Iteris reports Q3 EPS (5c), consensus (5c)

Reports Q3 revenue $40.7M, consensus $37.7M. "Due to the continued progress of our supply chain management program, we achieved a financial inflection point in our fiscal 2023 third quarter," said Joe Bergera, president and CEO of Iteris. "As anticipated, the introduction of our alternative circuit boards and the other benefits of our supply chain management program began to normalize our sensors line of business. More specifically, in the fiscal third quarter, we realized a step-change increase in quarterly product revenue and a greater than 2,600 basis point sequential improvement in product gross margins, demonstrating that we have started to overcome the supply chain issues that impacted our fiscal first half performance."