From GlobeNewswire: 2024-05-02 08:30:00

Itron, Inc. announced strong financial results for Q1 2024 with revenue reaching $603 million, a 22% increase from Q1 2023. The company reported a gross profit of $205 million, a 31% increase, and a GAAP net income of $52 million. Non-GAAP diluted EPS was $1.24, up from $0.49 in the previous year. Operating income saw a significant increase attributed to higher gross profit and lower expenses.

The increase in revenue was driven by operational execution, conversion of constrained revenue, and customer demand. Device Solutions revenue increased by 7%, Networked Solutions revenue increased by 30%, and Outcomes revenue increased by 10%. Itron’s gross margin increased to 34.0% due to a higher margin product mix and operational efficiencies. Operating expenses decreased by $24 million in GAAP terms and increased $13 million in Non-GAAP terms.

Net income attributable to Itron, Inc. was $52 million for the quarter, with a GAAP EPS of $1.12. Non-GAAP net income was $57 million with a non-GAAP EPS of $1.24. Cash flow from operating activities was $41 million, and free cash flow was $34 million. Total backlog at quarter end was $4.3 billion, with bookings totaling $361 million.

For Q2 2024, Itron expects revenue between $595 and $605 million and Non-GAAP diluted EPS between $0.90 and $1.00. The company will host a conference call to discuss these results on May 2, 2024.

Itron helps utilities and cities manage energy and water resources around the world. The company’s smart networks, software, services, meters, and sensors aid in better resource management. Itron’s dedication to customer success and creating a more resourceful world has led to positive financial results in Q1 2024.



Read more at GlobeNewswire:: Itron Announces First Quarter 2024 Financial Results