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Itron (ITRI) Q3 FY2023 earnings: revenue $561 million, up 33.2% on the year

Itron, Inc. (ITRI) reported revenue of $561 million for Q3 FY2023, the quarter ended 30 September 2023, up 33.2% on the same quarter a year earlier. Net income was $40 million, up 875.8% on the year, and diluted earnings per share $0.87. The figures are the company's own, from the 10-Q it filed with the SEC on 2 November 2023.

Revenue$561 millionup 33.2%
Net income$40 millionup 875.8%
Diluted EPS$0.87
QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Revenue561n/an/an/a
Cost of revenue374n/an/an/a
Gross profit187n/an/an/a
Gross margin33.4%n/an/a
Research and development51.6n/an/an/a
Selling, general and administrative76.6n/an/an/a
Operating income54.9n/an/an/a
Operating margin9.8%n/an/a
Interest expense2.4n/an/an/a
Pre-tax income55.7n/an/an/a
Income tax15.4n/an/an/a
Effective tax rate27.6%n/an/a
Net income40.2n/an/an/a
Net margin7.2%n/an/a
Diluted EPS$0.87n/an/an/a
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow34.1n/an/an/a
Capital expenditure5.8n/an/an/a
Free cash flow28.3n/an/an/a
Free cash flow margin5.0%n/an/a
Cash from investing-5.8n/an/an/a
Cash from financing-3.4n/an/an/a
Depreciation and amortisation13.6n/an/an/a
Share-based compensation6.8n/an/an/a
Buybacks0.0n/an/an/a
Diluted shares, weighted46mn/an/an/a
Shares outstanding at period end45mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Shareholders' equity1,238n/an/an/a
Non-controlling interest20.0n/an/an/a
Debt460n/an/an/a
Operating lease liabilities33.0n/an/an/a
Other liabilities761n/an/an/a
Total liabilities and equity2,511n/an/an/a
Fixed assets130n/an/an/a
Goodwill1,036n/an/an/a
Intangible assets50.4n/an/an/a
Cash and equivalents255n/an/an/a
Receivables290n/an/an/a
Inventory276n/an/an/a
Other assets475n/an/an/a
Total assets2,511n/an/an/a

Questions

What was Itron's revenue in Q3 FY2023?

Itron (ITRI) reported revenue of $561 million for Q3 FY2023, the quarter ended 30 September 2023, up 33.2% on the same quarter a year earlier.

How much did Itron earn in Q3 FY2023?

Net income for Q3 FY2023 was $40 million, up 875.8% on the year, and diluted earnings per share $0.87.

When did Itron report Q3 FY2023 results?

Itron filed its 10-Q for the quarter ended 30 September 2023 with the SEC on 2 November 2023.

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue561577603609615613607607582572587563
Cost of revenue374381398399406399390383362340351332
Gross profit187196205210210214217224220232236231
Gross margin33%34%34%35%34%35%36%37%38%41%40%41%
R&D51.653.952.453.151.258.350.153.850.053.155.056.1
SG&A76.681.686.088.479.685.086.987.683.195.310589.7
Operating income54.949.362.864.673.962.776.276.481.878.767.676.1
Operating margin10%9%10%11%12%10%13%13%14%14%12%14%
Interest expense2.41.91.92.35.65.65.65.65.65.65.85.8
Pre-tax income55.749.565.267.082.469.882.383.590.785.867.280.2
Tax rate28%9%21%23%4%16%21%18%27%-20%20%33%
Net income40.244.451.751.378.058.165.568.365.610253.553.3
Net margin7%8%9%8%13%9%11%11%11%18%9%9%
Diluted EPS$0.87$0.96$1.12$1.10$1.70$1.26$1.42$1.47$1.41$2.21$1.18$1.19
Operating cash flow34.147.941.351.765.379.872.196.711811985.588.1
Capital expenditure5.88.67.17.16.69.74.66.04.47.86.56.6
Free cash flow28.339.334.244.658.770.267.590.711311279.081.5
Buybacks0.00.0n/an/a0.0n/a0.00.00.010010052.2
Shares outstanding45m46m46m45m45m45m46m46m46m45m44m44m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 2 November 2023, accession 0000780571-23-000034: the filing on EDGAR. All of Itron, Inc.'s filings: EDGAR company page.

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