Itron Q4 Recap: 4% Topline Decline, Favorable Mix Driven Margin Expansion, New Restructuring Plan & More

  • Itron, Inc ITRI reported a fourth-quarter FY22 revenue decline of 4% year-on-year to $467.5 million, beating the consensus of $433.6 million.
  • Device Solutions revenue declined 36% Y/Y to $100.33 million, and Networked Solutions revenue grew by 13.7% Y/Y to $301.11 million. Outcomes revenue increased 3.6% Y/Y to $66.05 million.
  • Bookings were $898 million driving a book-to-bill ratio of 1.9 to 1. The Q4 backlog was $4.6 billion.
  • The consolidated gross margin of 30.1% increased by 510 bps, driven by a favorable mix.
  • Adjusted EPS of $0.71 beat the consensus of $0.09.
  • Itron used $18 million in free cash flow and held $202 million in cash and equivalents.
  • The company announced a new restructuring plan to optimize the global supply chain and manufacturing operations and to reduce company overhead.
  • CEO Tom Deitrich said, "Our fourth quarter results were a step in the right direction. The supply environment remains volatile but is showing signs of improvement."
  • Outlook: Itron expects Q1 revenue of $460 million - $475 million (consensus $450.96 million) and adjusted EPS of $0.05 - $0.15 (consensus $0.21).
  • The company expects FY23 revenue of $1.85 billion - $1.95 billion (consensus $1.88 billion) and adjusted EPS of $0.70 - $1.10 (consensus $1.53).
  • Price Action: ITRI shares traded higher by 1.98% at $55.71 on the last check Monday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceTechBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!