This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Itron Management Discusses Q2 2012 Results - Earnings Call Transcript

Non-GAAP operating margin of 11.6% was up 80 basis points from last year, reflecting the improved gross margin, partially offset by higher R&D, sales and marketing expenses and the inclusion of SmartSynch in our results beginning this quarter.

Consistent with improved non-GAAP operating margin, adjusted EBITDA margin of 13.9% was up 80 basis points over last year with adjusted EBITDA of $81 million. We had GAAP diluted earnings per share of $0.79 for the quarter, compared with $0.84 a year ago. Our non-GAAP earnings per share, which exclude the impact of restructuring charges, acquisition-related expenses, amortization of intangible assets and prepaid debt fees were $1.16 per share, compared with $1.20 a year ago.

Slide 6 summarizes the year-over-year bridge for non-GAAP EPS. You see interest expense in taxes both impacted GAAP and non-GAAP EPS in the quarter. We refinanced our debt in August 2011 with more favorable rates and we have continued to pay down debt. These actions drove a $6 million year-over-year reduction in interest expense in Q2 compared with last year.

Our tax rate in Q2 was approximately 27%, as expected. Our income tax expense in the quarter was approximately $10 million higher than last year due to onetime discrete tax benefits recognized in Q2 last year.

Reduced share count resulting from share repurchases drove about $0.03 of EPS benefit in the quarter. In Q2, we repurchased 419,600 shares for $15 million. From last October through today, we have repurchased 1.6 million shares at an average price of $36.67 for a total of $60 million. That represents about 4% of our outstanding shares as of last October and still leaves us with $40 million in buyback authorization.

Now moving to Slide 7, I will review revenue by business line. Electric revenue was up 2% in constant currency. Revenue was driven by strong North America OpenWay shipments to BC Hydro, as well as the inclusion of 2 months of SmartSynch activity.

Read the rest of this transcript for free on

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $162.60 0.00%
YHOO $27.97 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs