Itron Inc - ITRI STOCK NEWS

Itron, Inc. (NASDAQ:ITRI) reported a third-quarter revenue of $421 million, down 14% year-over-year, primarily due to strategic divestitures and component shortages. Gross margin improved to 28.5%, up 80 basis points. The company posted GAAP net income of $4 million ($0.09 per diluted share), a turnaround from a net loss of $(2) million last year. Total backlog reached a record $4.2 billion. The fourth-quarter outlook anticipates revenue of $420 million to $460 million and non-GAAP EPS of $0.00 to $0.15 amid ongoing supply chain challenges.

Itron, Inc. (NASDAQ: ITRI) announced its financial results release for Q3 2022 on Nov. 3, 2022, prior to market opening. Investors can access the results and accompanying financial statements on the company’s website at https://investors.itron.com at 8:30 a.m. EDT, followed by a management conference call at 10 a.m. EDT. A replay of the call will be available until Nov. 8, 2022. Itron provides critical infrastructure solutions for utilities and cities globally, enhancing resource management.

Itron, Inc. (NASDAQ: ITRI) has appointed Mary Hemmingsen to its board of directors effective October 7. She brings over 30 years of experience in finance and utilities, having held leadership roles at KPMG and BC Hydro. Hemmingsen's expertise in strategy, risk, and ESG integration is expected to enhance company performance and shareholder value, according to company executives. Her previous board experience includes positions at various energy organizations, which complements Itron’s mission to innovate utility management.

Itron, Inc. (NASDAQ: ITRI) is partnering with Severn Trent Water to deploy 157,000 smart water meters in Warwickshire, England, as part of the Green Recovery Program. This advanced metering infrastructure aims to enhance leak detection and optimize water consumption management. Equipped with Cyble multi-connectivity communication modules, the meters will provide accurate water volume measurements and real-time monitoring. The deployment is underway and aligns with sustainability goals, contributing to the development of an intelligent water infrastructure in the area.

Itron, Inc. (NASDAQ: ITRI) and SmartThings, Inc. are collaborating to enhance the energy management experience for utilities and consumers. This partnership will integrate Itron’s industrial IoT network solution with SmartThings’ services to provide real-time energy data, thereby improving energy management and reducing carbon footprints. Key benefits include enhanced consumer engagement, improved utility program enrollment, and innovative data sharing capabilities. Itron aims to enable consumers to optimize their energy usage with connected smart devices.

Itron, Inc. (NASDAQ: ITRI) released its 2022 Resourcefulness Insight Report, highlighting that 90% of utility executives find data analytics vital for reliable service amidst extreme weather and EV adoption. Half of consumers are willing to pay up to 7% more for personalized insights that help manage energy costs. The report, based on surveys from 600 utility executives and 600 consumers across 5 countries, identifies improving efficiency and resilience as key priorities. It emphasizes the growing importance of data in transforming utility services and enhancing customer experiences.

Itron, Inc. (NASDAQ: ITRI) is hosting its Itron Inspire 2022 conference in Marco Island, FL from Sept. 23-30, 2022. The event aims to bring together industry leaders from energy, water, and smart communities to explore innovations and address challenges. Key highlights include the Knowledge Conference from Sept. 25-27, featuring over 90 breakout sessions, keynotes from industry experts, and networking opportunities. Discussions will focus on cybersecurity, data management, and the impact of distributed energy resources.

Itron, Inc. (NASDAQ:ITRI) reported a 12% decrease in revenue for Q2 2022, totaling $432 million, down from $489 million in 2021. The company faced operational challenges due to supply constraints, resulting in a gross margin of 29.2%, down from 30.6%. The GAAP net loss was $(37) million or $(0.82 per share, compared to $(33) million or $(0.73 per share the prior year. Total backlog reached a record $4.1 billion, while guidance for 2022 revenue has been revised down to $1.85 to $1.9 billion.