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Dec 31, 2023
Itron Q4 2023 Earnings Report
Itron's Q4 2023 financial results were announced, showcasing strong operational momentum and improved supply chain conditions.
Key Takeaways
Itron reported a strong fourth quarter with a 23% increase in revenue to $577 million. Improved supply chain conditions and efficient operations drove record quarterly revenue levels for the Networked Solutions and Outcomes segments. The company's GAAP net income attributable to Itron, Inc. increased to $44 million, or $0.96 per diluted share, while non-GAAP diluted EPS reached $1.23.
Total revenue increased by 23% to $577 million due to strong operational execution and improved supply chain conditions.
GAAP net income attributable to Itron, Inc. was $44 million, or $0.96 per diluted share, compared to $22 million, or $0.49 per diluted share in the prior year.
Non-GAAP diluted EPS increased to $1.23, up from $0.71 in the prior year.
Total backlog at quarter end was $4.5 billion following bookings of $839 million during the fourth quarter.
Itron
Itron
Forward Guidance
Itron provided its first quarter 2024 financial outlook and full year 2024 financial guidance.
Positive Outlook
- First quarter 2024 revenue is expected to be between $575 and $585 million.
- First quarter 2024 non-GAAP diluted EPS is projected to be between $0.80 and $0.90.
- Full year 2024 revenue is guided to be between $2.275 and $2.375 billion.
- Full year 2024 non-GAAP diluted EPS is expected to be between $3.40 and $3.80.