Q1 2024 Itron Inc Earnings Call Transcript
Key Points
- Itron Inc (ITRI) reported a 22% year-over-year increase in revenue, reaching $603 million in Q1 2024, marking the highest level since Q4 2019.
- Adjusted EBITDA for Itron Inc (ITRI) saw a significant increase of 94% year-over-year to $76 million.
- Non-GAAP earnings per share for Itron Inc (ITRI) increased by 153% year-over-year to $1.24.
- Free cash flow improved substantially, with Itron Inc (ITRI) reporting $34 million in Q1 2024 compared to a negative $5 million in the previous year.
- Operational execution and market conditions continued to improve for the sixth consecutive quarter, enhancing both top- and bottom-line results for Itron Inc (ITRI).
- Bookings for Q1 2024 were $361 million, reflecting normal seasonality and the timing of new bookings, which might concern some investors looking for more rapid growth.
- The gross margin in the Outcomes segment decreased by 760 basis points year-over-year, and operating margin also declined by 740 basis points due to a lower margin revenue mix and increased services costs.
- While the backlog at the end of Q1 was substantial at $4.3 billion, the conversion of backlog to revenue remains a critical area to watch for future performance.
- Lead times for components, although improving, are still longer than pre-pandemic levels, which could impact the ability to meet demand promptly.
- Despite a strong quarter, the guidance for Q2 suggests more subdued growth, which could indicate potential challenges in maintaining the growth momentum through the second half of the year.
Good day, ladies and gentlemen, thank you for standing by. Welcome to Itron's first-quarter 2024 earnings release conference call. (Operator Instructions)
Please note that today's conference is being recorded.
I will now hand the conference over to your speaker host, Paul Vincent, Vice President of Investor Relations. Please go.
Good morning, and welcome to Itron's first-quarter 2024 earnings conference call. Tom Dietrich, Itron's President and Chief Executive Officer; and Joan Hooper, Senior Vice President and Chief Financial Officer will review Itron's first-quarter results and provide a general business update and outlook.
Earlier today, the company issued a press release announcing its results. This release also includes details related to the conference call and webcast replay information. Accompanying today's call is a presentation that is available through the webcast and on our corporate website under the Investor Relations tab. Following prepared remarks, the call will open for
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
