From GlobeNewswire: 2025-02-25 08:30:00

Itron, Inc. reported financial results for Q4 2024, showing revenue of $613 million, a 6% increase from the previous year. Gross profit was $214 million, up 9%. Net income attributable to Itron was $58 million, a $14 million increase. Non-GAAP diluted EPS was $1.35, up $0.12. Adjusted EBITDA and free cash flow also saw significant increases.

CEO Tom Deitrich praised the successful year, highlighting record-breaking outcomes segment revenue, quarterly bookings, and total backlog of $4.7 billion. Itron looks forward to helping customers navigate challenges in energy and water management, with a substantial pipeline of opportunities ahead.

In Q4, Device Solutions revenue decreased by 4%, while Networked Solutions revenue increased by 6%, driven by new project deployments. Outcomes revenue saw a significant 25% increase due to software and services growth. Total company gross margin improved to 34.9% due to operational efficiencies.

Operating expenses for Q4 were $151 million, a $4 million increase from the previous year. GAAP operating income was $63 million, up $13 million. Net income attributable to Itron was $58 million, with non-GAAP net income at $62 million. Free cash flow for the quarter was $70 million, a significant increase.

Itron’s total backlog at the end of Q4 was a record $4.7 billion, with bookings totaling $1.4 billion for the quarter and $2.7 billion for the full year. The company provided a financial outlook for Q1 2025, expecting revenue between $610-620 million and non-GAAP diluted EPS between $1.25-1.35. Full-year 2025 outlook includes revenue of $2.4-2.5 billion and non-GAAP diluted EPS of $5.20-5.60.



Read more at GlobeNewswire:: Itron Announces Fourth Quarter and Full Year 2024 Financial