The company repurchased 342,415 shares of Itron common stock during the quarter at an average price of $43.00 per share pursuant to Board authorization to repurchase up to $100 million of Itron common stock beginning October 2011. During the quarter, the company announced that its Board of Directors approved the extension of the expiration date of the share repurchase program through February 15, 2013. As of September 30, 2012 the company had repurchased approximately 1.9 million shares of Itron common stock at an average price of $37.55 per share since inception of the program, representing 4.6 percent of total shares outstanding as of October 2011.
Financial Guidance Update
Itron’s updated guidance for the full-year 2012 is as follows:
- Revenue between $2.1 billion and $2.15 billion
- Non-GAAP diluted EPS between $3.60 and $3.80
The company’s guidance assumes a gross margin between 32 to 33 percent for the fourth quarter, a Euro to U.S. dollar average exchange rate of $1.28 for the fourth quarter, average shares outstanding of approximately 40 million for the year and a non-GAAP effective tax rate for the year of 26 percent.Earnings Conference Call: Itron will host a conference call to discuss the financial results and guidance contained in this release at 8:30 a.m. Eastern Daylight Time (EDT) on November 1, 2012. The call will be webcast in a listen-only mode. Webcast information and conference call materials will be made available 15 minutes before the start of the call and are accessible on Itron’s website at www.itron.com under the Investors page. The webcast replay will begin after the conclusion of the live call and will be available for two weeks. A telephone replay of the call will also be available approximately one hour after the conclusion of the live call, for 48 hours, and is accessible by dialing (888) 203-1112 (Domestic) or (719) 457-0820 (International), entering passcode 4476581. About Itron Itron is a global technology company. We build solutions that help utilities measure, monitor and manage energy and water. Our broad product portfolio includes electricity, gas, water and thermal energy measurement and control technology; communications systems; software; and professional services. With thousands of employees supporting nearly 8,000 utilities in more than one hundred countries, Itron empowers utilities to responsibly and efficiently manage energy and water resources. Join us in creating a more resourceful world, start here: www.itron.com. Forward-Looking Statements: This release contains forward-looking statements concerning our expectations about operations, financial performance, sales, earnings and cash flows. These statements reflect our current plans and expectations and are based on information currently available. The statements rely on a number of assumptions and estimates, which could be inaccurate, and which are subject to risks and uncertainties that could cause our actual results to vary materially from those anticipated. Risks and uncertainties include the rate and timing of customer demand for our products, rescheduling of current customer orders, changes in estimated liabilities for product warranties, changes in laws and regulations, our dependence on new product development and intellectual property, future acquisitions, changes in estimates for stock-based and bonus compensation, increasing volatility in foreign exchange rates, international business risks and other factors that are more fully described in our Annual Report on Form 10-K for the year ended December 31, 2011 and other reports on file with the Securities and Exchange Commission. Itron undertakes no obligation to update publicly or revise any forward-looking statements, including our business outlook.