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Itron Announces Fourth Quarter And Fiscal 2013 Financial Results

Itron, Inc. (NASDAQ:ITRI) announced today financial results for its fourth quarter and full year ended December 31, 2013. Highlights include:
  • Quarterly and full year revenues of $524 million and $1.9 billion;
  • Quarterly and full year GAAP net loss per share of $3.93 and $3.74, inclusive of a $173 million non-cash goodwill impairment charge recorded during the quarter resulting in $4.12 per share impact, net of tax;
  • Quarterly and full year non-GAAP diluted earnings per share of 36 cents and $1.90, inclusive of a 36 cent impact to the quarter for a discrete tax item;
  • Quarterly and full year adjusted EBITDA of $50 million and $168 million;
  • Twelve-month backlog of $549 million and total backlog of $1.1 billion;
  • Quarterly bookings of $527 million; and
  • Implemented new segment reporting for Electricity, Gas and Water.

“Our fourth quarter revenue and non-GAAP operating income results reflect continued improvement in our performance,” said Philip Mezey, Itron’s president and chief executive officer. “I was pleased with the increase in smart volumes, 13 percent growth in bookings, our execution on our restructuring plans and our efforts to lower costs and expenses. While fourth quarter results were impacted by a goodwill impairment charge in our Electricity segment and a discrete tax charge, the steps we have taken in 2013 position Itron to be more competitive in a tough economy and global marketplace. Despite a more conservative outlook, I am encouraged by the progress of our ongoing efforts to improve financial performance and build a solid foundation for future growth and profitability.”

Financial Results

Revenues were $524 million for the quarter and $1.9 billion for the full year, compared with $523 million and $2.2 billion in the same periods in 2012. Changes in foreign currency exchange rates unfavorably impacted revenue by approximately $3 million for the quarter and $15 million for the year. Excluding the impact from foreign currency, revenues for the quarter increased $3 million and decreased $215 million for the full year compared with the same periods in 2012. For the quarter, increased revenues in both the Electricity and Water segments were partially offset by a decrease in the Gas segment revenues. The decrease for the full year period was driven by lower Electricity segment revenues primarily related to the completion of several OpenWay smart meter projects in North America and lower Gas segment revenues, partially offset by an increase in Water segment revenues.

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