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Itron: Q1 2016 Results
Itron hat im ersten Quartal des laufenden Geschäftsjahres Umsatz und Gewinn gesteigert. Wir veröffentlichen die Mitteilung der Messtechnik-Spezialistin aus den USA dazu im Wortlaut.
Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.
LIBERTY LAKE, Washington - Itron, Inc. (ITRI), announced financial results for its first quarter ended March 31, 2016. A supplemental presentation summarizing the results for the first quarter is also available on the company’s website at www.itron.com. Financial highlights for the quarter include:
Revenues of $498 million, an increase of 11 percent from first quarter 2015, and 15.5 percent excluding foreign exchange impact;
Gross margin of 32.8 percent, an increase of 180 basis points;
GAAP diluted earnings per share of 26 cents, an increase of 85 percent; and
Non-GAAP diluted earnings per share of 44 cents, an increase of 100 percent.
“Itron’s first quarter results reflect the strong performance that we highlighted in our preliminary business update in May,” said Philip Mezey, Itron’s president and chief executive officer. “We delivered significant financial improvement in the quarter while also making investments in product development to support continued organic growth. Smart grid momentum continues to accelerate, creating more opportunity for Itron’s innovative solutions. I am pleased with the solid execution of our strategic initiatives and our steady operational improvements across all segments, including the benefits we are realizing from our 2014 restructuring projects.”
Summary of First Quarter Consolidated Financial Results
(All comparisons made are against the prior year period unless otherwise noted)
Revenue
Total revenue for the quarter grew 11 percent to $498 million compared with $447 million in 2015. Changes in foreign currency exchange rates unfavorably impacted revenue by approximately $16 million for the quarter. Excluding the impact of foreign currency, revenues increased $67 million, or 15.5 percent, with double-digit growth in each business segment driven by a significant increase in product volumes in the U.S. and EMEA regions. Total advanced and smart meter and module shipments increased 28 percent compared with the first quarter of 2015, including:
The highest volume of electric smart meters shipped in the prior 14 quarters,
A record level of gas smart meter shipments, and
A 16.5 percent increase in smart water meter and module shipments compared with the first quarter of 2015
Gross Margin
Gross margin for the quarter increased to 32.8 percent compared with the prior year period margin of 31.0 percent. The improvement in gross margin was driven by increased volumes, favorable product mix, manufacturing efficiencies and lower special warranty costs in the Water segment.
Operating Expenses
Operating expenses for the quarter were $140 million compared with $125 million in 2015. The increase was primarily driven by increased investments in product development and higher general and administrative (G&A) costs. G&A increased due to the settlement of a litigation matter and additional professional fees associated with the company’s review of software related revenue recognition and revision of previously issued financial statements in the 2015 Annual Report on Form 10-K. In addition, restructuring costs were lower in the prior year period as a result of an expense reversal. Non-GAAP operating expenses were $131 million, an increase of $11 million compared with 2015, primarily due to higher general and administrative and product development costs.
GAAP Operating Income, Net Income, Earnings per Share
GAAP operating income improved to $24 million for the quarter compared with $13 million in 2015. Net income for the quarter was $10 million, or 26 cents per diluted share, compared with $5 million, or 14 cents per diluted share in the prior year period. The increases in operating income and net income for the quarter reflected the strong performance in revenue and gross margin.
Non-GAAP Operating Income, Net Income, Earnings per Share
Non-GAAP operating income improved to $32 million for the quarter compared with $19 million in 2015. Non-GAAP net income for the quarter was $17 million, or 44 cents per diluted share, compared with $9 million, or 22 cents per diluted share in the prior year period. The increases in non-GAAP operating and net income for the quarter reflected the strong performance in revenue and gross margin.
Cash Flow
Net cash provided by operating activities was $34 million in the first quarter of 2016 compared to a use of $4 million in 2015. Free cash flow for the quarter increased to $25 million compared with negative $13 million in the prior year quarter. The increase from the prior year was driven by lower cash payments related to taxes, a legal matter settled in the prior year and lower variable compensation disbursements in 2016.
Other Measures
Total backlog was $1.5 billion and twelve-month backlog was $785 million at the end of the quarter. Bookings in the quarter totaled $394 million, reflecting a number of diverse bookings in all segments across many customers.
Update on Forms 10-Q Filings and Second Quarter 2016 Earnings Conference Call
On Aug. 4, 2016 Itron filed a Form 12b-25, Notification of Late Filing, with the SEC related to the company’s Form 10-Q for the second quarter. The company expects to file its Forms 10-Q for the first and second quarters and host a conference call to discuss financial results, financial guidance for the full year and provide an operational update no later than Sept. 12, 2016.
About Itron
Itron is a world-leading technology and services company dedicated to the resourceful use of energy and water. We provide comprehensive solutions that measure, manage and analyze energy and water. Our broad product portfolio includes electricity, gas, water and thermal energy measurement devices and control technology; communications systems; software; as well as managed and consulting services. With thousands of employees supporting nearly 8,000 customers in more than 100 countries, Itron applies knowledge and technology to better manage energy and water resources. Together, we can create a more resourceful world. Join us: www.itron.com.
Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.
LIBERTY LAKE, Washington - Itron, Inc. (ITRI), announced financial results for its first quarter ended March 31, 2016. A supplemental presentation summarizing the results for the first quarter is also available on the company’s website at www.itron.com. Financial highlights for the quarter include:
Revenues of $498 million, an increase of 11 percent from first quarter 2015, and 15.5 percent excluding foreign exchange impact;
Gross margin of 32.8 percent, an increase of 180 basis points;
GAAP diluted earnings per share of 26 cents, an increase of 85 percent; and
Non-GAAP diluted earnings per share of 44 cents, an increase of 100 percent.
“Itron’s first quarter results reflect the strong performance that we highlighted in our preliminary business update in May,” said Philip Mezey, Itron’s president and chief executive officer. “We delivered significant financial improvement in the quarter while also making investments in product development to support continued organic growth. Smart grid momentum continues to accelerate, creating more opportunity for Itron’s innovative solutions. I am pleased with the solid execution of our strategic initiatives and our steady operational improvements across all segments, including the benefits we are realizing from our 2014 restructuring projects.”
Summary of First Quarter Consolidated Financial Results
(All comparisons made are against the prior year period unless otherwise noted)
Revenue
Total revenue for the quarter grew 11 percent to $498 million compared with $447 million in 2015. Changes in foreign currency exchange rates unfavorably impacted revenue by approximately $16 million for the quarter. Excluding the impact of foreign currency, revenues increased $67 million, or 15.5 percent, with double-digit growth in each business segment driven by a significant increase in product volumes in the U.S. and EMEA regions. Total advanced and smart meter and module shipments increased 28 percent compared with the first quarter of 2015, including:
The highest volume of electric smart meters shipped in the prior 14 quarters,
A record level of gas smart meter shipments, and
A 16.5 percent increase in smart water meter and module shipments compared with the first quarter of 2015
Gross Margin
Gross margin for the quarter increased to 32.8 percent compared with the prior year period margin of 31.0 percent. The improvement in gross margin was driven by increased volumes, favorable product mix, manufacturing efficiencies and lower special warranty costs in the Water segment.
Operating Expenses
Operating expenses for the quarter were $140 million compared with $125 million in 2015. The increase was primarily driven by increased investments in product development and higher general and administrative (G&A) costs. G&A increased due to the settlement of a litigation matter and additional professional fees associated with the company’s review of software related revenue recognition and revision of previously issued financial statements in the 2015 Annual Report on Form 10-K. In addition, restructuring costs were lower in the prior year period as a result of an expense reversal. Non-GAAP operating expenses were $131 million, an increase of $11 million compared with 2015, primarily due to higher general and administrative and product development costs.
GAAP Operating Income, Net Income, Earnings per Share
GAAP operating income improved to $24 million for the quarter compared with $13 million in 2015. Net income for the quarter was $10 million, or 26 cents per diluted share, compared with $5 million, or 14 cents per diluted share in the prior year period. The increases in operating income and net income for the quarter reflected the strong performance in revenue and gross margin.
Non-GAAP Operating Income, Net Income, Earnings per Share
Non-GAAP operating income improved to $32 million for the quarter compared with $19 million in 2015. Non-GAAP net income for the quarter was $17 million, or 44 cents per diluted share, compared with $9 million, or 22 cents per diluted share in the prior year period. The increases in non-GAAP operating and net income for the quarter reflected the strong performance in revenue and gross margin.
Cash Flow
Net cash provided by operating activities was $34 million in the first quarter of 2016 compared to a use of $4 million in 2015. Free cash flow for the quarter increased to $25 million compared with negative $13 million in the prior year quarter. The increase from the prior year was driven by lower cash payments related to taxes, a legal matter settled in the prior year and lower variable compensation disbursements in 2016.
Other Measures
Total backlog was $1.5 billion and twelve-month backlog was $785 million at the end of the quarter. Bookings in the quarter totaled $394 million, reflecting a number of diverse bookings in all segments across many customers.
Update on Forms 10-Q Filings and Second Quarter 2016 Earnings Conference Call
On Aug. 4, 2016 Itron filed a Form 12b-25, Notification of Late Filing, with the SEC related to the company’s Form 10-Q for the second quarter. The company expects to file its Forms 10-Q for the first and second quarters and host a conference call to discuss financial results, financial guidance for the full year and provide an operational update no later than Sept. 12, 2016.
About Itron
Itron is a world-leading technology and services company dedicated to the resourceful use of energy and water. We provide comprehensive solutions that measure, manage and analyze energy and water. Our broad product portfolio includes electricity, gas, water and thermal energy measurement devices and control technology; communications systems; software; as well as managed and consulting services. With thousands of employees supporting nearly 8,000 customers in more than 100 countries, Itron applies knowledge and technology to better manage energy and water resources. Together, we can create a more resourceful world. Join us: www.itron.com.