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Itron Announces Fourth Quarter and Full Year 2024 Financial Results
ITRIItron(ITRI) GlobeNewswire·2025-02-25 13:30

Core Insights - Itron, Inc. reported strong financial results for Q4 and the full year 2024, with significant growth in revenue and operating income, driven by customer demand and operational performance [1][2][5] Financial Performance - Total revenue for Q4 2024 increased by 6% to 613million,comparedtoQ42023[2]−DeviceSolutionsrevenuedecreasedby4613 million, compared to Q4 2023 [2] - Device Solutions revenue decreased by 4%, while Networked Solutions revenue increased by 6%, and Outcomes revenue surged by 25% [3] - Gross margin improved to 34.9%, up 90 basis points from the previous year due to operational efficiencies [4] - GAAP operating income rose to 63 million, a 13millionincreasefromtheprioryear,whileNon−GAAPoperatingincomeincreasedby13 million increase from the prior year, while Non-GAAP operating income increased by 10 million to 71million[5]−NetincomeforQ4was71 million [5] - Net income for Q4 was 58 million, or 1.26perdilutedshare,comparedto1.26 per diluted share, compared to 44 million, or 0.96perdilutedsharein2023[6]CashFlowandBacklog−Netcashprovidedbyoperatingactivitieswas0.96 per diluted share in 2023 [6] Cash Flow and Backlog - Net cash provided by operating activities was 80 million in Q4, up from 48millionintheprioryear,withfreecashflowincreasingto48 million in the prior year, with free cash flow increasing to 70 million from 39million[9]−Totalbacklogreachedarecord39 million [9] - Total backlog reached a record 4.7 billion, compared to 4.5billioninthepreviousyear,withquarterlybookingstotaling4.5 billion in the previous year, with quarterly bookings totaling 1.4 billion [10] Outlook - The company anticipates continued growth in 2025, assuming a stable market landscape and ongoing trade policies from 2024 [11][14]