Itron Announces First Quarter 2025 Financial Results

Core Insights - Itron, Inc. reported financial results for Q1 2025, showing margin expansion and earnings growth ahead of expectations due to a favorable product mix and strong execution [1][2][4] Revenue Performance - Total revenue for Q1 2025 increased by 1% to $607 million, including a catch-up of previously constrained revenue from Q1 2024 [2] - Device Solutions revenue decreased by 1%, but increased by 2% in constant currency, driven by higher smart water sales offset by lower legacy electricity sales [2] - Networked Solutions revenue also decreased by 1% due to shipment timing and project deployment delays [3] - Outcomes revenue increased by 14%, attributed to higher recurring revenue and software licenses [3] Profitability Metrics - Gross margin for Q1 2025 was 35.8%, an increase of 180 basis points from the previous year, due to product mix and operational efficiencies [4] - GAAP operating income rose to $76 million, a $13 million increase from the prior year, while non-GAAP operating income also increased by $13 million to $80 million [5] Net Income and Earnings Per Share - Net income attributable to Itron, Inc. for the quarter was $65 million, or $1.42 per diluted share, compared to $52 million, or $1.12 per diluted share in 2024 [6] - Non-GAAP net income was $70 million, or $1.52 per diluted share, up from $57 million, or $1.24 per diluted share in the previous year [7] Cash Flow and Backlog - Net cash provided by operating activities was $72 million, compared to $41 million in the prior year, while free cash flow increased to $67 million from $34 million [8][9] - Total backlog at the end of the quarter was $4.7 billion, up from $4.3 billion in the prior year, with bookings totaling $530 million [10]