Itron Announces Second 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 second quarter ended June 30, 2020. Key results for the quarter include (compared with the second quarter of 2019):\n\n\n\nRevenue of $510 million, compared with $635 million;\n\n\nGross margin of 27.2%; compared with 30.1%;\n\n\nGAAP net loss of $(63) million, compared with net income of $19 million;\n\n\nGAAP loss per share of $(1.56), compared with GAAP diluted earnings per share (EPS) of $0.49;\n\n\nNon-GAAP diluted EPS of $0.03, compared with $0.87;\n\n\nAdjusted EBITDA of $31 million, compared with $73 million; and\n\n\nTotal backlog of $2.9 billion, compared with $3.1 billion.\n\n\n\n\"In balance, I am pleased with our team's focus and execution this quarter during these unprecedented and challenging times,\" said Tom Deitrich, Itron's president and chief executive officer.\n\n\n\"In the second quarter, our continued commitment to our customers and aggressive actions to safely ensure our business continuity yielded results that were better than our expectations,\" continued Deitrich. \"We remain confident in our ability to work through the near-term challenges presented by the COVID-19 pandemic as we make strides in our strategy and the long-term opportunities it can deliver.\"\n\n\nSummary of Second Quarter Consolidated Financial Results\n(All comparisons made are against the prior year period unless otherwise noted)\n\n\nRevenue\nTotal second quarter revenue decreased 20% to $510 million, or 18%, excluding the impact of changes in foreign currency exchange rates.\n\n\nDevice Solutions revenue decreased 41%, Networked Solutions revenue decreased 9% and Outcomes revenue decreased 9%. The decreases were primarily due to COVID-19.\n\n\nGross Margin\nConsolidated company gross margin of 27.2% decreased 290 basis points from the prior year due to COVID-19 induced manufacturing inefficiencies.\n\n\n\n\nOperating Expenses and Operating Income\nGAAP operating expenses of $184 million increased $36 million from the prior year due to a $57 million loss on sale of business in the current period related to the divestiture of our manufacturing and sales operations in Latin America. This sale was part of our operations strategy to move to a more asset light business model.\n\n\nNon-GAAP operating expenses of $118 million decrea...

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