Business
Itron Announces Fourth Quarter and Full Year 2019 Financial Results and 2020 Guidance
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 fourth quarter and full year ended Dec. 31, 2019. Highlights for the quarter and full year include:\n\n\n\nQuarterly and full year revenue of $628 million and $2.5 billion;\n\n\nQuarterly and full year gross margin of 28.2% and 30.1%;\n\n\nQuarterly and full year GAAP net income of $15 million and $49 million;\n\n\nQuarterly and full year GAAP diluted earnings per share of $0.36 and $1.23;\n\n\nQuarterly and full year non-GAAP diluted earnings per share of $0.72 and $3.32;\n\n\nQuarterly and full year adjusted EBITDA of $57 million and $270 million; and\n\n\nRecord backlog of $3.2 billion and 12-month backlog of $1.5 billion.\n\n\n\n\"We ended 2019 with aggregate results in line with expectations,\" said Tom Deitrich, Itron's president and chief executive officer. \"For the full year 2019, we achieved strong revenue growth of over 5%, non-GAAP earnings per share growth of over 25%, and have made solid strides in our operational performance.\"\n\n\n\"We ended the year with a record backlog and see an active pipeline to support the 2020 guidance,\" continued Deitrich.\n\n\nSummary of Fourth Quarter Consolidated Financial Results\n(All comparisons made are against the prior year period unless otherwise noted)\n\n\nRevenue\nTotal revenue of $628 million increased 7%, or 8% excluding the impact of changes in foreign currency exchange rates, compared with the fourth quarter of 2018, driven by growth in the Networked Solutions segment.\n\n\nBy segment, Networked Solutions revenue increased 21% driven by continued strong North America deployments. Outcomes revenue decreased 1%, and Device Solutions revenue decreased 9%.\n\n\nGross Margin\nConsolidated gross margin of 28.2% decreased 190 basis points compared with the fourth quarter of 2018 driven primarily by product mix.\n\n\n\n\nOperating Income, Net Income and Earnings per Share (EPS)\nGAAP operating income was flat at $29 million compared with the fourth quarter of 2018. Non-GAAP operating income decreased to $46 million compared with $49 million in 2018 due to an increase in product development investment.\n\n\nGAAP net income attributable to Itron, Inc. for the quarter was $15 million, or $0.36 per d...