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Jun 30, 2023
Itron Q2 2023 Earnings Report
Itron reported increased revenue and earnings driven by improved supply chain conditions and strong operational execution.
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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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