Itron Inc

Latest Results (26.12.2024):

Revenue Growth

Itron Inc. reported a significant increase in revenue for the fourth quarter of 2023, reaching $577 million, which represents a 23% growth compared to the same period in 2022. For the full year, the company achieved a total revenue of $2.2 billion, marking a 21% increase from the previous year. This growth was attributed to strong operational execution and improved supply chain conditions.

Profit and Earnings

The gross profit for Itron Inc. in the fourth quarter of 2023 was $196 million, a 39% increase from the prior year. The company's GAAP net income for the quarter was $44 million, or $0.96 per diluted share, compared to $22 million, or $0.49 per diluted share, in 2022. Non-GAAP diluted earnings per share also saw an increase, reaching $1.23 for the quarter.

Operating Income

Itron Inc. reported a GAAP operating income of $49 million for the fourth quarter of 2023, which was $37 million higher than the previous year. The non-GAAP operating income was $61 million, an increase of $36 million from the prior year. These increases were primarily driven by higher gross profit, despite an increase in operating expenses.

Cash Flow Improvements

The company experienced a positive shift in cash flow, with net cash provided by operating activities amounting to $48 million in the fourth quarter of 2023, compared to a negative cash flow of $13 million in the same period of the previous year. Free cash flow also improved significantly, reaching $39 million, up from a negative $18 million in 2022.

Future Outlook

Looking ahead, Itron Inc. provided guidance for the first quarter of 2024, expecting revenue between $575 and $585 million and non-GAAP diluted EPS between $0.80 and $0.90. For the full year 2024, the company anticipates revenue between $2.275 billion and $2.375 billion, with non-GAAP diluted EPS ranging from $3.40 to $3.80.