance costs (3,844 ) (2,327 ) Cash and cash equivalents (16,906 ) (29,030 ) Net Debt $ 362,250 $ 401,143 Expand Net Leverage Ratio ($ in thousands) June 30, 2025 December 31, 2024 Net Debt $ 362,250 $ 401,143 TTM Adjusted EBITDA (1) $ 147,003 $ 136,294 Net Leverage Ratio 2.5 x 2.9 x TTM Acquisition Adjusted EBITDA (2) $ 162,287 $ 158,752 Adjusted Net Leverage Ratio 2.2 x 2.5 x Expand (1) TTM Adjusted EBITDA is defined as Adjusted EBITDA for the most recent twelve (12) month period. TTM Adjusted EBITDA and Cash and cash equivalents for the period ended December 31, 2024 only do not include any adjustment to reclassify amounts from the Fleet segment. (2) TTM Acquisition Adjusted EBITDA includes pre-acquisition portion of EBITDA for the trailing twelve months that is not included in historical results. Expand The non-GAAP Financial Information set forth in this document is not calculated in accordance with GAAP under SEC Regulation G. The Company considers Adjusted Net Income, Adjusted EPS (Diluted), EBITDA, Adjusted EBITDA, Acquisition Adjusted EBITDA, TTM Adjusted EBITDA, TTM Acquisition Adjusted EBITDA, Adjusted unallocated corporate costs, net debt, adjusted net leverage ratio and free cash flow as non-GAAP financial measures and important indicators of performance and useful metrics for management and investors to evaluate the business' ongoing operating performance on a consistent basis across reporting periods. These non-GAAP financial measures, however, should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP. Adjusted Net Income represents Net Income adjusted for acquisition-related costs, other discrete items, and related tax impact. Management believes these acquisition-related costs and other discrete items provide useful information about nonrecurring costs and benefits to help users meaningfully evaluate and compare the Company's quarterly and year-to-date performance against prior periods. Adjusted EPS (Diluted) is computed by dividing net income, adjusted for the discrete items as identified above and the related tax impacts, by the diluted weighted average number of common shares outstanding. EBITDA represents net income before interest expense, income taxes, amortization of intangible assets and depreciation and other amortization. Management believes EBITDA provides useful information about the Company's operating performance as it isolates non-cash depreciation and amortization charges as well as interest expense and income taxes, which are non-operating items. Adjusted EBITDA represents EBITDA (as defined above) adjusted for non-cash stock-based compensation and discrete items as identified above. Acquisition Adjusted EBITDA represents Adjusted EBITDA plus the pre-acquisition portion of EBITDA for the trailing twelve months. TTM Adjusted EBITDA represents Adjusted EBITDA as defined above for the trailing twelve months. TTM Acquisition Adjusted EBITDA includes pre-acquisition portion of EBITDA for the trailing twelve months that is not included in historical results. Adjusted unallocated corporate costs represents Unallocated corporate costs before depreciation and other amortization, adjusted for non-cash stock-based compensation and discrete items as identified above. Net debt is defined as principal amount of debt less debt issuance costs and less cash and cash equivalents. Free cash flow represents operating cash flow less capital expenditures. Adjusted Net leverage ratio is calculated as net debt divided by trailing twelve month Acquisition Adjusted EBITDA. The Company has presented forward-looking statements regarding Adjusted EBITDA margin. This non-GAAP financial measure is derived by excluding certain amounts, expenses or income, from the corresponding financial measure determined in accordance with GAAP. The determination of the amounts that are excluded from this non-GAAP financial measure is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period in reliance on the exception provided by item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable to present a quantitative reconciliation of forward-looking Adjusted EBITDA margin to its most directly comparable forward-looking GAAP financial measure because such information is not available, and management cannot reliably predict all of the necessary components of such GAAP measure without unreasonable effort or expense. In addition, the Company believes such reconciliation would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the company's future financial results. This non-GAAP financial measure is a preliminary estimate and is subject to risks and uncertainties, including, among others, changes in connection with quarter-end and year-end adjustments. Any variation between the company's actual results and preliminary financial data set forth above may be material. CONFERENCE CALL A conference call will be held Thursday, July 31, 2025 at 8:30 A.M. ET to review the Company's financial results, discuss recent events and conduct a question-and-answer session. An audio webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of VSE's website at A replay of the audio webcast will be available at the same location following the conclusion of the call. Participants who will be dialing in for the conference call should register to obtain their dial in and passcode details. Participants may pre-register at any time. To listen to the live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. ABOUT