Itron Announces Fourth Quarter and Full Year 2024 Financial Results

Core Insights - Itron, Inc. reported strong financial results for Q4 and the full year 2024, with significant growth in revenue and operating income, driven by customer demand and operational performance [1][2][5] Financial Performance - Total revenue for Q4 2024 increased by 6% to $613 million, compared to Q4 2023 [2] - Device Solutions revenue decreased by 4%, while Networked Solutions revenue increased by 6%, and Outcomes revenue surged by 25% [3] - Gross margin improved to 34.9%, up 90 basis points from the previous year due to operational efficiencies [4] - GAAP operating income rose to $63 million, a $13 million increase from the prior year, while Non-GAAP operating income increased by $10 million to $71 million [5] - Net income for Q4 was $58 million, or $1.26 per diluted share, compared to $44 million, or $0.96 per diluted share in 2023 [6] Cash Flow and Backlog - Net cash provided by operating activities was $80 million in Q4, up from $48 million in the prior year, with free cash flow increasing to $70 million from $39 million [9] - Total backlog reached a record $4.7 billion, compared to $4.5 billion in the previous year, with quarterly bookings totaling $1.4 billion [10] Outlook - The company anticipates continued growth in 2025, assuming a stable market landscape and ongoing trade policies from 2024 [11][14]