Shares of Itron (ITRI) plummeted 5.01% in early trading on Thursday after the energy and water technology company reported mixed first-quarter results and provided weaker-than-expected guidance for the second quarter.

For Q1 2025, Itron posted revenue of $607 million, falling short of analysts' expectations of $614.3 million. This represents only a modest 0.61% increase from the same period last year. The revenue miss overshadowed the company's better-than-expected earnings performance, with adjusted earnings per share coming in at $1.52, surpassing the consensus estimate of $1.30.

Adding to investor concerns, Itron's Q2 revenue guidance of $605-615 million fell significantly below Wall Street's expectations of $2.47 billion. This weak outlook suggests potential challenges in the company's near-term growth prospects, likely contributing to the sharp sell-off in the stock. Despite the positive earnings surprise, the market appears to be focusing on the top-line performance and forward-looking guidance as key indicators of the company's health.