18.02.16

Itron: Q4 & Full Year 2015 Results

Die im Bereich intelligenter Netze (smart grid) aktive Itron hat Zahlen für das vierte Quartal und das Gesamtjahr 2015 vorgelegt. Wir veröffentlichen die Mitteilung des US-amerikanischen Unternehmens mit der Zwischenbilanz 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 fourth quarter and full year ended December 31, 2015. Highlights include:

    Quarterly and full year revenues of $490 million and $1.9 billion;
    Quarterly and full year GAAP diluted earnings per share of 56 cents and 64 cents;
    Quarterly and full year non-GAAP diluted earnings per share of 76 cents and $1.01;
    Quarterly and full year adjusted EBITDA of $53 million or 11 percent, and $128 million or 7 percent.

“Itron’s fourth quarter results reflect solid operating performance,” said Philip Mezey, Itron’s president and chief executive officer. “Highlights in the quarter included higher shipments of smart meters and modules, strong revenue growth in the Water segment, improved gross margin in Gas, robust bookings in the Electricity and Gas businesses and increased cash flow.”

Mezey added, “Smart grid and smart city momentum is accelerating, creating more opportunity for Itron’s innovative solutions for this industry. Our significant backlog growth, benefits from our restructuring and efficiency projects and our Itron OpenWay Riva™ next generation platform position us well for continued revenue growth and improved profitability in 2016.”

Summary of Fourth Quarter Consolidated Financial Results

(All comparisons made are against the prior year period unless otherwise noted)

Revenue

Total revenue for the quarter was $490 million compared with $510 million in 2014. Changes in foreign currency exchange rates unfavorably impacted revenue by approximately $38 million for the quarter. Excluding the impact of foreign currency, revenues increased $19 million, or 4 percent, driven primarily by the Water segment which grew 13 percent on a constant currency basis.

Gross Margin

Gross margin for the quarter increased to 31.7 percent compared with the prior year period margin of 30.3 percent. The improvement in gross margin was driven by decreased variable compensation and improved Gas gross margin.

GAAP Operating Income, Net Income, Earnings per Share

GAAP operating income improved to $35 million for the quarter compared with an operating loss of $49 million in 2014. Net income for the quarter was $21 million, or 56 cents per diluted share, compared with a net loss of $49 million, or $1.25 per share. The increases in operating income and net income for the quarter were driven primarily by a decrease of $52 million in restructuring charges and a decrease of $23 million in variable compensation due to a reduction in planned payout. The results also reflect improved gross margin performance in the Gas business. Tax expense was recognized in the quarter compared with a net tax benefit in the prior year period, largely due to improved income.

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

Non-GAAP operating income improved to $44 million for the quarter compared with $29 million. Non-GAAP net income for the quarter was $29 million, or 76 cents per diluted share, compared with $14 million, or 36 cents per diluted share. The increases in non-GAAP operating and net income for the quarter were driven primarily by lower operating expenses attributable to the reduced variable compensation and higher gross margin performance in the Gas business.

Free Cash Flow

Free cash flow was $43 million for the fourth quarter compared with $4 million in the prior year quarter. The increase over the prior year was driven by improved earnings and working capital.

Other Measures

Bookings in the quarter totaled $822 million. Total backlog was $1.55 billion and twelve month backlog was $833 million at year-end, an increase of 4 percent and 11.5 percent, respectively.

During the quarter, the company repurchased 88,266 shares of Itron common stock at an average price of $34.04 per share pursuant to Board authorization to repurchase up to $50 million of Itron common stock. As of Dec. 31, 2015, the company had repurchased 743,444 shares of Itron common stock at an average price of $33.63 per share since the inception of the plan in February 2015. This plan will conclude on Feb. 19, 2016.

Financial Guidance – Full Year 2016

Itron’s guidance for the full year 2016 is as follows:

    Revenue between $1.85 and $1.95 billion
    Non-GAAP diluted EPS between $1.95 and $2.25

This guidance assumes a Euro to U.S. dollar average exchange rate of $1.10 in 2016, average shares outstanding of approximately 38 million for the year and a non-GAAP effective tax rate for the year of approximately 37 percent.


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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