Business
Itron Announces Second Quarter 2024 Financial Results
LIBERTY LAKE, Wash., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water,
About this update from Itron, Inc.
[{"type":"text","content":"LIBERTY LAKE, Wash., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Itron, 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, 2024. Key results for the quarter include (compared with the second quarter of 2023): Revenue of $609 million, increased 13%;Gross profit of $210 million, increased 21%;GAAP net income attributable to Itron, Inc. of $51 million, increased $27 million;GAAP diluted earnings per share of $1.10, increased $0.57 per share;Non-GAAP diluted EPS of $1.21, increased $0.56 per share;Adjusted EBITDA of $77 million, increased 56%; andFree cash flow of $45 million, increased $9 million. “The second quarter of 2024 was successful for Itron.” said Tom Deitrich, Itron’s president and CEO. “Revenue of $609 million was above our expectations, with segment level record revenue occurring in our Networked Solutions and Outcomes segments. The entire organization is performing well and rising to the challenge of supporting our customers’ missions to ensure safe, reliable and efficient access to energy and water resources for consumers.” Summary of Second Quarter Consolidated Financial Results(All comparisons made are against the prior year period unless otherwise noted) RevenueTotal second quarter revenue increased 13%, to $609 million, due to strong operational execution and the conversion of previously constrained revenue. Device Solutions revenue increased 5%, or 6% in constant currency, due primarily to growth in smart water sales. Networked Solutions revenue increased 14%, due primarily to ongoing and new project deployments. Outcomes revenue increased 16%, due primarily to an increase in recurring revenue and services. Gross MarginItron's second quarter gross margin of 34.6% increased 250 basis points from the prior year due to higher margin product mix and operational efficiencies. Operating Expenses and Operating IncomeGAAP operating expenses of $146 million increased $7 million from the prior year. Non-GAAP operating expenses of $141 million increased $9 million. GAAP operating income of $65 million was $30 million higher than the prior year and non-GAAP operating income of $69 million was $28 million higher than the prior year. Both increases were due to higher gross profit, partially offset by higher operating expen...