Business Wire News

Itron Announces Second Quarter 2022 Financial Results and Updated Full-Year 2022 Guidance

LIBERTY LAKE, Wash.--(BUSINESS WIRE)--Itron, Inc. (NASDAQ:ITRI) announced today financial results for its second quarter ended June 30, 2022. Key results for the quarter include (compared with the second quarter of 2021):


  • Revenue of $432 million, compared with $489 million;
  • Gross margin of 29.2%; compared with 30.6%;
  • GAAP net loss of $(37) million, compared with $(33) million;
  • GAAP loss per share (EPS) of $(0.82), compared with $(0.73);
  • Non-GAAP diluted EPS of $0.07, compared with $0.28;
  • Adjusted EBITDA of $17 million, compared with $36 million;
  • Free cash flow of $10 million, compared with $64 million; and
  • Total backlog of $4.1 billion, compared with $3.5 billion.

"In the second quarter of 2022, we continued to be impacted operationally by supply constraints and manufacturing inefficiencies. Meanwhile demand for our solutions remained strong with a healthy book-to-bill ratio and another record set for total ending backlog as well as 12-month backlog," said Tom Deitrich, Itron's president and chief executive officer.

Summary of Second Quarter Consolidated Financial Results
(All comparisons made are against the prior year period unless otherwise noted)

Revenue
Total second quarter revenue decreased 12% to $432 million, or 8%, excluding the impact of changes in foreign currency exchange rates. The decrease was due to the continued impact of component constraints limiting our ability to meet customer demand.

Device Solutions revenue declined 36%, Networked Solutions revenue increased 2%, and Outcomes revenue decreased 6%.

Gross Margin
Consolidated company gross margin of 29.2% decreased 140 basis points from the prior year, primarily due to inflationary pressures and inefficiencies driven by component shortages.

Operating Expenses and Operating Income (Loss)
GAAP operating expenses of $160 million increased $3 million from the prior year. Non-GAAP operating expenses of $117 million decreased $6 million from the prior year primarily due to lower product development expenses.

GAAP operating loss of $(34) million was $27 million higher than the prior year. GAAP operating loss includes goodwill impairment of $38.5 million related to our Device Solutions segment. Non-GAAP operating income of $9 million was $18 million lower than last year. The decreases were primarily due to lower gross profit.

Net Income (Loss) and Earnings (Loss) per Share
Net loss attributable to Itron, Inc. for the quarter was $(37) million, or $(0.82) per share, compared with $(33) million, or $(0.73) per share in 2021. The greater net loss was driven by a larger GAAP operating loss, partially offset by lower interest expense.

Non-GAAP net income, which excludes certain charges including amortization of intangible assets, amortization of debt placement fees, debt extinguishment, restructuring, loss on sale of business, strategic initiatives, acquisition and integration, goodwill impairment, and the income tax effect of those adjustments, was $3 million, or $0.07 per diluted share, compared with $13 million, or $0.28 per diluted share, in 2021. The lower year-over-year results were due to lower non-GAAP operating income and a higher effective tax rate.

Cash Flow
Net cash provided by operating activities was $15 million in the second quarter compared with $73 million in the same quarter of 2021. Free cash flow was $10 million in the second quarter compared with $64 million in the prior year. The year-over-year decrease in cash flow was driven by reduced non-GAAP EBITDA and timing of working capital.

Other Measures
Total backlog was $4.1 billion and 12-month backlog was $1.7 billion, compared with $3.5 billion and $1.4 billion, respectively, in the prior year. Bookings in the quarter totaled $612 million.

Financial Guidance Update
Itron's guidance for the full year 2022 has been updated as follows:

  • Revenue between $1.85 to $1.9 billion vs. previous guidance of $2.0 to $2.1 billion
  • Non-GAAP diluted EPS between $0.70 to $0.90 vs. previous guidance of $1.25 to $1.75

The guidance assumes a Euro to U.S. dollar foreign currency exchange rate of 1.06 on average in the second half of 2022, average fully diluted shares outstanding of approximately 45.3 million for the full year, non-GAAP effective tax rate for the full year of approximately 30%.

