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Dec 31, 2022
Itron Q4 2022 Earnings Report
Itron's financial performance improved, driven by higher sales in Network Solutions and Outcomes segments and effective cost management.
Key Takeaways
Itron reported a 4% decrease in revenue to $467 million, but achieved GAAP net income of $22 million, or $0.49 per diluted share, compared to a net loss in the prior year. The total backlog reached a record $4.6 billion, indicating strong market demand.
Total revenue decreased by 4% to $467 million, but remained flat excluding foreign currency impacts.
GAAP net income was $22 million, a significant improvement from the prior year's net loss.
Non-GAAP diluted EPS was $0.71, compared to $0.75 in the prior year.
Total backlog reached a record $4.6 billion, driven by strong market demand.
Itron
Itron
Forward Guidance
Itron projects revenue between $1.85 and $1.95 billion and non-GAAP diluted EPS between $0.70 and $1.10 for the full year 2023. For the first quarter of 2023, the company anticipates revenue between $460 and $475 million and non-GAAP diluted EPS between $0.05 and $0.15.
Positive Outlook
- Projected revenue between $1.85 and $1.95 billion for 2023.
- Expected non-GAAP diluted EPS between $0.70 and $1.10 for 2023.
- Anticipated revenue between $460 and $475 million for Q1 2023.
- Forecasted non-GAAP diluted EPS between $0.05 and $0.15 for Q1 2023.
- Guidance assumes an average euro to U.S. dollar foreign currency exchange rate of $1.05 in 2023.
Challenges Ahead
- Guidance is subject to uncertainties in the supply environment.
- Inability to predict restructuring, acquisition, and integration related expenses.
- Uncertainty around the potential amount or timing of expenses.
- Dependence on various factors that could materially impact GAAP results.
- Potential impact of restructuring plans on achieving estimated cost savings.