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Itron Announces Third Quarter 2012 Financial Results

Itron, Inc. (NASDAQ:ITRI) announced today financial results for its third quarter and nine months ended September 30, 2012. Highlights include:
  • Quarterly and nine month revenues of $504 million and $1.7 billion;
  • Quarterly and nine month GAAP diluted net earnings per share of 89 cents and $2.31;
  • Quarterly and nine month non-GAAP diluted net earnings per share of 97 cents and $3.04;
  • Nine month cash flow from operations and free cash flow of $137 million and $103 million;
  • Quarterly and nine month adjusted EBITDA of $68 million and $216 million;
  • Twelve-month backlog of $592 million and total backlog of $1.1 billion; and
  • Quarterly bookings of $459 million.

“Revenue for the third quarter was down year-over-year as expected due to the successful completion of several large OpenWay deployments in North America,” said LeRoy Nosbaum, Itron’s president and chief executive officer. “Base business revenues were flat year-over-year as we saw some softening in the U.S. market. While the macro environment may be challenging in the near term, I’m very encouraged with our progress on operating efficiencies, pace of product development and our competitive position in the field. We won a significant contract with Southern California Gas Company in the quarter. In addition, we have been selected at Los Angeles Department of Water and Power, City of San Diego’s Public Utilities Department and City Power Johannesburg – all great projects and highly competitive wins for Itron.”

Financial Results

Revenues were $504 million for the quarter and $1.7 billion for the first nine months of 2012, compared with $616 million and $1.8 billion in the same periods in 2011. Changes in foreign currency exchange rates unfavorably impacted revenue by $35 million for the quarter and $83 million for the first nine months of 2012. Excluding the impact from foreign currency, revenues for the quarter and nine month period decreased $76 million and $54 million compared with the same periods in 2011 primarily due to the completion of several OpenWay projects in North America. Higher revenue in the Water segment was offset by lower gas module shipments in North America and fewer shipments of Energy products in Asia Pacific.

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