Itron Announces Third Quarter 2021 Financial Results

About this update from Itron, Inc.

[{"type":"text","content":" LIBERTY LAKE, Wash.--(BUSINESS WIRE)--\nItron, Inc. (NASDAQ:ITRI) announced today financial results for its third quarter ended Sept. 30, 2021. Key results for the quarter include (compared with the third quarter of 2020):\n\n\nRevenue of $487 million, compared with $540 million;\n\n\nGross margin of 27.7%; compared with 26.5%;\n\n\nGAAP net loss of $(2) million, compared with $(25) million;\n\n\nGAAP loss per share (EPS) of $(0.04), compared with $(0.63);\n\n\nNon-GAAP diluted EPS of $0.21, compared with $0.61;\n\n\nAdjusted EBITDA of $26 million, compared with $40 million;\n\n\nFree cash flow of $11 million compared with $38 million; and\n\n\nTotal backlog of $3.4 billion, compared with $2.8 billion.\n\n\n\"Despite the current component constraints that gated our third quarter results, we have been diligently executing on our strategy to drive stronger results as macro supply challenges abate,\" said Tom Deitrich, Itron's president and chief executive officer.\n\n\"Since our Investor Day on October 5, 2021, we announced the acquisition of SELC, growing our smart city and smart lighting solutions business. And yesterday, we announced a definitive agreement to sell our European Commercial and Industrial mechanical gas meter business; our gas stations metering and pressure regulation business; and our global gas regulator business. In conjunction with the sale, we have announced a restructuring project that drives reductions in certain locations and functional support areas.\"\n\nSummary of Third Quarter Consolidated Financial Results\n(All comparisons made are against the prior year period unless otherwise noted)\n\nRevenue\nTotal third quarter revenue decreased 10% to $487 million, or 11%, excluding the impact of changes in foreign currency exchange rates. The decrease was primarily due to component constraints, which reduced revenue by approximately $100 million.\n\nDevice Solutions revenue decreased 14% and Networked Solutions revenue decreased 10% with the majority of the decline due to component constraints in the quarter. Outcomes revenue increased 5%.\n\n\nGross Margin\nConsolidated company gross margin of 27.7% increased 120 basis points from the prior year, primarily due to favorable product mix.\n\nOperating Expenses and Operating Income\nGAAP operating expenses of $131 million decreased $36 million from the prior yea...

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