Loading...
•
Mar 31, 2021
Itron Q1 2021 Earnings Report
Itron announced financial results for the first quarter, with revenue decreasing due to the timing of customer projects impacted by COVID-19, but gross margin increasing due to favorable product mix and operational efficiencies.
Key Takeaways
Itron's first quarter results showed a decrease in revenue to $520 million compared to $598 million in the previous year, impacted by COVID-19 related project delays. However, the company's gross margin improved to 32.2% from 28.7%, and GAAP net income increased to $13 million from $9 million.
Revenue decreased by 13% to $520 million due to COVID-19 impacts on project timing.
Gross margin increased to 32.2% due to favorable product mix and operational efficiencies.
GAAP net income increased to $13 million, with EPS of $0.30.
Free cash flow increased to $39 million driven by lower variable compensation payments.
Forward Guidance
Itron restated its full year 2021 non-GAAP EPS guidance to a range of $2.30 to $2.70, with a midpoint of $2.50 per share, to reflect the impact of recent capital market transactions.
Positive Outlook
- Restated full year 2021 non-GAAP EPS guidance to $2.30-$2.70.
- Increased EPS expectations by approximately $0.15 per share.
- Assumes diluted weighted average shares outstanding of 44.7 million.
- Assumes non-GAAP interest expense of approximately $16 million.
- Capital markets transactions aimed to accelerate de-levering.
Challenges Ahead
- Unable to predict restructuring and acquisition expenses.
- Uncertainty in timing of restructuring and acquisition expenses.
- Restructuring and acquisition expenses could materially impact GAAP results.
- Forward-looking statements rely on assumptions and estimates.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...