Itron: Q3 Results

Itron ist im dritten Quartal des laufenden Geschäftsjahres in die Verlustzone gerutscht. Wir veröffentlichen die Mitteilung der Messtechnik-Spezialistin aus den USA dazu im Wortlaut.

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LIBERTY LAKE, Washington - Itron, Inc. (ITRI) announced financial results for its third quarter ended Sept. 30, 2016. Highlights for the quarter include:

    Revenues of $507 million, an increase of 8 percent from the third quarter 2015;
    Gross margin of 33.7 percent, an increase of 230 basis points;
    Restructuring charges of $41 million recorded;
    GAAP diluted loss per share of 26 cents, compared with earnings of 33 cents per diluted share in the third quarter 2015;
    Non-GAAP diluted earnings per share of 77 cents, compared with 44 cents in the 2015 period; and
    Quarterly bookings of $670 million and total backlog of $1.5 billion.

“We are pleased with our strong financial performance during the third quarter, including substantial top-line growth and continued margin improvement,” said Philip Mezey, Itron’s president and chief executive officer. “In 2016, we are realizing benefits from successfully executing our prior restructuring and cost savings initiatives while continuing to grow our business. Given our strong performance year-to-date, we currently expect our results to come in at the high-end of our guidance, or potentially a little above. Looking ahead, I am confident that investments in our OpenWay Riva IoT solution and differentiated software and services offerings, combined with our on-going operational discipline, position Itron well for continued growth and profitability.”

Summary of Third Quarter Consolidated Financial Results
(All comparisons made are against the prior year period unless otherwise noted)


Total revenue for the quarter grew 8 percent to $507 million compared with $470 million in 2015. Changes in foreign currency exchange rates unfavorably impacted revenue by approximately $5 million for the quarter. Excluding the impact of foreign currency, revenues increased $43 million, or 9 percent, driven by growth in the Electricity and Gas segments. Total advanced and smart meter volumes increased 24 percent primarily due to smart metering projects in North America and Europe. Electricity revenues grew 17 percent driven by smart metering projects in North America and Gas revenues grew 5 percent driven by a new record level of revenue in North America. Revenues in the Water segment decreased 5 percent compared with the prior year driven by weakness in international regions and timing of anticipated project activity.

Gross Margin

Gross margin for the quarter increased to 33.7 percent compared with the prior year period margin of 31.4 percent, driven by higher Electricity and Gas segment margins resulting from increased sales, favorable product mix and operational efficiencies.

Operating Expenses

Operating expenses for the quarter were $164 million compared with $120 million in 2015. The increase was due to $41 million in restructuring charges related to plans announced on Sept. 1, 2016 as well as higher general and administrative costs for professional fees associated with accounting, audit and legal services.

Non-GAAP operating expenses were $119 million, an increase of $4 million compared with 2015, due to the higher general and administrative costs for professional fees associated with accounting, audit and legal services.

GAAP Operating Income, Net Loss, Earnings per Share

GAAP operating income was $6 million for the quarter compared with $27 million in 2015. Net loss for the quarter was $10 million, or 26 cents per share, compared with net income of $13 million, or 33 cents per diluted share in 2015. The lower operating income and the net loss for the quarter were driven by the restructuring charges. Net income was also impacted by a higher effective tax rate resulting from restructuring charges in jurisdictions with valuation allowances on deferred tax assets.

Non-GAAP Operating Income, Net Income, Earnings per Share

Non-GAAP operating income improved to $52 million for the quarter compared with $32 million in 2015. Non-GAAP net income for the quarter was $30 million, or 77 cents per diluted share, compared with $17 million, or 44 cents per diluted share. The increase in non-GAAP operating income and net income for the quarter was driven by strong performance in revenue and gross margin.

Cash Flow

Net cash provided by operating activities was $31 million in the third quarter of 2016 compared with $3 million in 2015. Free cash flow was $20 million for the third quarter compared with negative $10 million in the prior year quarter. The increase in free cash flow was primarily due to improved profitability adjusted for non-cash items and working capital management.

Other Measures

Total backlog was $1.5 billion and twelve-month backlog was $731 million at the end of the quarter. Bookings in the quarter totaled $670 million, reflecting a number of significant bookings across several customers.

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:
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