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Dec 31, 2020
Itron Q4 2020 Earnings Report
Itron reported mixed results with revenue decline offset by increased gross margin and operating income, driven by higher-margin software license revenue and lower operating expenses.
Key Takeaways
Itron announced its Q4 and full year 2020 financial results. The company's Q4 revenue was $525 million, a 16% decrease compared to the previous year. GAAP net income for the quarter was $22 million, or $0.53 per diluted share, while non-GAAP diluted earnings per share were $0.65. The company's backlog was $3.3 billion.
Total revenue decreased by 16% to $525 million.
Outcomes revenue increased by 14% due to higher software license revenue.
GAAP operating income increased to $33 million from $29 million in 2019.
Bookings were $973 million with a book to bill ratio of 1.9 to 1.
Forward Guidance
Itron provided financial guidance for the full year 2021, including revenue between $2.23 and $2.33 billion and non-GAAP diluted EPS between $2.15 and $2.55.
Positive Outlook
- Revenue between $2.23 and $2.33 billion
- Non-GAAP diluted EPS between $2.15 and $2.55
- Guidance assumes an average euro to U.S. dollar foreign currency exchange rate of $1.20 in 2021
- Diluted weighted average shares outstanding of approximately 41 million for the year
- Non-GAAP interest expense of $36 million
Challenges Ahead
- A reconciliation of forward-looking non-GAAP diluted EPS to the GAAP diluted EPS has not been provided
- Unable to predict with reasonable certainty the potential amount or timing of restructuring and acquisition and integration related expenses and their related tax effects without unreasonable effort
- Items are uncertain
Historical Earnings Impact
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Avg. Return Before/After Earnings
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