- Itron, Inc (NASDAQ:ITRI) reported a first-quarter FY22 revenue decline of 9% year-on-year to $475 million, missing the consensus of $488.5 million.
- Device Solutions revenue declined 19% Y/Y to $139.6 million, and Networked Solutions revenue reduced 3% Y/Y to $278.8 million. Outcomes revenue decreased 3% Y/Y to $56.9 million.
- Bookings were $417 million. The total backlog and 12-month backlog were $3.9 billion and $1.6 billion, respectively.
- The consolidated gross margin of 28.4% decreased 380 bps, driven primarily by higher component costs and manufacturing inefficiencies related to component shortages.
- Non-GAAP EPS of $0.11 beat the consensus of $0.08.
- Itron generated $8 million in operating cash flow and held $204 million in cash and equivalents.
- CEO Tom Deitrich said, "In the first quarter of 2022, customer demand remained strong with a focus on our Networked Solutions and Outcomes offerings. While we continue to be impacted by the current supply constraints and an inflationary environment, we remain focused on driving our strategy forward."
- Outlook: Itron previously reported FY22 revenue guidance of $2.0 billion - $2.1 billion, below the consensus of $2.2 billion.
- Itron sees non-GAAP EPS of $1.25 - $1.75, below the consensus of $2.12.
- Price Action: ITRI shares traded lower by 0.68% at $47.46 on the last check Monday.
