Itron: Q1 Results

Itron hat das Ergebnis im ersten Quartal verbessert. Wir veröffentlichen die Mitteilung der Messtechnik-Spezialistin aus den USA dazu im Wortlaut.

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LIBERTY LAKE, Washington - Itron, Inc. (ITRI) financial results for its first quarter ended March 31, 2017. Key financial metrics for the quarter include:

    Revenues of $478 million, compared with $498 million in the first quarter of 2016;
    Gross margin of 32.9 percent, an increase of 10 basis points compared with the first quarter of 2016;
    GAAP diluted earnings per share of 40 cents, an increase of 54 percent compared with the first quarter of 2016; and
    Non-GAAP diluted earnings per share of 57 cents, an increase of 30 percent compared with the first quarter of 2016.

“Our first quarter results demonstrate a strong start to 2017,” said Philip Mezey, Itron’s president and chief executive officer. "We increased earnings and cash flow in the quarter through our focus on better predictability and greater profitability in our operations. Looking forward, investments in our OpenWay Riva™ IoT solution and differentiated software and services offerings, combined with our ongoing operational discipline, strongly position us to serve our customers and generate continued improvement in our financial results."

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 decreased 4 percent to $478 million compared with $498 million in the first quarter of 2016. Changes in foreign currency exchange rates unfavorably impacted revenue by approximately $5 million for the quarter.

Higher revenue in the Electricity segment was offset by decreased revenue in the Water and Gas segments. Electricity revenue increased 10 percent, driven by smart metering projects in North America and Asia-Pacific regions. Water segment revenue decreased 19 percent primarily due to the completion of several large contracts in Europe, the Middle East and Africa (EMEA) and North America regions that contributed substantial revenues in the first quarter of 2016. Gas revenue decreased 11 percent, also primarily driven by the timing of contracts in EMEA and North America.

Gross Margin

Gross margin for the quarter improved to 32.9 percent compared with the prior year period margin of 32.8 percent. The improvement was driven by favorable product mix, primarily in the Gas segment. The Gas business achieved record gross margin of 41 percent in the quarter.

Operating Expenses

Operating expenses for the quarter were $127 million compared with $140 million in 2016. The decrease was driven primarily by lower general and administrative expenses resulting from higher fees incurred in 2016 related to a legal settlement and completion of our 2016 audit.

Operating Income, Net Income and Earnings per Share

GAAP operating income was $30 million for the quarter compared with $24 million in 2016. Non-GAAP operating income also improved to $38 million for the quarter compared with $32 million in 2016.

Net income for the quarter was $16 million, or 40 cents per diluted share, compared with net income of $10 million, or 26 cents per diluted share, in 2016. Non-GAAP net income for the quarter increased to $22 million, or 57 cents per diluted share, compared with $17 million, or 44 cents per diluted share, in 2016.

The increases in GAAP and non-GAAP operating income were driven by improved gross margin and lower operating expenses. GAAP and non-GAAP earnings per diluted share reflect the company's higher operating income in addition to lower effective tax rates.

Cash Flow

Net cash provided by operating activities was $63 million in the first quarter of 2017 compared with $34 million in the same quarter in 2016. Free cash flow was $54 million for the first quarter compared with $25 million in the prior year quarter. The increases in operating and free cash flow were driven by strong working capital management, offsetting higher variable compensation payments.

Other Measures

Bookings in the quarter totaled $424 million, an increase of 8 percent compared with bookings in the first quarter of 2016. Total backlog was $1.6 billion and 12-month backlog was $819 million at the end of the quarter, up 7 percent and 4 percent, respectively, compared with the first quarter of 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.
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