FAIRFAX, Va. - Iteris , Inc. (NASDAQ: NASDAQ:ITI), recognized for its smart mobility infrastructure management, has been awarded seven task orders from the National Highway Institute (NHI) totaling over $2 million. These orders, announced today, are part of a five-year indefinite delivery/indefinite quantity (IDIQ) contract with the Federal Highway Administration (FHWA). The contract underlines the FHWA's continued confidence in Iteris, which has been providing training services for over two decades.
The company will develop and deliver a range of training materials and services aimed at implementing best practices in areas such as mobility data business plans, federal aid, travel demand analysis, climate resiliency, and pedestrian facility design. The training will be offered through various formats, including in-class sessions, online training, virtual workshops, and technical assistance, to enhance transportation safety and mobility nationwide.
Iteris has been collaborating with the NHI since 2002, contributing significantly to the education of transportation professionals across the United States. The company has developed over 20 courses and delivered more than 1,000 instructional sessions for the NHI, establishing itself as a leader in transportation education.
Dr. Moe Zarean, general manager of mobility operations services at Iteris, remarked on the company's dedication to advancing transportation professional training, "These past years working with NHI, Iteris has perfected our training approach, methods and practices, and we look forward to continuing our role in helping to train the next generation of transportation professionals nationwide."
Iteris, Inc. is a pioneer in applying technology to improve safety, mobility, and sustainability of transportation infrastructure. Their solutions are part of the ClearMobility® Platform, which utilizes AI to monitor, visualize, and optimize mobility infrastructure globally. The company supports over 10,000 public agencies and private-sector enterprises in the mobility sector.
The information provided is based on a press release statement.
InvestingPro Insights
Iteris, Inc. (NASDAQ: ITI), while securing new task orders, also presents an interesting profile when considering its financial metrics and market performance. The company currently holds a market capitalization of $215.5 million and has shown a commendable revenue growth of 16.12% over the last twelve months as of Q1 2023. This growth is a testament to the company's expanding role in the mobility infrastructure management sector.
An InvestingPro Tip that stands out for Iteris is the company's ability to hold more cash than debt on its balance sheet, which can be a sign of financial health and stability. This is particularly relevant for investors who prioritize a company's balance sheet strength when assessing potential risks and long-term viability. Additionally, Iteris is expected to be profitable this year, which could be a positive signal for those looking at the company's earning potential.
With a P/E ratio of 87.41, Iteris is trading at a high earnings multiple, which suggests that investors have high expectations for the company's future earnings. However, this should be considered alongside the company's strong return over the last three months, which has been 21.74%, indicating a positive market sentiment in the short term.
For investors looking for more in-depth analysis, there are over 10 additional InvestingPro Tips available for Iteris, which can provide further insights into the company's financial health and market performance. Interested readers can explore these tips by visiting InvestingPro and can take advantage of an extra 10% off a yearly or biyearly Pro and Pro+ subscription using the coupon code PRONEWS24.
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