Itron Inc Stock Price, News & Analysis

Itron (NASDAQ: ITRI) has announced the pricing of its $700 million offering of 1.375% convertible senior notes due 2030, upsized from $500 million. The notes, aimed at qualified institutional buyers, will mature on July 15, 2030, unless converted, redeemed, or repurchased earlier. They will accrue interest biannually starting January 2025 and have a conversion rate of 7.6199 shares per $1,000 principal amount, equating to a $131.24 per share conversion price. Proceeds, estimated at $681.1 million, will fund capped call transactions, share repurchases, debt repayment, and general corporate purposes. The company has granted initial purchasers an option to buy an additional $105 million in notes.

Itron (NASDAQ: ITRI) announced a private offering of $500 million in convertible senior notes due 2030 to qualified institutional buyers under Rule 144A. The offering includes an option to purchase an additional $75 million in notes. The proceeds will fund capped call transactions to mitigate stock dilution and repurchase up to $100 million of its common stock. Remaining funds may repay existing debts or support potential acquisitions. The notes are not registered under the Securities Act and cannot be publicly traded without registration or exemption.

Itron (NASDAQ: ITRI) has announced that Integra S.R.L., a utility services provider in Italy, Switzerland, and Albania, has become the first Itron Engage Sales Channel Partner in Italy. This partnership will enable local utilities and cities in Italy to enhance their grid infrastructure using Itron’s energy and water management solutions.

The collaboration offers several benefits, including shorter delivery times, reduced shipping costs, and personalized technical assistance. Integra will provide installation help, maintenance support, and continuous after-sales service. This partnership aims to strengthen local business relationships and streamline the deployment of Itron's products, such as automated meter reading systems and advanced metering infrastructure.

Massimo Carbone, CEO of Integra, expressed enthusiasm about expanding access to Itron’s solutions in Italy. Gregory Raby, EMEA Channel Partner Leader at Itron, emphasized the ongoing training and support provided through the Itron Engage Sales Channel Partner Program, highlighting the mutual benefits of the collaboration.

Itron (NASDAQ: ITRI) has partnered with VODA.ai to introduce Pipe Asset Management, a solution designed to help water utilities identify, predict, and prioritize water pipe replacements using artificial intelligence. Combining Itron’s detailed meter data with VODA.ai’s daVinci™ AI engine, the tool analyzes existing utility data and public data such as soil and terrain to pinpoint at-risk pipes. The collaboration aims to reduce costs and improve decision-making for utilities, with an emphasis on identifying and managing non-revenue water and lead pipe replacements. This initiative addresses the significant issue of aging water infrastructure, with 20% of U.S. and Canadian water pipes past their useful life. Itron's solution is globally available and will be showcased at the AWWA’s Annual Conference & Expo (ACE24).

Itron has released its 2023 Corporate Sustainability Report, detailing significant achievements in reducing carbon emissions and enhancing customer resourcefulness. The company surpassed its goal to cut owned carbon emissions by 50% five years ahead of schedule, achieving this milestone in 2023. Key highlights include enabling customers to avoid 6.8 million metric tons of greenhouse gas emissions through advanced grid edge intelligence and smart city solutions. Itron also achieved 88% ISO 14001 certification across its manufacturing facilities, showcasing its commitment to environmental management. The report underscores the company's focus on integrity, with a diverse board composition and recognition for fostering an inclusive workplace. Itron's emphasis on sustainability, ethical business practices, and community support is evident in its comprehensive 2023 strategy.

Itron (NASDAQ: ITRI), a leader in energy and water resource management, announced participation in two upcoming investor conferences. On May 23, 2024, at the TD Cowen 2nd Annual Sustainability Week, John Marcolini, SVP of Networked Solutions, will join a virtual fireside chat at 12:25 p.m. EDT. On June 17, 2024, CEO Tom Deitrich will represent Itron at the J.P. Morgan 2024 Energy, Power & Renewables Conference in New York, engaging in a fireside chat and investor meetings. These events highlight Itron's commitment to sustainability and investor engagement.

Itron, Inc. (NASDAQ: ITRI) reported strong first-quarter financial results for 2024. Revenue increased by 22% to $603 million, with a gross profit of $205 million, GAAP net income of $52 million, and GAAP diluted EPS of $1.12. Non-GAAP diluted EPS was $1.24, adjusted EBITDA was $76 million, and free cash flow was $34 million. The company highlighted growth in all segments, especially in Networked Solutions and Device Solutions, resulting in a positive outlook for the future.

Itron, Inc. enhances its Temetra® platform in Australia and New Zealand by adding NB-IoT communications, enabling water utilities to streamline operations and maximize business value. The platform provides comprehensive meter data processing, analytics, and validation, allowing utilities to remotely read water meters, reduce costs, and prioritize maintenance. Temetra supports various communication protocols, providing utilities with interoperability and flexibility for digital transformation.