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Sep 30, 2021
Itron Q3 2021 Earnings Report
Itron's third quarter results were impacted by component constraints, but the company executed its strategy and announced an acquisition and a definitive agreement to sell certain gas meter businesses.
Key Takeaways
Itron reported a decrease in revenue to $487 million, primarily due to component constraints, but gross margin increased to 27.7%. The company experienced a GAAP net loss of $(2) million, an improvement from the previous year, and a non-GAAP diluted EPS of $0.21. Itron also announced the acquisition of SELC and a definitive agreement to sell its European Commercial and Industrial mechanical gas meter business.
Revenue decreased by 10% to $487 million due to component constraints.
Gross margin increased by 120 basis points to 27.7% due to favorable product mix.
GAAP net loss improved to $(2) million, or $(0.04) per diluted share.
Total backlog increased to $3.4 billion.
Itron
Itron
Itron Revenue by Segment
Revenue & Expenses
Visualization of income flow from segment revenue to net income