Why Iteris Shares Are Surging Today

Iteris, Inc ITI reported fourth-quarter FY22 revenue growth of 8% year-on-year to $34.2 million, missing the consensus of $34.7 million.
The sustained strong customer adoption of Iteris' ClearMobility Platform drove the increase.
Service revenue increased 8% Y/Y to $17.1 million, and Product revenue grew 8% Y/Y to $17.1 million.
The bookings grew 27% Y/Y to $41.9 million.
The ending backlog was $99.9 million, up 28% Y/Y.
Operating expenses rose 5% Y/Y to $14.1 million.
Iteris recorded an adjusted EBITDA of loss $(1.1) million versus $1.8 million last year due to global supply chain disruptions and associated costs. Iteris' Adjusted EBITDA margin was (3.1)%, down from 5.5% a year ago.
EPS loss was $(0.07) versus $(0.01) a year ago.
Iteris held $23.8 million in cash and equivalents.
Outlook: Iteris sees FY23 revenue of $147 million - $155 million versus the consensus of $146.4 million.
Share Buyback: The board approved a new stock repurchase program of $10.0 million.
Analyst Rating: B. Riley Securities analyst Jeff Van Sinderen maintained a Buy and lowered the price target from $6 to $5.
Price Action: ITI shares traded higher by 12.2% at $3.03 on the last check Thursday.