Itron Inc ( (ITRI) ) has released its Q3 earnings. Here is a breakdown of the information Itron Inc presented to its investors.
Itron Inc., a global leader in energy and water management solutions, specializes in innovative systems for utilities and smart city infrastructure, enhancing efficiency and conservation efforts worldwide.
In its latest earnings report for the third quarter of 2024, Itron Inc. showcased a strong financial performance with significant increases in revenue and profits, driven by robust operational execution and growing demand in the energy and water sectors.
The company’s revenue reached $615 million, marking a 10% increase from the previous year, with gross profit rising by 12% to $210 million. Net income attributable to Itron saw a substantial boost, increasing by $38 million to $78 million, translating to GAAP diluted earnings per share of $1.70. Non-GAAP diluted EPS also rose to $1.84, reflecting a $0.86 increase. Itron’s adjusted EBITDA climbed by 29% to $89 million, and free cash flow improved significantly, reaching $59 million.
The growth in Itron’s financial metrics was largely attributed to strong performance across its segments, particularly in smart water and electric demand solutions. The company reported a 17% increase in Outcomes revenue, highlighting the rise in recurring revenue and services. Notably, Itron’s backlog remains robust at $4.0 billion, with quarterly bookings totaling $487 million.
Looking ahead, Itron’s management remains optimistic, projecting a revenue range of $600 to $610 million for the fourth quarter of 2024, with full-year guidance updated to reflect a more positive outlook. The company continues to focus on leveraging its grid edge intelligence platform to meet the growing infrastructure needs in the energy and water sectors.
