This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Itron Announces Second Quarter 2013 Financial Results

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.

1 of 8

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs