Itron, Inc. Files Q2 2024 10-Q with Financial Updates

TL;DR

ITRN's Q2 10-Q is in: check their latest product and service revenue, plus balance sheet details as of June 30, 2024.

AI Summary

Itron, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first half of 2024, detailing revenues from product and service segments. The filing also includes balance sheet information as of June 30, 2024, and December 31, 2023, with specific data on common stock.

Why It Matters

This filing provides investors and analysts with the latest financial performance and position of Itron, Inc., crucial for understanding the company's operational health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing (10-Q) and does not contain new or unusual risk factors.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20240801 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 1231 — Fiscal Year End (Specifies the end of the company's fiscal year.)

Key Players & Entities

• ITRON, INC. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240801 (date) — Filing date
• WA (location) — State of incorporation and business address
• LIBERTY LAKE (location) — City of business address

FAQ

Filing Documents

• itri-20240630.htm (10-Q) — 1929KB
• ex102itron-formofwarrantam.htm (EX-10.2) — 38KB
• ex104itronthirdamendedandr.htm (EX-10.4) — 129KB
• ex105edcpamendment-thirdam.htm (EX-10.5) — 20KB
• itriex-31106302024.htm (EX-31.1) — 11KB
• itriex-31206302024.htm (EX-31.2) — 11KB
• itriex-32106302024.htm (EX-32.1) — 7KB
• itri-20240630_g1.jpg (GRAPHIC) — 96KB
• 0000780571-24-000043.txt ( ) — 10323KB
• itri-20240630.xsd (EX-101.SCH) — 60KB
• itri-20240630_cal.xml (EX-101.CAL) — 96KB
• itri-20240630_def.xml (EX-101.DEF) — 326KB
• itri-20240630_lab.xml (EX-101.LAB) — 705KB
• itri-20240630_pre.xml (EX-101.PRE) — 541KB
• itri-20240630_htm.xml (XML) — 1669KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

: Financial Statements (Unaudited)

Item 1: Financial Statements (Unaudited) Consolidated Statements of Operations 1 Consolidated Statements of Comprehensive Income (Loss) 2 Consolidated Balance Sheets 3 Consolidated Statements of Equity 4 Consolidated Statements of Cash Flows 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 6

: Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations 27

: Quantitative and Qualitative Disclosures About Market Risk

Item 3: Quantitative and Qualitative Disclosures About Market Risk 47

: Controls and Procedures

Item 4: Controls and Procedures 48

: OTHER INFORMATION

PART II: OTHER INFORMATION

: Legal Proceedings

Item 1: Legal Proceedings 49

: Risk Factors

Item 1A: Risk Factors 49

: Unregistered Sales of Equity Securities and Use of Proceeds

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 49

: Other Information

Item 5: Other Information 49

: Exhibits

Item 6: Exhibits 50 SIGNATURE 51 Table of Contents

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

: Financial Statements (Unaudited)

Item 1: Financial Statements (Unaudited) ITRON, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, In thousands, except per share data 2024 2023 2024 2023 Revenues Product revenues $ 532,907 $ 464,803 $ 1,060,729 $ 881,127 Service revenues 76,162 76,267 151,782 154,561 Total revenues 609,069 541,070 1,212,511 1,035,688 Cost of revenues Product cost of revenues 356,747 322,288 713,454 619,631 Service cost of revenues 41,862 44,835 83,218 85,742 Total cost of revenues 398,609 367,123 796,672 705,373 Gross profit 210,460 173,947 415,839 330,315 Operating expenses Sales, general and administrative 88,413 79,079 174,384 154,600 Research and development 53,053 53,560 105,454 103,125 Amortization of intangible assets 4,511 4,722 8,497 9,770 Restructuring ( 99 ) 874 99 37,483 (Gain) loss on sale of business ( 65 ) 612 ( 42 ) 630 Total operating expenses 145,813 138,847 288,392 305,608 Operating income 64,647 35,100 127,447 24,707 Other income (expense) Interest income 5,128 1,508 8,974 3,326 Interest expense ( 2,290 ) ( 1,977 ) ( 4,183 ) ( 4,034 ) Other income (expense), net ( 445 ) ( 333 ) 18 ( 1,808 ) Total other income (expense) 2,393 ( 802 ) 4,809 ( 2,516 ) Income before income taxes 67,040 34,298 132,256 22,191 Income tax provision ( 15,180 ) ( 9,195 ) ( 28,609 ) ( 9,125 ) Net income 51,860 25,103 103,647 13,066 Net income attributable to noncontrolling interests 542 902 608 701 Net income attributable to Itron, Inc. $ 51,318 $ 24,201 $ 103,039 $ 12,365 Net income per common share - Basic $ 1.12 $ 0.53 $ 2.25 $ 0.27 Net income per common share - Diluted $ 1.10 $ 0.53 $ 2.22 $ 0.27 Weighted average common shares outstanding - Basic 45,745 45,435 45,698 45,358 Weighted average common shares outstanding - Diluted 46,526 45,781 46,441 45,677 The accompanying notes are an integral part of these consolidated financial statements. 1 Table of Contents ITRON, INC. CONSOL

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (UNAUDITED) In this Quarterly Report on Form 10-Q, the terms "we", "us", "our", "Itron", and the "Company" refer to Itron, Inc. and its subsidiaries. Note 1: Summary of Significant Accounting Policies Financial Statement Preparation The consolidated financial statements presented in this Quarterly Report on Form 10-Q are unaudited and reflect entries necessary for the fair presentation of the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023, Consolidated Statements of Equity for the three months ended June 30, 2024 and 2023 and March 31, 2024 and 2023, the Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023, and the Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023, of Itron, Inc. and its subsidiaries. All entries required for the fair presentation of the financial statements are of a normal recurring nature, except as disclosed. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results expected for the full year or for any other period. Certain information and notes normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been partially or completely omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC) regarding interim results. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto for the fiscal year ended December 31, 2023 filed with the SEC in our Annual Report on Form 10-K on February 26, 2024 (2023 Annual Report). There have been no significant changes in financial statement preparation or significant accounting policies since December 31, 2023. Restricted Cash and Cash Equiv

View Full Filing

View this 10-Q filing on SEC EDGAR