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Core Viewpoint - Itron, Inc. has announced a private offering of $700 million in 0.00% convertible senior notes due 2032, increasing from a previously announced $600 million, with an option for initial purchasers to buy an additional $105 million [1][7] Group 1: Offering Details - The notes will not bear regular interest and will mature on March 15, 2032, unless converted, redeemed, or repurchased earlier [2] - The initial conversion rate is set at 8.0793 shares per $1,000 principal amount, equating to a conversion price of approximately $123.77 per share, which is a 30% premium over the last reported sale price of $95.21 on February 23, 2026 [2] - The notes can be converted by holders only during specific periods before December 15, 2031, and at any time thereafter until the maturity date [2] Group 2: Redemption and Repurchase - The notes are redeemable at the company's option starting March 20, 2030, if the stock price exceeds 130% of the conversion price for a specified period [3] - Holders can require the company to repurchase their notes at 100% of the principal amount plus any accrued interest upon a "fundamental change" [3] Group 3: Capped Call Transactions - The company has entered into capped call transactions to reduce potential dilution upon conversion of the notes, with an initial cap price of $190.42 per share [4] - These capped call transactions may lead to increased market price volatility for the common stock and the notes [5][6] Group 4: Use of Proceeds - The company estimates net proceeds from the offering to be approximately $681.1 million, which may increase to $783.3 million if the option for additional notes is fully exercised [7] - Approximately $80.7 million of the proceeds will be used for capped call transaction costs, and $100 million will be allocated for repurchasing 1,050,309 shares of common stock [7] - Remaining proceeds will be used for repaying existing convertible senior notes due 2026 and for general corporate purposes [7]

LIBERTY LAKE, Wash., Feb. 23, 2026 (GLOBE NEWSWIRE) -- Itron, Inc. (NASDAQ: ITRI) (the “Company”), which is innovating new ways for utilities and cities to manage energy and water, today announced that it intends to commence a private offering, subject to market and other conditions, of $600.0 million aggregate principal amount of convertible senior notes due 2032 (the “Notes”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amen ...

Core Viewpoint - Wesfarmers' shares declined significantly due to a weaker-than-expected start to the second half of the fiscal year, as high living costs continue to impact consumer spending [1] Financial Performance - The company reported a half-year net profit after tax of A$1.60 billion, exceeding the Visible Alpha consensus estimate of A$1.56 billion and up from A$1.47 billion the previous year [1] - Bunnings recorded earnings growth of 5% to A$1.39 billion (approximately $978.42 million), while Kmart saw over 6% growth to A$683 million [1] - WesCEF, which includes chemicals, energy, fertilizer, and Covalent Lithium, achieved an 18% growth in first-half earnings [1] Market Expectations - Early second-half trading showed sales growth at Bunnings tracking its first-half growth of about 4%, while Kmart was ahead of its 3.2% growth from the previous six months [1] - The company fell short of market expectations for second-half growth in both Bunnings and Kmart [1] Consumer Sentiment - Australian households are tightening their spending due to persistent inflation and higher operating costs, affecting retailers' earnings despite steady traffic across key divisions [1] - Wesfarmers noted that cost-of-living pressures are impacting many households unevenly, with recent interest rate rises and inflation uncertainty affecting consumer sentiment [1] Dividend Announcement - The company declared an interim dividend of 102 Australian cents per share, an increase from 95 Australian cents per share last year [1]

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Core Viewpoint - The article emphasizes the focus on value investing in Asia, particularly in Hong Kong, targeting stocks with significant discrepancies between market price and intrinsic value, including deep value balance sheet bargains and wide moat stocks [1] Group 1: Investment Strategy - The research service aims to identify Asia-listed stocks that are undervalued, specifically looking for deep value balance sheet bargains such as net cash stocks and low price-to-book (P/B) ratio stocks [1] - The service also targets wide moat stocks, which are characterized by strong competitive advantages and the ability to generate earnings power at a discount [1] Group 2: Market Focus - The primary focus is on the Hong Kong market, where the analyst has over a decade of experience in both buy and sell sides of equity markets [1] - The service provides a range of watch lists with monthly updates to assist investors in identifying potential investment opportunities [1]

