Business
Itron Announces Fourth Quarter and Full Year 2020 Financial Results and 2021 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, 2020. Highlights for the quarter and full year include:\n\n\nQuarterly and full year revenue of $525 million and $2.2 billion;\n\n\nQuarterly and full year gross margin of 28.3% and 27.7%;\n\n\nQuarterly and full year GAAP net income of $22 million and net loss of $(58) million;\n\n\nQuarterly GAAP diluted earnings per share of $0.53 and full year loss per share of $(1.44);\n\n\nQuarterly and full year non-GAAP diluted earnings per share of $0.65 and $1.85;\n\n\nQuarterly and full year adjusted EBITDA of $56 million and $178 million; and\n\n\nBacklog of $3.3 billion and 12-month backlog of $1.2 billion.\n\n\n\"I'm proud of our team's commitment during a challenging year with the COVID-19 pandemic,\" said Tom Deitrich, Itron's president and chief executive officer. \"We have prioritized the health and safety of our employees, customers and the communities we serve, while continuing to execute on our strategy.\"\n\n\"We are optimistic as we enter 2021 with a record backlog; over 74 million endpoints under management; and over 2.7 million Distributed Intelligent Riva® meters deployed.\"\n\nSummary of Fourth Quarter Consolidated Financial Results\n\n(All comparisons made are against the prior year period unless otherwise noted)\n\nRevenue\n\nTotal revenue of $525 million decreased 16%, or 18% excluding the impact of changes in foreign currency exchange rates, compared with the fourth quarter of 2019.\n\nBy segment, Outcomes revenue increased 14%, driven by higher software license revenue. Networked Solutions revenue decreased 25% and Device Solutions revenue decreased 10%.\n\nGross Margin\n\nConsolidated gross margin of 28.3% increased 10 basis points compared with the fourth quarter of 2019, driven primarily by higher-margin software license revenue, partially offset by increased inventory reserves.\n\nOperating Income, Net Income and Earnings per Share (EPS)\n\nGAAP operating income increased to $33 million from $29 million in 2019. The increase was due to lower GAAP operating expenses.\n\nNon-GAAP operating income decreased to $44 million from $46 million in 2019. The decrease was due to lower gross profit...