Iteris, Inc. (NASDAQ: ITI), a global leader in managing smart mobility infrastructure, announced its financial results for the fiscal fourth quarter and full year ended March 31, 2024. Here are the key highlights:
Fiscal 2024 Fourth Quarter Financial Summary:
- Revenues: Increased by 1% year-over-year to $42.8 million.
- Gross Margins: Improved to 37.4%, up by 558 basis points compared to the previous year.
- Net New Bookings: Achieved a record of $53.3 million, marking a 20% increase from the same period last year.
- Backlog: Grew to $123.8 million as of March 31, 2024, up by 8% year-over-year.
- GAAP Net Income: Reported $0.1 million, or $0.00 per diluted share, showing an improvement of $0.6 million or $0.01 per share from the prior year.
- Adjusted EBITDA: Stood at $2.8 million, representing 6.7% of revenue, doubling from the previous year.
- Adjusted Net Income: Totaled $2.9 million, or $0.07 per diluted share, up by $0.04 per share from the same period last year.
Fiscal 2024 Full Year Financial Summary:
- Record Revenues: Achieved $172.0 million, up by 10% year-over-year.
- Gross Margins: Improved significantly to 37.6%, an increase of 1,063 basis points compared to the previous year.
- Net New Bookings: Set a new record of $181.6 million, up by 7% year-over-year.
- GAAP Net Income: Reported $3.1 million, or $0.07 per share, marking a substantial improvement of $18.0 million or $0.42 per share from the prior year.
- Adjusted EBITDA: Rose to $12.9 million, representing 7.5% of revenue, an increase of $19.5 million or 1,174 basis points year-over-year.
- Adjusted Net Income: Totaled $12.7 million, or $0.29 per diluted share, up by $0.46 per share from the previous year.
Management Commentary:
Joe Bergera, President and CEO of Iteris, commented, “Our fiscal 2024 results reflect a pivotal turning point for Iteris. With the challenges of COVID-19 and supply chain disruptions behind us, we are pleased to see sustained growth across revenue and earnings for four consecutive quarters. The adoption of our ClearMobility Platform continues to surpass market growth rates, driving significant market share gains.”
Looking forward, Bergera added, “We anticipate strong organic revenue growth in line with our Vision 2027 targets, supported by favorable market conditions and federal funding from the Infrastructure Investment and Jobs Act.”
Fiscal 2025 Outlook:
- Total Revenues: Expected in the range of $188.0 million to $194.0 million, reflecting an 11% organic growth year-over-year at the midpoint.
- Adjusted EBITDA Margin: Projected to be in the range of 8.0% to 10.0% of revenue.
First Quarter Fiscal 2025 Outlook:
- Total Revenues: Forecasted between $43.5 million to $45.5 million, indicating a 2% organic growth year-over-year at the midpoint.
- Adjusted EBITDA Margin: Anticipated in the range of 5.5% to 6.5%.
Conclusion:
In conclusion, Iteris anticipates continued momentum into fiscal 2025, driven by ongoing product innovation and market expansion initiatives. The company remains focused on delivering value to shareholders through sustained growth and operational excellence.
For more detailed financial metrics and reconciliations, refer to the “Non-GAAP Financial Measures and Reconciliation” section in the full report.
