The earnings call reflects strong financial performance and growth across various segments with significant backlog and bookings, indicating positive future potential. However, there are some challenges such as the Outcomes segment's decreased margins and expected normalization of growth rates. Overall, the highlights outweigh the lowlights, suggesting a positive trajectory, despite anticipated slower growth in the near term.

Company Guidance

During Itron's third quarter 2024 earnings call, executives provided comprehensive guidance, highlighting several key metrics. The company reported a revenue of $615 million, reflecting a 10% year-over-year increase, and an adjusted EBITDA of $89 million, marking a 29% rise. Non-GAAP earnings per share reached $1.84, while free cash flow was $59 million. The backlog was reported at $4 billion, with bookings for the quarter totaling $487 million. Looking ahead, Itron anticipates fourth-quarter revenue between $600 million and $610 million, with non-GAAP earnings per share ranging from $1 to $1.10, based on an effective tax rate of approximately 25%. For the full year 2024, revenue is expected to fall between $2.428 billion and $2.438 billion, with non-GAAP EPS projected between $5.28 and $5.38 per share, representing a significant increase from 2023. The executives also noted that while growth rates may normalize in the coming quarters, the company remains committed to achieving its 2027 financial targets, buoyed by ongoing customer demand and operational efficiencies.

Strong Financial Performance

Third quarter revenue of $615 million increased 10% year-over-year. Adjusted EBITDA reached a record $89 million, up 29% year-over-year. Non-GAAP EPS was $1.84, an all-time quarterly record, up $0.86 year-over-year.

Significant Backlog and Bookings

Backlog at the end of Q3 was $4 billion, with bookings of $487 million. Key bookings included Arkansas Valley Electric Cooperative and CenterPoint Energy, indicating strong future potential.

Market Demand and Growth

Continued market demand driven by energy and water needs supports a robust pipeline. Device Solutions revenue increased 10%, Network Solutions by 8%, and Outcomes by 16% year-over-year.

Positive Regulatory and Funding Progress

Progress on regulatory and funding processes is supporting a strong book-to-bill ratio, expected to meet or exceed 1:1 for the full year.

Launch of Grid Edge Essentials

The new offering simplifies adoption of advanced technologies for utility customers, broadening market opportunities.

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Itron (ITRI) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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ITRI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Mar 03, 2025	2024 (Q4)	1.05 / -	1.23	―	―	―
Oct 31, 2024	2024 (Q3)	1.12 / 1.84	0.98	87.76% (+0.86)
Aug 01, 2024	2024 (Q2)	0.94 / 1.21	0.65	86.15% (+0.56)
May 02, 2024	2024 (Q1)	0.84 / 1.24	0.49	153.06% (+0.75)
Feb 26, 2024	2023 (Q4)	0.75 / 1.23	0.71	73.24% (+0.52)
Nov 02, 2023	2023 (Q3)	0.51 / 0.98	0.23	326.09% (+0.75)
Aug 03, 2023	2023 (Q2)	0.31 / 0.65	0.07	828.57% (+0.58)
May 04, 2023	2023 (Q1)	0.11 / 0.49	0.11	345.45% (+0.38)
Feb 27, 2023	2022 (Q4)	0.09 / 0.71	0.75	-5.33% (-0.04)
Nov 03, 2022	2022 (Q3)	0.23 / 0.23	0.21	9.52% (+0.02)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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ITRI Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 31, 2024	$103.86	$111.76	+7.61%
Aug 01, 2024	$103.44	$108.09	+4.50%
May 02, 2024	$91.54	$99.82	+9.05%
Feb 26, 2024	$74.93	$91.46	+22.06%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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