Iteris Inc. (NASDAQ: ITI) has put investors on high alert regarding its F1Q2017 results. The management recently released what it termed as preliminary financial results for the quarter and the numbers exceeded the consensus estimate. That comes after the company posted improvement in its F4Q2016 sales relative to both the prior and year-ago quarters. The question is: are we seeing Iteris beginning to the turn the corner?
Iteris Inc. (NASDAQ: ITI) F1Q2016 preliminary results
Iteris Inc. (NASDAQ: ITI) said that it expects to report revenue in the band of $23.5 to $24.5 million in F1Q2017. That means that the topline number for the latest quarter is expected to grow in the range of 28% to 33% over the same period in the prior year.
Analysts on the average are looking for Iteris to generate revenue of $20 million in F1Q2017. As such, if the preliminary results are anything to go by, Iteris is set to surpassed Wall Street estimate by a comfortable margin of at least $3.5 million.
Iteris Inc. (NASDAQ: ITI) has set August 4 as the date to release the actual result for F1Q2016. Therefore, the management warned that the actual reported results might differ from the preliminary results. Given that the management has deemed it fit to share the lofty revenue figures before the actual report, it is safe to conclude that the actual revenue reported will not be far from the preliminary numbers.
Besides improvement in revenue, Iteris also expected improvement in its operating income in F1Q2017. But no specific figures were provided to give a hint of the range operating income is expected to fall.
What happened in the prior quarter?
In its F4Q2016, Iteris Inc. (NASDAQ: ITI) generated revenue of $19.8 million, surpassing revenue of $19 million generated in the prior quarter and revenue of $18.1 million generated in the year-ago quarter. But the company logged a loss of $1.3 million or $0.04 per share, which widened from EPS loss of $0.03 in the same quarter a year ago. However, the EPS loss of $0.04 in F4Q2016 improved significantly from EPS loss of $0.33 in F3Q2016.