ITRI - Itron beats Q2 top and bottom line estimates; initiates Q3 and raises FY23 outlook

2023-08-03 08:39:21 ET

• Itron press release ( NASDAQ: ITRI ): Q2 Non-GAAP EPS of $0.65 beats by $0.34 .
• Revenue of $541M (+25.3% Y/Y) beats by $25.14M .
• Adjusted EBITDA of $49 million, increased 182%;
• Free cash flow of $36 million, increased $26 million; and
• Total backlog of $4.5 billion increased 11%.

• Q3 2023 Outlook and Full Year 2023 Guidance Update:

  Outlook for the third quarter of 2023 is as follows:

  • Revenue between $535 and $545 million vs. consensus of $503.87M.
  • Non-GAAP diluted EPS between $0.44 and $0.56 vs. consensus of $0.33.

  Itron's guidance for the full year 2023 has been updated a s follows:

  • Revenue between $2.11 to $2.14 billion vs. previous guidance of $1.85 to $1.95 billion vs. consensus of $1.50 vs. consensus of $2.03B.
  • Non-GAAP diluted EPS between $2.03 to $2.28 vs. previous guidance of $0.70 to $1.10 vs. consensus of $1.50.

For further details see: