Itron, Inc. ITRI reported third-quarter 2020 non-GAAP earnings of 61 cents per share, which beat the Zacks Consensus Estimate by 165.2%. Further, the figure improved significantly from 3 cents per share in the previous quarter.However, the bottom line declined 41.3% from the year-ago quarter due to adverse effects of coronavirus pandemic on the company’s business.Revenues were $540.2 million, which lagged the Zacks Consensus Estimate of $548 million. Further, the top line increased 6% sequentially but fell 13.5% year over year.Sluggishness in the demand environment due to ongoing coronavirus pandemic led to year-over-year decline in the top line. Moreover, weak performance of Device Solutions and Networked Solutions was a negative.Further, operational constraints as a result of COVID-19-led disruptions were headwinds.Notably, product revenues were $470.7 million (87.1% of total revenues), down 14.9% year over year. Service revenues totaled $69.5 million (12.9%), which decreased 2.9% from the year-ago quarter.The company’s bookings were $432 million and the backlog totaled $2.8 billion at the end of the reported quarter.Uncertainties related to COVID-19 are likely to act as headwinds in the days ahead.Nevertheless, stability in supply chain and logistics remain positive.Itron, Inc. Price, Consensus and EPS Surprise Itron, Inc. price-consensus-eps-surprise-chart | Itron, Inc. QuoteSegments in DetailDevice Solutions: The company generated revenues of $176.1 million (32.6% of total revenues) from this segment, down 17% from the year-ago quarter.Networked Solutions: Revenues from this segment were $306.7 million (56.8% of total revenues), down 14% year over year.Outcomes: This segment generated revenues of $57.4 million (10.6% of total revenues), up 5% on a year-over-year basis.Operating DetailsFor the third quarter, Itron’s gross margin was 26.5%, which contracted 500 basis points (bps) on a year-over-year basis primarily due to manufacturing inefficiencies stemming from the COVID-19 pandemic.Non-GAAP operating expenses were $113.5 million, down 12.9% year over year. This increase resulted from rising product development investment. As a percentage of revenues, the figure expanded 300 bps year over year to 23.2%.Further, non-GAAP operating margin came in 5.5%, contracting 510 bps from the year-ago quarter.Balance Sheet & Cash FlowsAs of Sep 30, 2020, cash and cash equivalents totaled $586.2 million, up from $544.8 million as of Jun 30, 2020. Accounts receivables were $386.9 million, down from $411.2 million in the prior quarter.Long-term debt at the end of the third quarter stood at $1.31 billion compared with $1.32 billion at the end of the second quarter.Itron generated $45 million of cash from operations in the third quarter compared with $6.9 million million in the prior quarter.Moreover, the company generated free cash flow $38 million against ($9.6 million) in the last quarter.Zacks Rank & Key PicksItron currently has a Zacks Rank #3 (Hold).Some better-ranked stocks in the broader technology sector are Qorvo QRVO, Marchex MCHX and NVIDIA Corporation NVDA, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.Both Marchex and Qorvo are scheduled to release earnings on Nov 4, while NVIDIA is slated to report on Nov 18.Long-term earnings growth rate of Qorvo, Marchex, and NVIDIA is pegged at 12.35%, 15% and 20.07%, respectively.Legal Marijuana: An Investor’s DreamImagine getting in early on a young industry primed to skyrocket from $17.7 billion in 2019 to an expected $73.6 billion by 2027.Although marijuana stocks did better as the pandemic took hold than the market as a whole, they’ve been pushed down. This is exactly the right time to get in on selected strong companies at a fraction of their value before COVID struck. Zacks’ Special Report, Marijuana Moneymakers, reveals 10 exciting tickers for urgent consideration.Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Itron, Inc. (ITRI): Free Stock Analysis Report NVIDIA Corporation (NVDA): Free Stock Analysis Report Qorvo, Inc. (QRVO): Free Stock Analysis Report Marchex, Inc. (MCHX): Free Stock Analysis Report To read this article on Zacks.com click here.