A reconciliation of forward-looking non-GAAP diluted EPS to the GAAP diluted EPS has not been provided because we are 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. These items are uncertain, depend on various factors and could have a material impact on GAAP results for the guidance period.

Earnings Conference Call
Itron will host a conference call to discuss the financial results and guidance contained in this release at 10 a.m. EDT on Aug. 4, 2022. The call will be webcast in a listen-only mode. Webcast information and conference call materials will be made available 10 minutes before the start of the call and will be accessible on Itron’s website at http://investors.itron.com/events.cfm. A replay of the audio webcast will be made available at http://investors.itron.com/events.cfm. A telephone replay of the conference call will be available through Aug. 9, 2022 at 1:30 p.m. EDT. To access the telephone replay, dial 888-203-1112 or 719-457-0820 and enter passcode 5692928.

About Itron
Itron® enables utilities and cities to safely, securely and reliably deliver critical infrastructure services to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.

Itron® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.

Cautionary Note Regarding Forward Looking Statements
This release contains, and our officers and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical factors nor assurances of future performance. These statements are based on our expectations about, among others, revenues, operations, financial performance, earnings, liquidity, earnings per share, cash flows and restructuring activities including headcount reductions and other cost savings initiatives. This document reflects our current strategy, plans and expectations and is based on information currently available as of the date of this release. When we use words such as "expect", "intend", "anticipate", "believe", "plan", "goal", "seek", "project", "estimate", "future", "strategy", "objective", "may", "likely", "should", "will", "will continue", and similar expressions, including related to future periods, they are intended to identify forward-looking statements. Forward-looking statements rely on a number of assumptions and estimates. Although we believe the estimates and assumptions upon which these forward-looking statements are based are reasonable, any of these estimates or assumptions could prove to be inaccurate and the forward-looking statements based on these estimates and assumptions could be incorrect. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Actual results and trends in the future may differ materially from those suggested or implied by the forward-looking statements depending on a variety of factors. Therefore, you should not rely on any of these forward-looking statements. Some of the factors that we believe could affect our results include our ability to execute on our restructuring plans, our ability to achieve estimated cost savings, the rate and timing of customer demand for our products, rescheduling of current customer orders, changes in estimated liabilities for product warranties, adverse impacts of litigation, changes in laws and regulations, our dependence on new product development and intellectual property, future acquisitions, changes in estimates for stock-based and bonus compensation, increasing volatility in foreign exchange rates, international business risks, uncertainties caused by adverse economic conditions, including, without limitation those resulting from extraordinary events or circumstances such as the COVID-19 pandemic and other factors that are more fully described in Part I, Item 1A: Risk Factors included in our 2021 Annual Report and other reports on file with the Securities and Exchange Commission (SEC). We undertake no obligation to update or revise any forward-looking statement, whether written or oral.

Non-GAAP Financial Information
To supplement our consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States (GAAP), we use certain adjusted or non-GAAP financial measures, including non-GAAP operating expense, non-GAAP operating income, non-GAAP net income, non-GAAP diluted earnings per share (EPS), adjusted EBITDA, adjusted EBITDA margin, constant currency, and free cash flow. We provide these non-GAAP financial measures because we believe they provide greater transparency and represent supplemental information used by management in its financial and operational decision making. We exclude certain costs in our non-GAAP financial measures as we believe the net result is a measure of our core business. We believe these measures facilitate operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain expense items that would not otherwise be apparent on a GAAP basis. Non-GAAP performance measures should be considered in addition to, and not as a substitute for, results prepared in accordance with GAAP. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Our non-GAAP financial measures may be different from those reported by other companies.

ITRON, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

 

 

 

 

 

 

(Unaudited, in thousands, except per share data)

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

 

2022

 

 

2021

 

 

 

2022

 

 

2021

 

Revenues

 

 

 

 

 

 

Product revenues

$

359,898

 

$

411,719

 

 

$

759,708

 

$

854,523

 

 

Service revenues

 

71,984

 

 

77,693

 

 

 

147,505

 

 

154,463

 

 

 

Total revenues

 

431,882

 

 

489,412

 

 

 

907,213

 

 

1,008,986

 

Cost of revenues

 

 

 

 

 

 

Product cost of revenues

 

265,278

 

 

295,064

 

 

 

560,098

 

 

602,755

 

 

Service cost of revenues

 

40,499

 

 

44,473

 

 

 

85,786

 

 

89,312

 

 

 

Total cost of revenues

 

305,777

 

 

339,537

 

 

 

645,884

 

 

692,067

 

Gross profit

 

126,105

 

 

149,875

 

 

 

261,329

 

 

316,919

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

Sales, general and administrative

 

72,877

 

 

74,144

 

 

 

149,278

 

 

150,136

 

 

Research and development

 

45,055

 

 

48,763

 

 

 

94,651

 

 

100,490

 

 

Amortization of intangible assets

 

6,485

 

 

8,997

 

 

 

13,038

 

 

17,970

 

 

Restructuring

 

(3,459

)

 

192

 

 

 

(9,825

)

 

(1,788

)

 

Loss on sale of business

 

194

 

 

24,711

 

 

 

2,415

 

 

26,103

 

 

Goodwill impairment

 

38,480

 

 

 

 

 

38,480

 

 

 

 

 

Total operating expenses

 

159,632

 

 

156,807

 

 

 

288,037

 

 

292,911

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

(33,527

)

 

(6,932

)

 

 

(26,708

)

 

24,008

 

Other income (expense)

 

 

 

 

 

 

Interest income

 

349

 

 

432

 

 

 

566

 

 

974

 

 

Interest expense

 

(1,660

)

 

(14,004

)

 

 

(3,252

)

 

(24,479

)

 

Other income (expense), net

 

(1,386

)

 

(12,157

)

 

 

(2,075

)

 

(14,923

)

 

 

Total other income (expense)

 

(2,697

)

 

(25,729

)

 

 

(4,761

)

 

(38,428

)

 

 

 

 

 

 

 

 

Loss before income taxes

 

(36,224

)

 

(32,661

)

 

 

(31,469

)

 

(14,420

)

Income tax benefit (provision)

 

(641

)

 

216

 

 

 

(4,500

)

 

(4,445

)

Net loss

 

(36,865

)

 

(32,445

)

 

 

(35,969

)

 

(18,865

)

 

Net income attributable to noncontrolling interests

 

102

 

 

678

 

 

 

92

 

 

1,655

 

Net loss attributable to Itron, Inc.

$

(36,967

)

$

(33,123

)

 

$

(36,061

)

$

(20,520

)

 

 

 

 

 

 

 

 

Net loss per common share - Basic

$

(0.82

)

$

(0.73

)

 

$

(0.80

)

$

(0.47

)

Net loss per common share - Diluted

$

(0.82

)

$

(0.73

)

 

$

(0.80

)

$

(0.47

)

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - Basic

 

45,066

 

 

45,142

 

 

 

45,042

 

 

43,344

 

Weighted average common shares outstanding - Diluted

 

45,066

 

 

45,142

 

 

 

45,042

 

 

43,344

 

ITRON, INC.

SEGMENT INFORMATION

 

 

 

 

 

 

 

 

(Unaudited, in thousands)

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

 

2022

 

 

2021

 

 

 

2022

 

 

2021

 

Product revenues

 

 

 

 

 

 

Device Solutions

$

103,433

 

$

160,647

 

 

$

241,319

 

$

330,978

 

 

Networked Solutions

 

241,592

 

 

235,167

 

 

 

490,860

 

 

493,870

 

 

Outcomes

 

14,873

 

 

15,905

 

 

 

27,529

 

 

29,675

 

 

 

Total Company

$

359,898

 

$

411,719

 

 

$

759,708

 

