Itron, Inc. ITRI reported fourth-quarter 2020 non-GAAP earnings of 66 cents per share, which beat the Zacks Consensus Estimate by 140.7%. Further, the figure improved 6.6% from the previous quarter.However, the bottom line declined 9.7% from the year-ago quarter.Revenues were $525.2 million, which lagged the Zacks Consensus Estimate of $564.6 million. Further, the top line decreased 2.8% sequentially and 16% year over year.Disruptions caused by the ongoing coronavirus pandemic in the demand environment were major concerns. Moreover, the weak performance of Device Solutions and Networked Solutions was a negative.Notably, product revenues were $451.4 million (86% of total revenues), down 18.9% year over year. Service revenues totaled $73.8 million (14%), which increased 2.8% from the year-ago quarter.The company’s bookings were $973 million and the backlog totaled $3.3 billion at the end of the reported quarter.Segments in DetailDevice Solutions: The company generated revenues of $186.4 million (35.5% of total revenues) from the segment, down 10% from the year-ago quarter.Networked Solutions: Revenues from the segment were $277.4 million (52.8% of total revenues), down 25% year over year.Outcomes: The segment generated revenues of $61.3 million (11.7% of total revenues), up 14% on a year-over-year basis, owing to growing software license revenues.Itron, Inc. Price, Consensus and EPS Surprise Itron, Inc. price-consensus-eps-surprise-chart | Itron, Inc. QuoteOperating DetailsFor the fourth quarter, Itron’s gross margin was 28.3%, which expanded 10 basis points (bps) on a year-over-year basis. This was driven by high-margin software license revenues.Non-GAAP operating expenses were $116.2 million, down 21.8% year over year. As a percentage of revenues, the figure contracted 150 bps year over year to 22.1%.Further, non-GAAP operating margin was 8.3%, expanding 90 bps from the year-ago quarter.Balance Sheet & Cash FlowsAs of Dec 31, 2020, cash and cash equivalents totaled $206.9 million, down from $586.2 million as of Sep 30, 2020. Accounts receivables were $369.8 million, down from $386.9 million in the prior quarter.Long-term debt at the end of the fourth quarter stood at $902.6 million compared with $1.31 billion at the end of the third quarter.Itron generated $38.9 million of cash from operations in the fourth quarter compared with $45 million in the prior quarter.Moreover, the company generated free cash flow of $29.03 million in the quarter under review compared with$38 million in the last reported quarter.2021 GuidanceFor 2021, the company expects revenues between $2.23 billion and $2.33 billion. The Zacks Consensus Estimate for the same is pegged at $2.29 billion.Further, non-GAAP earnings for 2021 are anticipated to be $2.15-$2.55 per share. The consensus mark for the same is pegged at $2.09 per share.Zacks Rank & Key PicksItron currently has a Zacks Rank #3 (Hold).Some better-ranked stocks in the broader technology sector are CrowdStrike Holdings Inc. CRWD, Workday, Inc. WDAY and Analog Devices, Inc. ADI, each presently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Long-term earnings growth rates for CrowdStrike, Workday and Analog Devices are currently pegged at 25%, 25.36% and 12.25%, respectively.More Stock News: This Is Bigger than the iPhone!It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>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 Analog Devices, Inc. (ADI): Get Free Report Workday, Inc. (WDAY): Get Free Report CrowdStrike Holdings Inc. (CRWD): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research