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Jun 30, 2020
Itron Q2 2020 Earnings Report
Itron reported a decrease in revenue and a net loss due to the impact of COVID-19 and the loss on sale of business in Latin America.
Key Takeaways
Itron's Q2 2020 results were impacted by COVID-19. Revenue decreased by 20% to $510 million. The company reported a GAAP net loss of $(63) million, or $(1.56) per share, and a non-GAAP diluted EPS of $0.03. The total backlog was $2.9 billion.
Revenue decreased 20% to $510 million due to COVID-19 impacts.
GAAP net loss was $(63) million, or $(1.56) per share.
Non-GAAP diluted EPS was $0.03.
Total backlog was $2.9 billion.
Forward Guidance
While Itron is seeing operating improvements in the second half of the year; they anticipate revenue and non-GAAP earnings per share to be on par with the first half of 2020, with neither quarter being larger than our first quarter performance. Itron anticipates the full year 2020 free cash flow to be positive, although at approximately half of our prior year’s performance.
Positive Outlook
- Operating improvements are expected in the second half of the year.
- Revenue and non-GAAP earnings per share are expected to be on par with the first half of 2020.
- Full year 2020 free cash flow is anticipated to be positive.
- All factories are up and running with aggressive measures to drive safety.
- Supply chain and logistics situation has stabilized.
Challenges Ahead
- Revenue and non-GAAP EPS are expected to be on par with the first half of 2020, with neither quarter being larger than the first quarter.
- Higher non-GAAP, full year, effective tax rate of approximately 36% is expected.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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