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Q1 Earnings Highlights: Mirion (NYSE:MIR) Vs The Rest Of The Inspection Instruments Stocks


Anthony Lee /
2024/07/11 7:23 am EDT

The end of an earnings season can be a great time to discover new stocks and assess how companies are handling the current business environment. Let’s take a look at how Mirion (NYSE:MIR) and the rest of the inspection instruments stocks fared in Q1.

Measurement and inspection instrument companies may enjoy more steady demand because products such as water meters are non-discretionary and mandated for replacement at predictable intervals. In the last decade, digitization and data collection have driven innovation in the space, leading to incremental sales. But like the broader industrials sector, measurement and inspection instrument companies are at the whim of economic cycles. Interest rates, for example, can greatly impact civil, commercial, and residential construction projects that drive demand.

The 6 inspection instruments stocks we track reported a decent Q1; on average, revenues beat analyst consensus estimates by 2.4%. while next quarter's revenue guidance was 2.6% below consensus. Valuation multiples for many growth stocks have not yet reverted to their early 2021 highs, but the market was optimistic at the end of 2023 due to cooling inflation. The start of 2024 has been a different story as mixed signals have led to market volatility, and inspection instruments stocks have held roughly steady amidst all this, with share prices up 0.4% on average since the previous earnings results.

Mirion (NYSE:MIR)

With its monitoring devices installed on spacecraft, Mirion (NYSE:MIR) offers radiation technology to government agencies, healthcare providers, and industrial companies.

Mirion reported revenues of $192.6 million, up 5.8% year on year, in line with analysts' expectations. It was a decent quarter for the company, with a narrow beat of analysts' sales expectations.

“The first quarter was a solid start for Mirion in 2024,” stated Thomas Logan, Mirion’s Chief Executive Officer.

Mirion Total Revenue

The stock is flat since reporting and currently trades at $10.95.

Is now the time to buy Mirion? Access our full analysis of the earnings results here, it's free.

Best Q1: Badger Meter (NYSE:BMI)

The developer of the world’s first frost-proof water meter in 1905, Badger Meter (NYSE:BMI) provides water control and measure equipment to various industries.

Badger Meter reported revenues of $196.3 million, up 23.4% year on year, outperforming analysts' expectations by 7.7%. It was a stunning quarter for the company with an impressive beat of analysts' earnings estimates.

Badger Meter Total Revenue

Badger Meter delivered the biggest analyst estimates beat and fastest revenue growth among its peers. The market seems happy with the results as the stock is up 23.1% since reporting. It currently trades at $188.54.

Is now the time to buy Badger Meter? Access our full analysis of the earnings results here, it's free.

Weakest Q1: Teledyne (NYSE:TDY)

Playing a role in mapping the ocean floor as we know it today, Teledyne (NYSE:TDY) offers digital imaging and instrumentation products for various industries.

Teledyne reported revenues of $1.35 billion, down 2.4% year on year, falling short of analysts' expectations by 3.1%. It was a weak quarter for the company with a miss of analysts' organic revenue estimates and underwhelming earnings guidance for the full year.

Teledyne had the weakest performance against analyst estimates in the group. As expected, the stock is down 4.5% since the results and currently trades at $388.7.

Read our full analysis of Teledyne's results here.

Itron (NASDAQ:ITRI)

Founded by a small group of engineers who wanted to build a more efficient way to read utility meters, Itron (NASDAQGS:ITRI) offers energy and water management products for the utility industry, municipalities, and industrial customers.

Itron reported revenues of $603.4 million, up 22% year on year, surpassing analysts' expectations by 4.2%. Looking more broadly, it was a very strong quarter for the company with an impressive beat of analysts' earnings estimates.

The stock is up 11.4% since reporting and currently trades at $102.02.

Read our full, actionable report on Itron here, it's free.

FARO (NASDAQ:FARO)

Launched by two PhD students in a garage, FARO (NASDAQGS:FARO) provides 3D measurement and imaging systems for the manufacturing, construction, engineering, and public safety industries.

FARO reported revenues of $84.24 million, flat year on year, surpassing analysts' expectations by 3.9%. Looking more broadly, it was a solid quarter for the company with a decent beat of analysts' earnings estimates.

The stock is down 14.3% since reporting and currently trades at $16.22.

Read our full, actionable report on FARO here, it's free.

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