Itron (ITRI) Q4 FY2023 earnings: revenue $577 million, up 23.5% on the year

Itron, Inc. (ITRI) reported revenue of $577 million for Q4 FY2023, the quarter ended 31 December 2023, up 23.5% on the same quarter a year earlier. Net income was $44 million, up 99.8% on the year, and diluted earnings per share $0.96. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2024.

Revenue$577 millionup 23.5%

Net income$44 millionup 99.8%

Diluted EPS$0.96

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	577	561	n/a	n/a
Cost of revenue	381	374	n/a	n/a
Gross profit	196	187	n/a	n/a
Gross margin	34.0%	33.4%	n/a
Research and development	53.9	51.6	n/a	n/a
Selling, general and administrative	81.6	76.6	n/a	n/a
Operating income	49.3	54.9	n/a	n/a
Operating margin	8.5%	9.8%	n/a
Interest expense	1.9	2.4	n/a	n/a
Pre-tax income	49.5	55.7	n/a	n/a
Income tax	4.6	15.4	n/a	n/a
Effective tax rate	9.2%	27.6%	n/a
Net income	44.4	40.2	n/a	n/a
Net margin	7.7%	7.2%	n/a
Diluted EPS	$0.96	$0.87	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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. 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

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	47.9	34.1	n/a	n/a
Capital expenditure	8.6	5.8	n/a	n/a
Free cash flow	39.3	28.3	n/a	n/a
Free cash flow margin	6.8%	5.0%	n/a
Cash from investing	-4.3	-5.8	n/a	n/a
Cash from financing	-0.9	-3.4	n/a	n/a
Depreciation and amortisation	13.8	13.6	n/a	n/a
Share-based compensation	7.8	6.8	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Diluted shares, weighted	46m	46m	n/a	n/a
Shares outstanding at period end	46m	45m	n/a	n/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

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,311	1,238	n/a	n/a
Non-controlling interest	20.5	20.0	n/a	n/a
Debt	460	460	n/a	n/a
Operating lease liabilities	32.7	33.0	n/a	n/a
Other liabilities	780	761	n/a	n/a
Total liabilities and equity	2,604	2,511	n/a	n/a
Fixed assets	129	130	n/a	n/a
Goodwill	1,053	1,036	n/a	n/a
Intangible assets	46.3	50.4	n/a	n/a
Cash and equivalents	302	255	n/a	n/a
Receivables	273	290	n/a	n/a
Inventory	284	276	n/a	n/a
Other assets	518	475	n/a	n/a
Total assets	2,604	2,511	n/a	n/a

Questions

What was Itron's revenue in Q4 FY2023?

Itron (ITRI) reported revenue of $577 million for Q4 FY2023, the quarter ended 31 December 2023, up 23.5% on the same quarter a year earlier.

How much did Itron earn in Q4 FY2023?

Net income for Q4 FY2023 was $44 million, up 99.8% on the year, and diluted earnings per share $0.96.

When did Itron report Q4 FY2023 results?

Itron filed its 10-K for the year that ended with the quarter on 26 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	561	577	603	609	615	613	607	607	582	572	587	563
Cost of revenue	374	381	398	399	406	399	390	383	362	340	351	332
Gross profit	187	196	205	210	210	214	217	224	220	232	236	231
Gross margin	33%	34%	34%	35%	34%	35%	36%	37%	38%	41%	40%	41%
R&D	51.6	53.9	52.4	53.1	51.2	58.3	50.1	53.8	50.0	53.1	55.0	56.1
SG&A	76.6	81.6	86.0	88.4	79.6	85.0	86.9	87.6	83.1	95.3	105	89.7
Operating income	54.9	49.3	62.8	64.6	73.9	62.7	76.2	76.4	81.8	78.7	67.6	76.1
Operating margin	10%	9%	10%	11%	12%	10%	13%	13%	14%	14%	12%	14%
Interest expense	2.4	1.9	1.9	2.3	5.6	5.6	5.6	5.6	5.6	5.6	5.8	5.8
Pre-tax income	55.7	49.5	65.2	67.0	82.4	69.8	82.3	83.5	90.7	85.8	67.2	80.2
Tax rate	28%	9%	21%	23%	4%	16%	21%	18%	27%	-20%	20%	33%
Net income	40.2	44.4	51.7	51.3	78.0	58.1	65.5	68.3	65.6	102	53.5	53.3
Net margin	7%	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 flow	34.1	47.9	41.3	51.7	65.3	79.8	72.1	96.7	118	119	85.5	88.1
Capital expenditure	5.8	8.6	7.1	7.1	6.6	9.7	4.6	6.0	4.4	7.8	6.5	6.6
Free cash flow	28.3	39.3	34.2	44.6	58.7	70.2	67.5	90.7	113	112	79.0	81.5
Buybacks	0.0	0.0	n/a	n/a	0.0	n/a	0.0	0.0	0.0	100	100	52.2
Shares outstanding	45m	46m	46m	45m	45m	45m	46m	46m	46m	45m	44m	44m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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-K for the period ended 31 December 2023, filed 26 February 2024, accession 0000780571-24-000006: the filing on EDGAR. All of Itron, Inc.'s filings: EDGAR company page.

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