Core Insights - Itron Inc. (ITRI) reported non-GAAP EPS of $2.46 for Q4 2025, exceeding Zacks Consensus Estimate by 12.3% and up from $1.35 in the prior-year quarter, driven by higher non-GAAP operating income and a tax benefit [1][2] Financial Performance - Quarterly revenues were $572 million, a 7% decline year over year, but above the guidance range of $555-$565 million and the Zacks Consensus Estimate of $561.8 million [2] - Full-year revenues totaled $2.4 billion, down 3% [2] - Product revenues were $474.3 million (83% of total revenues), down 10.9% year over year, while service revenues increased by 21% to $97.3 million (17%) [4] Strategic Acquisitions - Itron acquired Urbint and Locusview to enhance its utility-resiliency strategy, leading to the launch of a new Resiliency Solutions reporting segment [3] - The new segment is expected to contribute $65-$70 million in revenues for 2026 with approximately 70% gross margins [4] Bookings and Backlog - Itron's bookings reached $737 million for the quarter, contributing to full-year bookings of $2.1 billion, with a backlog of $4.5 billion at the end of the quarter [5] - The Outcomes segment backlog hit a record high due to sustained demand for Grid Edge Intelligence [5] Stock Performance - Despite mixed results, ITRI's shares rose 7.9% to close at $96.43 on Feb. 17, with a further 2% increase in pre-market trading [6] Segment Performance - Device Solutions revenues fell 3% to $104.8 million, Networked Solutions revenues decreased 15% to $352 million, while Outcomes revenues rose 23% to $111.8 million [10][11] - Resiliency Solutions generated $3 million in revenues, reflecting a partial-quarter contribution from the Urbint acquisition [11] Operating Metrics - Gross margin improved to 40.7%, a 580-basis point increase year over year, attributed to a favorable product and customer mix [12] - Non-GAAP operating income rose to $90.6 million from $70.6 million in the prior year, with non-GAAP operating margins expanding to 15.9% [12] Cash Flow and Balance Sheet - Cash and cash equivalents were $1.02 billion as of Dec. 31, 2025, down from $1.3 billion due to the Urbint acquisition and share buybacks [14] - Itron generated $119 million in cash from operations and $112 million in free cash flow during the quarter, up from $70 million in the previous year [15] Financial Guidance - For Q1 2026, Itron expects revenues between $565 million and $575 million, indicating a 6% year-over-year decline at the midpoint, with non-GAAP EPS anticipated in the range of $1.20-$1.30 [16] - For the full year 2026, revenues are projected between $2.35 billion and $2.45 billion, suggesting a 1% increase year over year at the midpoint, with non-GAAP EPS estimated between $5.75 and $6.25 [17]

The most talked about and market moving research calls around Wall Street are now in one place. Here are today's research calls that investors need to know, as compiled by The Fly.Top 5 Upgrades: TD Cowen upgraded Medpace (MEDP) to Hold from Sell with a price target of $419, down from $462. The shares have re-rated from a peak multiple and now reflect fair value, the firm tells investors in a research note.Citizens upgraded Rush Street Interactive (RSI) to Outperform from Market Perform with a $24 price ta ...

Financial Performance - Total bookings for the year ended December 31, 2025, were $2,101 million, a decrease from $2,698 million in 2024[32]. - Total backlog as of December 31, 2025, was $4,501 million, down from $4,734 million in 2024[32]. - Research and development investments were approximately $207 million in 2025, representing 9% of total revenues, consistent with 9% in 2024 and down from 10% in 2023[39]. - The company's ten largest customers accounted for approximately 32% of total revenues in 2025, down from 33% in 2024 and 36% in 2023[34]. Business Segments - The company operates under four reportable segments: Device Solutions, Networked Solutions, Outcomes, and Resiliency Solutions, with Resiliency Solutions being a new segment starting in Q4 2025[25]. - The Device Solutions segment includes hardware products for measurement, control, or sensing, such as electricity, gas, and water meters, catering to various global markets[25]. - The Networked Solutions segment encompasses smart meters, network infrastructure, and application software designed for acquiring and transporting application-specific data, supporting the Industrial Internet of Things (IIoT)[26]. - The Outcomes segment focuses on value-added software and services that utilize artificial intelligence and machine learning to improve decision-making and operational profitability for utilities and municipalities[29]. - Itron's Resiliency Solutions segment emphasizes software and services for worker safety and emergency preparedness, enhanced by AI-based models to predict events[30]. Workforce and Operations - The company had a workforce of 5,550 employees as of December 31, 2025, including 4,987 permanent employees[40]. - The Americas region comprised 52% of the total workforce, with 2,613 employees[42]. - The Americas region accounted for 52% of total employees, with 2,613 employees, while Europe, Middle East, and Africa accounted for 26% and Asia Pacific & Other accounted for 22%[42]. - The company utilizes a combination of direct and indirect sales channels to reach customers globally, focusing on solution selling for larger utility customers[33]. Innovation and Technology - Itron's intelligent infrastructure solutions help utilities and cities improve efficiency and resilience, addressing macro trends such as resource scarcity and extreme weather[11]. - The company emphasizes the importance of technological innovations to address challenges such as aging infrastructure and rising energy demands driven by data centers and AI[24]. - The company continues to innovate and develop applications that provide value-added outcomes for customers, supporting a worldwide network of connected devices and sensors[16]. - The company continues to innovate and support open standards and interoperability, enabling customers to meet their needs through a flexible technology platform[16]. - The company invested in expanding existing technology and developing new technology for critical infrastructure in various verticals, including smart cities[39]. Strategic Alliances and Compliance - The company invested in strategic alliances to enhance product advancement and market entry, focusing on technology exchange and joint sales[47]. - The company maintains compliance with governmental regulations and does not anticipate significant adverse impacts from pending regulations[49]. - The company has multiple sources of supply for many materials, but certain components are supplied by limited or sole-source vendors, posing supply risks[35]. - Itron leverages de-identified data to enhance solutions and improve customer experience while ensuring privacy and confidentiality[23].

Core Insights - Itron's stock surged by 8.7% following the release of its Q4 2025 financial results, which exceeded analysts' expectations [1][2] Financial Performance - Itron reported Q4 2025 revenue of $572 million, surpassing the expected $561.5 million, and adjusted earnings per share (EPS) of $2.46, exceeding the forecast of $2.19 [2] - The company generated free cash flow of $111.5 million in Q4 2025, marking a significant 58.9% year-over-year increase [3] Business Growth - Itron's Outcomes segment experienced a record revenue growth of 23%, highlighting the company's strong performance in providing real-time intelligence for modern grids [4] Market Position - Itron's stock is currently trading at 16.5 times forward earnings, which is considered reasonably priced, although it has historically underperformed compared to the S&P 500 [4]