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Mar 31, 2020
Itron Q1 2020 Earnings Report
Itron's financial results for Q1 2020 were announced, revealing a revenue decrease and impacts from the COVID-19 pandemic.
Key Takeaways
Itron reported a decrease in revenue to $598 million, a gross margin of 28.7%, and GAAP net income of $9 million, or $0.21 per diluted share. The company's operations were impacted by the COVID-19 pandemic, leading to delays and supply chain constraints. Due to the uncertainty of the COVID-19 pandemic, Itron is suspending its prior guidance for the full year 2020.
Revenue decreased by 3% to $598 million due to COVID-19 related delays and foreign currency exchange rates.
GAAP net income increased to $9 million, or $0.21 per diluted share, compared to a net loss of $2 million in the prior year.
Non-GAAP diluted EPS was $0.57, compared to $0.70 in the first quarter of 2019.
Total backlog remained flat at $3.0 billion.
Forward Guidance
Itron suspended its full year 2020 guidance due to uncertainty from COVID-19, but provided insight into Q2, estimating revenue between $475 million and $500 million, non-GAAP EPS as a loss of $(0.30) to $(0.10), and free cash flow between negative $(85) million to $(70) million. The company expects Q2 to be the low point of the year for these metrics.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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