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Sep 30, 2022
Itron Q3 2022 Earnings Report
Itron's revenue decreased due to strategic sale of product lines and component shortages, but backlog reached record levels.
Key Takeaways
Itron reported a revenue decrease of 14% to $421 million, impacted by strategic sales and component shortages. Despite these challenges, the company's backlog reached a new record, driven by strong market demand and robust bookings. GAAP net income was $4 million, or $0.09 per diluted share, compared to a loss in the prior year.
Revenue decreased 14% to $421 million due to strategic sales and component shortages.
GAAP net income was $4 million, or $0.09 per diluted share, an increase compared to the prior year loss.
Non-GAAP diluted EPS was $0.23, compared to $0.21 in the prior year.
Total backlog reached $4.2 billion, a record level driven by strong market demand.
Itron
Itron
Forward Guidance
Itron anticipates a volatile supply environment to continue in the fourth quarter of 2022, with revenue expected to be in the range of $420 million to $460 million and non-GAAP EPS between $0.00 and $0.15.
Positive Outlook
- Revenue expected between $420 million and $460 million.
- Non-GAAP EPS expected between $0.00 and $0.15.
- Cautiously optimistic about supply availability improving over time.
- Strong market demand is expected to continue.
- Backlog remains at record levels.
Challenges Ahead
- Volatile supply environment is expected to continue.
- Anticipates supplier decommitments.
- Component deliveries below expectations.
- Non-linear timing of key components arriving at factories.
- Lower than expected company results.