Itron Q2 2023 Earnings Report
Key Takeaways
Itron's Q2 2023 results showed a 25% increase in revenue to $541 million, a gross profit increase of 38% to $174 million, and a GAAP net income of $24 million, a $61 million increase compared to the second quarter of 2022. The company's performance was attributed to capitalizing on a strong backlog, improved asset utilization, and better component availability.
Revenue increased by 25% to $541 million due to improved supply chain conditions and strong execution.
GAAP net income increased by $61 million to $24 million.
Free cash flow increased by $26 million to $36 million.
Total backlog increased by 11% to $4.5 billion.
Itron
Itron
Itron Revenue by Segment
Forward Guidance
Itron anticipates revenue between $535 and $545 million and non-GAAP diluted EPS between $0.44 and $0.56 for Q3 2023. The full year 2023 revenue is projected to be between $2.11 and $2.14 billion, with non-GAAP diluted EPS between $2.03 and $2.28.
Revenue & Expenses
Visualization of income flow from segment revenue to net income