Business
Itron Announces Fourth Quarter and Full Year 2022 Financial Results and 2023 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, 2022. Highlights for the quarter and full year include:\n\n\nQuarterly and full year revenue of $467 million and $1.8 billion;\n\n\nQuarterly and full year gross margin of 30.1% and 29.1%;\n\n\nQuarterly GAAP net income of $22 million and a full year loss of $(10) million;\n\n\nQuarterly GAAP diluted earnings per share of $0.49 and a full year loss per share of $(0.22);\n\n\nQuarterly and full year non-GAAP diluted earnings per share of $0.71 and $1.13;\n\n\nQuarterly and full year adjusted EBITDA of $34 million and $95 million; and\n\n\nTotal backlog of $4.6 billion.\n\n\n\"Strong market demand continued in the fourth quarter with our total backlog setting a new record for the third consecutive quarter,” said Tom Deitrich, Itron’s president and CEO.\n\n“Our fourth quarter results were a step in the right direction. The supply environment remains volatile but is showing signs of improvement.”\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 $467 million decreased 4% compared with the fourth quarter of 2021, or flat excluding the impact of changes in foreign currency exchange rates. Revenue declined due to the sale of the C&I gas business in our Device Solutions segment, offset by higher sales in the Network Solutions and Outcomes segments.\n\nOutcomes revenue increased 4% driven by higher software license and product sales, partially offset by the decline in EMEA prepay business. Networked Solutions revenue increased 14% primarily due to higher volume and improved pricing. Device Solutions revenue decreased (36%). Normalized for the sale of the C&I gas business and changes in foreign exchange rates, Devices revenue was down (11%).\n\n\nGross Margin\n\nConsolidated gross margin of 30.1% increased 510 basis points compared with the fourth quarter of 2021 driven by favorable mix, partially offset by elevated component costs.\n\nOperating Income (loss), Net Income (loss) and Earnings (loss) per Share (EPS)\n\nGAAP operating income of $12 million compared with an operating loss of $(107)...