Loading...
•
Sep 30, 2023
Itron Q3 2023 Earnings Report
Itron's Q3 2023 financial performance was marked by strong execution and improved supply chain conditions, driving significant growth across key financial metrics.
Key Takeaways
Itron reported a strong third quarter in 2023, with revenue increasing by 33% to $561 million. The company saw improvements in gross profit, GAAP net income, EPS, adjusted EBITDA, and free cash flow, driven by better supply chain conditions and strong operational execution. The quarter-end cash balance was $255 million, and total backlog reached $4.3 billion.
Revenue increased by 33% to $561 million due to improved supply chain conditions and strong operational execution.
GAAP net income increased to $40 million, or $0.87 per diluted share.
Free cash flow increased to $28 million, driven by higher earnings partially offset by growth in working capital.
Total backlog increased to $4.3 billion, demonstrating continued customer demand.
Itron
Itron
Forward Guidance
Itron provided outlook for Q4 2023 and updated full year 2023 guidance.
Positive Outlook
- Revenue between $565 and $575 million for Q4 2023.
- Non-GAAP diluted EPS between $0.70 and $0.80 for Q4 2023.
- Revenue between $2.16 to $2.17 billion for full year 2023.
- Non-GAAP diluted EPS between $2.83 to $2.93 for full year 2023.
- Updated full year 2023 guidance reflects increased expectations.