Itron Posts Q2 Loss

(RTTNews) - Itron, Inc. (ITRI) Monday reported second-quarter net loss of $62.5 million or $1.56 per share, compared to net income of $19.4 million or $0.49 per share last year.

Adjusted earnings were $0.03 per share compared to $0.87 per share last year.

Revenues for the quarter dropped to $509.6 million from $635.0 million last year.

Analysts polled by Thomson Reuters expected a loss of $0.21 per share for the quarter on revenues of $486.56 million.

Due to the uncertainty of the impact of the COVID-19 pandemic, the company had suspended its full year 2020 guidance on May 4, 2020.

However, the company said it anticipates revenue and adjusted earnings to be on par with the first half of 2020, with neither quarter being larger than first quarter performance.