Itron(US:ITRI)2025-10-30 12:35Revenue Performance - Total revenue for Q3 2025 was $582 million, a decrease of 5% compared to $615 million in Q3 2024[3] - Total revenues for the three months ended September 30, 2025, were $581,625,000, a decrease of 5.5% compared to $615,462,000 for the same period in 2024[23] - Device Solutions product revenues decreased to $103,097,000 in Q3 2025 from $122,119,000 in Q3 2024, representing a decline of 15.6%[23] - Networked Solutions product revenues also saw a decline, falling to $365,378,000 in Q3 2025 from $390,201,000 in Q3 2024, a decrease of 6.3%[23] - The outlook for Q4 2025 includes projected revenue between $555 million and $565 million, with non-GAAP diluted EPS expected between $2.15 and $2.25[15] Profitability Metrics - GAAP net income for the quarter was $66 million, or $1.41 per diluted share, down from $78 million, or $1.70 per diluted share in 2024[7] - Non-GAAP net income was $72 million, or $1.54 per diluted share, down from $84 million, or $1.84 per diluted share in 2024[9] - GAAP operating income for Q3 2025 was $81,783,000, an increase from $73,933,000 in Q3 2024, representing a growth of about 10.5%[40] - Adjusted EBITDA for the quarter was $97 million, reflecting a 10% increase[7] - Adjusted EBITDA for Q3 2025 was $97,248,000, an increase from $88,598,000 in Q3 2024, representing a growth of approximately 7.4%[40] Cash Flow and Working Capital - Free cash flow increased to $113 million, up $55 million from the prior year, driven by improved working capital and higher earnings[10] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $286,631,000, compared to $158,326,000 for the same period in 2024, showing an increase of 81.0%[28] - The company reported net cash provided by operating activities of $117,829,000 for Q3 2025, compared to $65,301,000 in Q3 2024, an increase of about 80.7%[41] - Free cash flow for the nine months ended September 30, 2025, was $271,554,000, compared to $137,448,000 for the same period in 2024, indicating a significant increase of about 97.5%[41] Balance Sheet and Backlog - Total backlog at the end of the quarter was $4.3 billion, compared to $4.0 billion in the prior year[11] - Cash and cash equivalents increased to $1,331,944,000 as of September 30, 2025, compared to $1,051,237,000 at the end of 2024, reflecting a growth of 26.7%[26] - Total current assets reached $2,144,031,000 as of September 30, 2025, up from $1,815,892,000 at the end of 2024, indicating an increase of 18.1%[26] - Total liabilities stood at $1,997,343,000 as of September 30, 2025, slightly up from $1,996,195,000 at the end of 2024[26] Strategic Initiatives - Itron announced the acquisition of Urbint, Inc. for $325 million, expected to close in Q4 2025[12] - The company’s strategic initiatives and acquisition-related expenses totaled $2,552,000 in Q3 2025, compared to $248,000 in Q3 2024, indicating a significant increase in investment in growth strategies[40]