Itron Announces First Quarter 2020 Financial Results and Provides Update on COVID-19

About this update from Itron, Inc.

[{"type":"text","content":" LIBERTY LAKE, Wash.--(BUSINESS WIRE)--\nItron, Inc. (NASDAQ:ITRI) announced today financial results for its first quarter ended Mar. 31, 2020. Key results for the quarter include (compared with the first quarter of 2019):\n\n\n\nRevenue of $598 million, compared with $615 million;\n\n\nGross margin of 28.7%; compared with 30.5%;\n\n\nGAAP net income of $9 million, compared with a net loss of $2 million;\n\n\nGAAP diluted earnings per share (EPS) of $0.21, compared with GAAP loss per share of $(0.05);\n\n\nNon-GAAP diluted EPS of $0.57, compared with $0.70;\n\n\nAdjusted EBITDA of $52 million, compared with $66 million; and\n\n\nTotal backlog was flat at $3.0 billion.\n\n\n\n\"During these unprecedented times, Itron is committed to supporting our customers who provide critical infrastructure and ensure the grid is resilient and secure,\" said Tom Deitrich, Itron's president and chief executive officer.\n\n\n\"In the first quarter, our operations were impacted by the pandemic, and we are taking actions to mitigate the impact on the rest of year,\" continued Deitrich. \"As we navigate the COVID-19 pandemic, our top priority continues to be the health, safety and support of our employees and the people in the communities we serve.\"\n\n\nSummary of First Quarter Consolidated Financial Results\n(All comparisons made are against the prior year period unless otherwise noted)\n\n\nRevenue\nTotal first quarter revenue decreased 3% to $598 million, or 1%, excluding the impact of changes in foreign currency exchange rates.\n\n\nDevice Solutions revenue decreased 9%, primarily due to COVID-19 related delays and the impact of changes in foreign currency exchange rates. Outcomes revenue decreased 2%, while Networked Solutions revenue increased 1%, despite COVID-19 related delays.\n\n\nGross Margin\nConsolidated company gross margin of 28.7% decreased 180 basis points from the prior year due to product mix and manufacturing inefficiencies.\n\n\n\n\nOperating Expenses and Operating Income\nGAAP operating expenses of $145 million decreased $21 million from the prior year due to lower acquisition, integration, restructuring and amortization expenses. Non-GAAP operating expenses of $133 million increased $2 million from the prior year, primarily due to higher product development investment.\n\n\nGAAP operating income of $26 million increased from...

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