$

854,523

 

 

 

 

 

 

 

 

 

Service revenues

 

 

 

 

 

 

Device Solutions

$

1,377

 

$

2,320

 

 

$

3,056

 

$

4,770

 

 

Networked Solutions

 

27,870

 

 

29,891

 

 

 

57,422

 

 

59,502

 

 

Outcomes

 

42,737

 

 

45,482

 

 

 

87,027

 

 

90,191

 

 

 

Total Company

$

71,984

 

$

77,693

 

 

$

147,505

 

$

154,463

 

 

 

 

 

 

 

 

 

Total revenues

 

 

 

 

 

 

Device Solutions

$

104,810

 

$

162,967

 

 

$

244,375

 

$

335,748

 

 

Networked Solutions

 

269,462

 

 

265,058

 

 

 

548,282

 

 

553,372

 

 

Outcomes

 

57,610

 

 

61,387

 

 

 

114,556

 

 

119,866

 

 

 

Total Company

$

431,882

 

$

489,412

 

 

$

907,213

 

$

1,008,986

 

 

 

 

 

 

 

 

 

Gross profit

 

 

 

 

 

 

Device Solutions

$

13,878

 

$

30,452

 

 

$

35,684

 

$

62,748

 

 

Networked Solutions

 

89,909

 

 

95,953

 

 

 

181,260

 

 

208,712

 

 

Outcomes

 

22,318

 

 

23,470

 

 

 

44,385

 

 

45,459

 

 

 

Total Company

$

126,105

 

$

149,875

 

 

$

261,329

 

$

316,919

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

 

 

 

 

Device Solutions

$

5,459

 

$

19,988

 

 

$

17,037

 

$

41,689

 

 

Networked Solutions

 

62,282

 

 

64,630

 

 

 

123,289

 

 

143,921

 

 

Outcomes

 

9,109

 

 

12,537

 

 

 

17,450

 

 

22,873

 

 

Corporate unallocated

 

(110,377

)

 

(104,087

)

 

 

(184,484

)

 

(184,475

)

 

 

Total Company

$

(33,527

)

$

(6,932

)

 

$

(26,708

)

$

24,008

 

ITRON, INC.

CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

(Unaudited, in thousands)

June 30, 2022

 

December 31, 2021

ASSETS

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

$

208,500

 

 

$

162,579

 

 

Accounts receivable, net

 

259,657

 

 

 

298,459

 

 

Inventories

 

174,522

 

 

 

165,799

 

 

Other current assets

 

113,409

 

 

 

123,092

 

 

 

Total current assets

 

756,088

 

 

 

749,929

 

 

 

 

 

 

 

Property, plant, and equipment, net

 

150,663

 

 

 

163,184

 

Deferred tax assets, net

 

187,178

 

 

 

181,472

 

Other long-term assets

 

41,395

 

 

 

42,178

 

Operating lease right-of-use assets, net

 

58,083

 

 

 

65,523

 

Intangible assets, net

 

78,030

 

 

 

92,529

 

Goodwill

 

1,036,160

 

 

 

1,098,975

 

 

 

Total assets

$

2,307,597

 

 

$

2,393,790

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

Current liabilities

 

 

 

 

Accounts payable

$

169,368

 

 

$

193,129

 

 

Other current liabilities

 

52,102

 

 

 

81,253

 

 

Wages and benefits payable

 

88,933

 

 

 

113,532

 

 

Taxes payable

 

13,371

 

 

 

12,208

 

 

Current portion of warranty

 

17,378

 

 

 

18,406

 

 

Unearned revenue

 

120,038

 

 

 

82,816

 

 

 

Total current liabilities

 

461,190

 

 

 

501,344

 

 

 

 

 

 

 

Long-term debt, net

 

451,369

 

 

 

450,228

 

Long-term warranty

 

11,331

 

 

 

13,616

 

Pension benefit obligation

 

77,396

 

 

 

87,863

 

Deferred tax liabilities, net

 

1,849

 

 

 

