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Itron Announces Second Quarter 2013 Financial Results

Stocks in this article: ITRI

Itron, Inc. (NASDAQ:ITRI) announced today financial results for its second quarter and six months ended June 30, 2013. Highlights include:

• Quarterly and six month revenues of $482 million and $930 million;

• Quarterly and six month GAAP diluted net earnings per share of 31 cents and 38 cents;

• Quarterly and six month non-GAAP diluted net earnings per share of 58 cents and 89 cents;

• Quarterly and six month adjusted EBITDA of $45 million and $72 million;

• Twelve-month backlog of $558 million and total backlog of $1.06 billion; and

• Quarterly bookings of $515 million.

“Our second quarter results improved over first quarter in nearly every metric,” said Philip Mezey, Itron’s president and chief executive officer. “We were encouraged by the revenue growth in our core electricity business and improved total gross margin. In addition, our bookings increased 15 percent year-over-year to the highest level in six quarters. We expect our results to strengthen further in the second half of this year and we will continue to focus on lowering our costs to drive additional earnings leverage in our business.”

Financial Results

Revenues were $482 million for the quarter and $930 million for the first six months of 2013 compared with $579 million and $1.2 billion in the same periods in 2012. Changes in foreign currency exchange rates unfavorably impacted revenue by $4 million for the quarter and $9 million for the first six months of 2013. Excluding the impact from foreign currency, revenues for the quarter and six month period decreased $93 million and $212 million compared with the same periods in 2012. The decrease for the quarter and six month period was driven by lower Energy segment revenues primarily related to the completion of several OpenWay projects in North America.

Gross margin for the quarter was 33.1 percent compared with the prior year period margin of 34.0 percent. For the first six months of 2013, gross margin was 32.2 percent compared with 33.0 percent in the prior year period. Second quarter gross margin declined over the prior year quarter primarily due to the impact of lower volumes and higher warranty costs. The prior year quarter included a warranty related credit, which positively impacted gross margin. The decline in gross margin for the first six months was due to the impact of lower volumes and product mix.

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