Business
Itron Announces First Quarter 2023 Financial Results
LIBERTY LAKE, Wash.--(BUSINESS WIRE)-- Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, announced today
About this update from Itron, Inc.
[{"type":"text","content":" LIBERTY LAKE, Wash.--(BUSINESS WIRE)--\nItron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, announced today financial results for its first quarter ended Mar. 31, 2023. Key results for the quarter include (compared with the first quarter of 2022):\n\n\n\nRevenue of $495 million, increased 4%;\n\n\n\nGross profit of $156 million, increased 16%;\n\n\n\nGAAP net loss of $12 million, a decrease of $13 million;\n\n\n\nGAAP loss per share of $0.26, a decrease of $0.28 per share;\n\n\n\nNon-GAAP diluted EPS of $0.49, increased $0.38 per share;\n\n\n\nAdjusted EBITDA of $39 million, increased 109%; and\n\n\n\nTotal backlog of $4.6 billion increased 17%.\n\n\n\n“Itron’s first quarter results benefited from strong operational execution, underpinned by improved component supply,” said Tom Deitrich, Itron’s president and CEO. “All three of our segments improved their profitability year over year.\n\n\n“We are pleased with the building momentum to begin the year and remain mindful of some continued supply chain volatility and persistent inflation. We expect these factors to improve over time but are prepared for elevated levels of ongoing risks.\n\n\n“The long-term trends of electrification in the economy, needed investment in critical infrastructure reliability, climate volatility, and the growth of distributed energy resources are presenting challenges that Itron is uniquely positioned to address. As the urgency around these issues increases, the demand for grid edge intelligence will only expand. Itron’s leading technology will ensure that our customers can address these increasing demands.”\n\n\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\n\n\nTotal first quarter revenue increased 4% to $495 million, or 6%, excluding the impact of changes in foreign currency exchange rates. The increase was due to improved component supply, strong operational execution, and higher software license sales.\n\n\nDevice Solutions revenue declined 15% or 11% in constant currency due to the sale of mechanical C&I gas business and discontinuation of certain product lines.\n\n\nNetworked Solutions revenue increased 12% due to increased product shipments and higher installation and other services.\n\n\nOu...