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Itron Announces Third Quarter 2013 Financial Results

Stocks in this article: ITRI

Itron, Inc. (NASDAQ:ITRI) announced today financial results for its third quarter and nine months ended September 30, 2013. Highlights include:

• Quarterly and nine month revenues of $495 million and $1.4 billion;

• Quarterly and nine month non-GAAP diluted net earnings per share of 65 cents and $1.54;

• Quarterly and nine month adjusted EBITDA of $46 million and $118 million;

• Twelve-month backlog of $582 million and total backlog of $1.1 billion; and

• Quarterly bookings of $457 million.

“Our third quarter revenue and non-GAAP earnings performance improved compared to the first two quarters of the year,” said Philip Mezey, Itron’s president and chief executive officer. “Revenues increased sequentially in each business line: electric, gas and water. I am also encouraged by the progress of our ongoing efforts to improve efficiencies, advance our pace of product development and to lower expenses.”

Financial Results

Revenues were $495 million for the quarter and $1.4 billion for the first nine months of 2013 compared with $504 million and $1.7 billion in the same periods in 2012. Changes in foreign currency exchange rates unfavorably impacted revenue by $3 million for the quarter and $11 million for the first nine months of 2013. Excluding the impact from foreign currency, revenues for the quarter and nine month period decreased $6 million and $218 million compared with the same periods in 2012. The decrease for the quarter and nine month period was driven by lower Energy segment revenues primarily related to the completion of several OpenWay projects in North America, partially offset by an increase in Water segment revenues.

Gross margin for the quarter was 30.3 percent compared with the prior year period margin of 34.1 percent. For the first nine months of 2013, gross margin was 31.6 percent compared with 33.3 percent in the prior year period. Gross margin declined for the quarter and nine month period primarily due to a charge recorded in the third quarter for increased costs on an OpenWay project in North America and the impact of product mix and lower volumes.

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