2,000

 

Operating lease liabilities

 

50,082

 

 

 

57,314

 

Other long-term obligations

 

121,280

 

 

 

138,666

 

 

 

Total liabilities

 

1,174,497

 

 

 

1,251,031

 

 

 

 

 

 

 

Equity

 

 

 

 

Common stock

 

1,777,476

 

 

 

1,779,775

 

 

Accumulated other comprehensive loss, net

 

(115,705

)

 

 

(148,098

)

 

Accumulated deficit

 

(551,661

)

 

 

(515,600

)

 

 

Total Itron, Inc. shareholders' equity

 

1,110,110

 

 

 

1,116,077

 

 

Noncontrolling interests

 

22,990

 

 

 

26,682

 

 

 

Total equity

 

1,133,100

 

 

 

1,142,759

 

 

 

Total liabilities and equity

$

2,307,597

 

 

$

2,393,790

 

ITRON, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

 

(Unaudited, in thousands)

Six Months Ended June 30,

 

 

 

 

2022

 

 

 

2021

 

Operating activities

 

 

 

 

Net loss

$

(35,969

)

 

$

(18,865

)

 

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

Depreciation and amortization of intangible assets

 

33,251

 

 

 

42,919

 

 

 

Non-cash operating lease expense

 

8,234

 

 

 

8,647

 

 

 

Stock-based compensation

 

12,532

 

 

 

12,586

 

 

 

Amortization of prepaid debt fees

 

1,720

 

 

 

4,315

 

 

 

Deferred taxes, net

 

(4,061

)

 

 

(2,942

)

 

 

Loss on sale of business

 

2,415

 

 

 

26,103

 

 

 

Loss on extinguishment of debt, net

 

 

 

 

10,000

 

 

 

Goodwill impairment

 

38,480

 

 

 

 

 

 

Restructuring, non-cash

 

(817

)

 

 

878

 

 

 

Other adjustments, net

 

194

 

 

 

13,913

 

Changes in operating assets and liabilities, net of acquisition and sale of business:

 

 

 

 

Accounts receivable

 

28,924

 

 

 

29,549

 

 

Inventories

 

(13,592

)

 

 

70

 

 

Other current assets

 

(10,688

)

 

 

22,164

 

 

Other long-term assets

 

(3,134

)

 

 

6,207

 

 

Accounts payable, other current liabilities, and taxes payable

 

(24,604

)

 

 

(43,115

)

 

Wages and benefits payable

 

(22,264

)

 

 

17,815

 

 

Unearned revenue

 

36,093

 

 

 

17,106

 

 

Warranty

 

(2,501

)

 

 

(4,744

)

 

Other operating, net

 

(21,557

)

 

 

(19,926

)

 

 

Net cash provided by operating activities

 

22,656

 

 

 

122,680

 

 

 

 

 

 

 

Investing activities

 

 

 

 

Net proceeds related to the sale of business

 

55,933

 

 

 

3,142

 

 

Acquisitions of property, plant, and equipment

 

(10,663

)

 

 

(20,476

)

 

Business acquisitions, net of cash and cash equivalents acquired

 

23

 

 

 

 

 

Other investing, net

 

1,722

 

 

 

2,819

 

 

 

Net cash provided by (used in) investing activities

 

47,015

 

 

 

(14,515

)

 

 

 

 

 

 

Financing activities

 

 

 

 

Proceeds from borrowings

 

 

 

 

460,000

 

 

Payments on debt

 

 

 

 

(915,000

)

 

Issuance of common stock

 

1,797

 

 

 

3,255

 

 

Proceeds from common stock offering

 

 

 

 

389,419

 

 

Proceeds from sale of warrants

 

 

 

 

45,349

 

 

Purchases of convertible note hedge contracts

 

 

 

 

(84,139

)

 

Repurchase of common stock

 

(16,972

)

 

 

 

 

Prepaid debt fees

 

(695

)

 

 

(12,021

)

 

Other financing, net

 

(4,206

)

 

 

4,993

 

 

 

Net cash used in financing activities

 

(20,076

)

 

 

(108,144

)

 

 

 

 

 

 

Effect of foreign exchange rate changes on cash and cash equivalents

 

(3,674

)

 

 

177

 

Increase in cash and cash equivalents

 

45,921

 

 

 

198

 

Cash and cash equivalents at beginning of period

 

162,579

 

 

 

206,933

 

Cash and cash equivalents at end of period

$

208,500

 

 

$

207,131

 

About Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared in accordance with GAAP, we use certain non-GAAP financial measures, including non-GAAP operating expense, non-GAAP operating income, non-GAAP net income, non-GAAP diluted EPS, adjusted EBITDA, free cash flow, and constant currency. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and other companies may define such measures differently. For a reconciliation of each non-GAAP measure to the most comparable financial measure prepared and presented in accordance with GAAP, please see the table captioned Reconciliations of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures.

We use these non-GAAP financial measures for financial and operational decision making and/or as a means for determining executive compensation. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and ability to service debt by excluding certain expenses that may not be indicative of our recurring core operating results. These non-GAAP financial measures facilitate management's internal comparisons to our historical performance, as well as comparisons to our competitors' operating results. Our executive compensation plans exclude non-cash charges related to amortization of intangibles and certain discrete cash and non-cash charges, such as acquisition and integration related expenses, loss on sale of business, strategic initiative expenses, goodwill impairment, or restructuring charges. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. We believe these non-GAAP financial measures are useful to investors because they provide greater transparency with respect to key metrics used by management in its financial and operational decision making and because they are used by our institutional investors and the analyst community to analyze the health of our business.

Non-GAAP operating expenses and non-GAAP operating income – We define non-GAAP operating expenses as operating expenses excluding certain expenses related to the amortization of intangible assets, restructuring, loss on sale of business, strategic initiative, goodwill impairment, and acquisition and integration. We define non-GAAP operating income as operating income excluding the expenses related to the amortization of intangible assets, restructuring, loss on sale of business, strategic initiative, goodwill impairment, and acquisition and integration. Acquisition and integration related expenses include costs, which are incurred to affect and integrate business combinations, such as professional fees, certain employee retention and salaries related to integration, severances, contract terminations, travel costs related to knowledge transfer, system conversion costs, and asset impairment charges. We consider these non-GAAP financial measures to be useful metrics for management and investors because they exclude the effect of expenses that are related to acquisitions and restructuring projects. By excluding these expenses, we believe that it is easier for management and investors to compare our financial results over multiple periods and analyze trends in our operations. For example, in certain periods, expenses related to amortization of intangible assets may decrease, which would improve GAAP operating margins, yet the improvement in GAAP operating margins due to this lower expense is not necessarily reflective of an improvement in our core business. There are some limitations related to the use of non-GAAP operating expenses and non-GAAP operating income versus operating expenses and operating income calculated in accordance with GAAP. We compensate for these limitations by providing specific information about the GAAP amounts excluded from non-GAAP operating expense and non-GAAP operating income and evaluating non-GAAP operating expense and non-GAAP operating income together with GAAP operating expense and operating income.

Non-GAAP net income and non-GAAP diluted EPS – We define non-GAAP net income as net income (loss) attributable to Itron, Inc. excluding the expenses associated with amortization of intangible assets, amortization of debt placement fees, debt extinguishment, restructuring, loss on sale of business, strategic initiative, acquisition and integration, goodwill impairment, and the tax effect of excluding these expenses.


Contacts

Itron, Inc.
Kenneth P. Gianella
Vice President, Investor Relations
(669) 770-4643

David Means
Director, Investor Relations
(737) 242-8448


Read full story here

Read Article On Business Wire


Author:This email address is being protected from spambots. You need JavaScript enabled to view it.
Offshore Source Logo

Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.

Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.

Corporate Offices

Technology Systems Corporation
8502 SW Kansas Ave
Stuart, FL 34997

info@tscpublishing.com