Itron, Inc. Files Q3 2024 10-Q Report

TL;DR

ITRN Q3 10-Q filed. Revenue breakdown by product/service for 2024 vs 2023 available.

AI Summary

Itron, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported its financial results, including revenue from product and service segments for the third quarter and year-to-date periods of 2024 compared to 2023. Specific dollar amounts for these segments were not detailed in the provided snippet.

Why It Matters

This filing provides investors with an update on Itron's financial performance and operational segments, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the absence of specific financial figures in the snippet necessitates a medium risk assessment for detailed analysis.

Key Numbers

• N/A — Revenue (Specific revenue figures for Q3 2024 and year-to-date are not detailed in the provided text.)
• N/A — Product Revenue (Breakdown by product segment for Q3 2024 and year-to-date is not detailed.)
• N/A — Service Revenue (Breakdown by service segment for Q3 2024 and year-to-date is not detailed.)

Key Players & Entities

• ITRON, INC. (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241031 (date) — Filing date

FAQ

Filing Documents

• itri-20240930.htm (10-Q) — 1975KB
• itriex-31109302024.htm (EX-31.1) — 11KB
• itriex-31209302024.htm (EX-31.2) — 11KB
• itriex-32109302024.htm (EX-32.1) — 7KB
• itri-20240930_g1.jpg (GRAPHIC) — 96KB
• 0000780571-24-000048.txt ( ) — 10288KB
• itri-20240930.xsd (EX-101.SCH) — 60KB
• itri-20240930_cal.xml (EX-101.CAL) — 96KB
• itri-20240930_def.xml (EX-101.DEF) — 338KB
• itri-20240930_lab.xml (EX-101.LAB) — 721KB
• itri-20240930_pre.xml (EX-101.PRE) — 551KB
• itri-20240930_htm.xml (XML) — 1701KB

: 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 September 30, Nine Months Ended September 30, In thousands, except per share data 2024 2023 2024 2023 Revenues Product revenues $ 538,249 $ 480,355 $ 1,598,978 $ 1,361,482 Service revenues 77,213 80,417 228,995 234,978 Total revenues 615,462 560,772 1,827,973 1,596,460 Cost of revenues Product cost of revenues 362,579 332,035 1,076,033 951,666 Service cost of revenues 43,285 41,534 126,503 127,276 Total cost of revenues 405,864 373,569 1,202,536 1,078,942 Gross profit 209,598 187,203 625,437 517,518 Operating expenses Sales, general and administrative 79,639 76,576 254,023 231,176 Research and development 51,237 51,644 156,691 154,769 Amortization of intangible assets 4,814 4,663 13,311 14,433 Restructuring ( 723 ) ( 615 ) ( 624 ) 36,868 Loss on sale of business 698 45 656 675 Total operating expenses 135,665 132,313 424,057 437,921 Operating income 73,933 54,890 201,380 79,597 Other income (expense) Interest income 13,420 2,642 22,394 5,968 Interest expense ( 5,605 ) ( 2,445 ) ( 9,788 ) ( 6,479 ) Other income (expense), net 677 646 695 ( 1,162 ) Total other income (expense) 8,492 843 13,301 ( 1,673 ) Income before income taxes 82,425 55,733 214,681 77,924 Income tax provision ( 3,515 ) ( 15,388 ) ( 32,124 ) ( 24,513 ) Net income 78,910 40,345 182,557 53,411 Net income attributable to noncontrolling interests 951 173 1,559 874 Net income attributable to Itron, Inc. $ 77,959 $ 40,172 $ 180,998 $ 52,537 Net income per common share - Basic $ 1.73 $ 0.88 $ 3.98 $ 1.16 Net income per common share - Diluted $ 1.70 $ 0.87 $ 3.91 $ 1.15 Weighted average common shares outstanding - Basic 44,982 45,462 45,458 45,393 Weighted average common shares outstanding - Diluted 45,839 45,950 46,239 45,768 The accompanying notes are an integral part of these consolidated financial statements. 1 Table of Contents ITRON

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 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 nine months ended September 30, 2024 and 2023, Consolidated Statements of Equity for the three months ended September 30, 2024 and 2023, June 30, 2024 and 2023, and March 31, 2024 and 2023, the Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023, and the Consolidated Balance Sheets as of September 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 nine months ended September 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

View Full Filing

View this 10-Q filing on SEC EDGAR