From GlobeNewswire: 2025-05-01 08:30:00

Itron, Inc. reported financial results for Q1 2025, with revenue reaching $607 million, a 1% increase from Q1 2024. Gross profit rose to $217 million, a 6% increase. GAAP net income was $65 million, up $14 million. Non-GAAP diluted EPS was $1.52, a $0.28 increase. Adjusted EBITDA was $88 million, up 15%. Free cash flow reached $67 million, a $33 million increase.

Itron’s Q1 results exceeded expectations, with margin expansion and earnings growth driven by favorable product mix and strong execution. Customer demand remained steady, with utilities embracing new technologies. Revenue increased 1% to $607 million. Device Solutions revenue decreased 1%, Networked Solutions revenue decreased 1%, and Outcomes revenue increased 14%.

Gross margin for Itron in Q1 was 35.8%, up 180 basis points from the prior year due to product mix and operational efficiencies. GAAP operating expenses were $141 million, a $2 million decrease from the prior year. GAAP operating income was $76 million, $13 million higher than the prior year. Net income attributable to Itron, Inc. was $65 million, or $1.42 per diluted share, compared to $52 million, or $1.12 per diluted share in 2024.

In Q1 2025, Itron reported total backlog of $4.7 billion, up from $4.3 billion in the prior year. Bookings in the quarter totaled $530 million. The outlook for Q2 2025 includes revenue between $605 and $615 million and Non-GAAP diluted EPS between $1.30 and $1.40. Itron will host a conference call to discuss these results on May 1, 2025. Interested parties can access the webcast on the company’s website.

Non-GAAP financial measures, including operating expenses, operating income, net income, diluted EPS, adjusted EBITDA, and free cash flow, were provided by Itron for Q1 2025. These measures are used for financial and operational decision making and provide transparency regarding performance. Adjusted EBITDA was $87.9 million, and free cash flow was $67.5 million. Constant currency impacts were also discussed in relation to financial results.



Read more at GlobeNewswire:: Itron Announces First Quarter 2025 Financial Results