Itron(US:ITRI)2020-11-02 17:54Financial Performance - Q3 2020 - Q3 2020 bookings reached $432 million[6] - The company's backlog stands at $2.8 billion[6], with a 12-month backlog of $1.1 billion[6] - Q3 2020 revenue was $540.2 million, a decrease of 13% or 14% in constant currency, compared to $624.5 million in Q3 2019[11] - Gross margin decreased by 500 bps to 26.5% due to COVID-19 inefficiencies, inventory reserves, and product mix[11] - Non-GAAP operating income decreased by 55% to $29.7 million, and adjusted EBITDA decreased by 47% to $39.7 million[12] - Non-GAAP net income attributable to Itron, Inc decreased by 40% to $24.6 million[12] - Non-GAAP earnings per share (diluted) decreased by 41% to $0.61[12] - Free cash flow increased by 17% to $37.5 million due to improved working capital and lower capital expenditures[12] Segment Performance - Q3 2020 - Device Solutions revenue decreased by 17% (20% in constant currency) to $176 million[17], with a gross margin decrease of 750 bps and an operating margin decrease of 680 bps[17] - Networked Solutions revenue decreased by 14% to $307 million[19], with a gross margin decrease of 460 bps and an operating margin decrease of 640 bps[19] - Outcomes segment revenue increased by 5% (4% in constant currency) to $57 million[21], with a slight gross margin decrease of 90 bps but an operating margin increase of 130 bps[21] Financial Performance - Year-to-Date 2020 - Year-to-date revenue was $1.6482 billion, a decrease of 12% or 11% in constant currency, compared to $1.8741 billion in the same period of 2019[24] - Year-to-date gross margin decreased by 320 bps to 27.5%[24] - Year-to-date Non-GAAP operating income decreased by 52% to $88.5 million, and adjusted EBITDA decreased by 42% to $122.9 million[26] - Year-to-date Non-GAAP earnings per share (diluted) decreased by 53% to $1.21[26] - Year-to-date free cash flow decreased by 59% to $34.3 million[26]