Iteris (ITI) Stock Soaring on Preliminary Q1 Revenue
NEW YORK (TheStreet) -- Shares of Iteris (ITI) - Get Report are surging 15.74% to $3.63 on heavy trading volume Friday afternoon after the company announced better-than-expected preliminary revenue for the 2017 fiscal first quarter.
The Santa Ana, CA-based company is a provider of information solutions for the traffic management and agriculture markets.
Iteris projects that revenue will be between $23.5 million and $24.5 million, which is an increase of 28% to 33% year-over-year.
Analysts are looking for revenue of $20 million for the first quarter.
The company also expects to report improved operating income for the period.
"We are pleased to demonstrate continued strong acceleration across all our business segments," CEO Joe Bergera said in a statement, "Over the past few quarters, we have put in place a strong foundation to capitalize on the powerful secular trends in both our transportation and agriculture markets."
About 1.27 million of the company's shares changed hands so far today vs. its average 30-day volume of 76,679 shares per day.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance.
But the team also finds weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: ITI