RTTNews | Aug 5, 2021 10:28AM EDT

10:27 Thursday, August 5, 2021 (RTTNews.com) - Shares of technology and service company Itron, Inc. (ITRI) are down more than 27% Thursday morning following second-quarter results, that missed analysts' view.

The company also lowered its full-year outlook.

Itron expects revenue between $2.05 billion and $2.15 billion for the full-year vs. previous guidance of $2.23 to $2.33 billion, and adjusted EPS to be between $1.00 and $1.50, lower than previous guidance of $2.30 to $2.70.

On average 11 analysts polled by Thomson Reuters expect the company to report earnings of $2.42 per share on revenue of $2.26 billion for the period.

The company reported net loss of $33 million or $0.73 per share in the second quarter, narrower than net loss of $63 million or $1.56 per share a year ago.

Excluding items, adjusted earnings of $0.28 per share missed the consensus estimate at $0.48 per share.

Revenue for the quarter declined to $489 million from $510 million last year. Analysts expected revenue of $535.91 million for the quarter.

"While we saw demand recovery in the second quarter, our results were negatively impacted by component constraints, which affected both our ability to meet customer demand and our cost structure. We anticipate that the component supply will remain constrained in the second half of the year and into 2022," said Tom Deitrich, Itron's president and chief executive officer.

ITRI, currently at $70.75, has traded in the range of $53.49- $122.31 in the past 52 weeks.

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