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Itron Announces Second 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 second quarter ended June 30, 2023. Key results for the quarter include (compared with the second quarter of 2022):\n\n\n\nRevenue of $541 million, increased 25%;\n\n\n\nGross profit of $174 million, increased 38%;\n\n\n\nGAAP net income of $24 million, increased $61 million;\n\n\n\nGAAP diluted earnings per share of $0.53, increased $1.35 per share;\n\n\n\nNon-GAAP diluted EPS of $0.65, increased $0.58 per share;\n\n\n\nAdjusted EBITDA of $49 million, increased 182%;\n\n\n\nFree cash flow of $36 million, increased $26 million; and\n\n\n\nTotal backlog of $4.5 billion increased 11%.\n\n\n\n“Second quarter 2023 results highlight the execution capability of the team as we capitalized on our strong backlog position, improved asset utilization, and improved component availability. The Company’s financial performance demonstrates the opportunity for value creation available through improving the resiliency, reliability, and agility of the global grid,” said Tom Deitrich, Itron’s president and CEO.\n\n\n“It is evident that the urgency to invest in energy and water infrastructure for accelerating rates of electrification, increased adoption of distributed energy resources, and the impact of climate change is growing rapidly. Itron will continue to innovate and help our customers address extremely complex challenges, and we believe that we are positioned to maintain operational momentum throughout the second half of the year.”\n\n\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\n\n\nTotal second quarter revenue increased 25%, to $541 million. The increase was due to improving supply chain conditions and strong operational execution.\n\n\nDevice Solutions revenue increased 8%, or 7% in constant currency, due primarily to growth in the Water vertical.\n\n\nNetworked Solutions revenue increased 34%, due to improving supply chain conditions.\n\n\nOutcomes revenue increased 16%, or 17% in constant currency, due to higher software license sales and recurring services.\n\n\nGross Margin\n\n\nConsolidated company gross margin of 32.1% increased 290 basis po...