VSE CORPORATION VSE is a leading provider of Aviation distribution and repair services for the commercial and business and general aviation (BG&A) aftermarkets. Headquartered in Miramar, Florida, VSE is focused on significantly enhancing the productivity and longevity of its customers' high-value, business-critical assets. VSE's aftermarket parts distribution and maintenance, repair, and overhaul (MRO) services support engine component and engine and airframe accessory part distribution and repair services for commercial and BG&A operators. For more detailed information, please visit VSE's website at Please refer to the Form 10-Q that will be filed with the Securities and Exchange Commission ("SEC") on or about July 31, 2025 for more details on the Company's second quarter 2025 results. Also, refer to VSE's Annual Report on Form 10-K for the year ended December 31, 2024 for further information and analysis of VSE's financial condition and results of operations. VSE encourages investors and others to review the detailed reporting and disclosures contained in VSE's public filings for additional discussion about the status of customer programs and contract awards, risks, revenue sources and funding, dependence on material customers, and management's discussion of short- and long-term business challenges and opportunities. FORWARD LOOKING STATEMENTS This document contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause VSE's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this document. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, the Company can give no assurance that actual results will not differ materially from these expectations. 'Forward-looking' statements, as such term is defined by the SEC in its rules, regulations and releases, represent the Company's expectations or beliefs, including, but not limited to, statements concerning the Company's operations, economic performance, financial condition, growth and acquisition strategies, investments and future operational plans. Without limiting the generality of the foregoing, words such as 'may,' 'will,' 'expect,' 'believe,' 'anticipate,' 'intend,' 'forecast,' 'seek,' 'plan,' 'predict,' 'project,' 'could,' 'estimate,' 'might,' 'continue,' 'seeking' or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. These statements, by their nature, involve substantial risks and uncertainties, certain of which are beyond the Company's control, and actual results may differ materially depending on a variety of important factors, including, but not limited to, factors identified in the Company's reports filed or expected to be filed with the SEC including the Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings made with the SEC. All forward-looking statements made herein are qualified by these cautionary statements and risk factors and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Readers are cautioned not to place undue reliance on these forward looking-statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results. VSE Corporation and Subsidiaries Unaudited Consolidated Statements of Cash Flows (in thousands) Six months ended June 30, 2025 2024 (a) (a) Cash flows from operating activities: Net loss $ (5,776 ) $ (9,388 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 19,540 12,868 Amortization of debt issuance cost 1,067 665 Deferred taxes (3,474 ) (6,925 ) Stock-based compensation 6,663 4,812 Impairment and loss on sale of business segments 47,203 16,867 Loss on sale of property and equipment 10 421 Lease abandonment costs — 12,857 Earn-out receivable adjustment 5,900 — Changes in operating assets and liabilities, net of impact of acquisitions: Receivables (30,051 ) (38,292 ) Contract assets (2,969 ) 6,240 Inventories (25,478 ) (25,408 ) Prepaid expenses and other current assets and other assets (26,144 ) (14,584 ) Operating lease assets and liabilities, net (1,573 ) (362 ) Accounts payable and deferred compensation (13,724 ) (47,047 ) Accrued expenses and other liabilities (5,935 ) (9,312 ) Net cash used in operating activities (34,741 ) (96,588 ) Cash flows from investing activities: Purchases of property and equipment (8,464 ) (11,674 ) Proceeds from the sale of business segments, net of cash divested 138,816 42,118 Cash paid for acquisitions, net of cash acquired (47,739 ) (112,264 ) Net cash provided by (used in) investing activities 82,613 (81,820 ) Cash flows from financing activities: Borrowings on bank credit facilities 624,881 419,881 Repayments on bank credit facilities (674,381 ) (386,381 ) Proceeds from issuance of common stock 463 161,692 Payment of debt financing costs (2,584 ) — Payment of taxes for equity transactions (4,248 ) (2,545 ) Dividends paid (4,127 ) (3,176 ) Net cash (used in) provided by financing activities (59,996 ) 189,471 Net (decrease) increase in cash and cash equivalents (12,124 ) 11,063 Cash and cash equivalents, beginning of period 29,030 7,930 Cash and cash equivalents, end of period $ 16,906 $ 18,993 Supplemental disclosure of noncash investing and financing activities: Note receivable from the sale of business segment $ 25,000 — Earn-out receivable from the sale of business segment $ 29,200 — Expand (a) The cash flows related to discontinued operations and held-for-sale assets and liabilities have not been segregated, and remain included in the major classes of assets and liabilities. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations. Expand
