Itron, Inc. Elects Timothy M. Leyden as Director, Effective March 1, 2015
Feb 20 15
On February 19, 2015, the Board of Directors of Itron, Inc. elected Timothy M. Leyden as a director, effective March 1, 2015 and serving until the annual shareholders meeting on May 8, 2015, at which time he will stand for election by Itron's shareholders. Mr. Leyden, most recently served as chief financial officer of Western Digital Corporation from November 2013 until his retirement in September 2014. He currently serves on the board of OakGate Technology, Inc.
City of North Miami Beach Selects Itron, Inc. to Modernize Water Metering Infrastructure
Feb 11 15
Itron, Inc. announced that the City of North Miami Beach water utility, has selected Itron to help modernize its water distribution system and recover lost water. The utility will use Itron advanced metering infrastructure (AMI), leak detection solution and cloud-based analytics to more effectively manage the delivery of water resources, reduce non-revenue water and conserve resources. Itrons water AMI solution will enable North Miami Beach to enhance customer service, protect revenue, forecast consumption, analyze flow and support district metering by leveraging detailed consumption and meter alerts collected by Itron Analytics. The utilitys customers will have access to detailed consumption information through a secure customer web portal so they can better manage their usage, conserve water and save money. The solution will allow the utility to collect meter reads remotely, increasing operational efficiency, enhancing worker safety and improving billing accuracy. In addition, using Itrons leak detection solution, North Miami Beach can monitor distribution lines for leaks, helping reduce non-revenue water, associated costs and potential service disruptions caused by major leak events. The Itron solution being deployed at North Miami Beach consists of water communication modules and acoustic leak sensors as well as cloud-based leak monitoring, network and Itron Analytics software applications. Installation of the solution will be complete in summer 2015.
Itron, Inc. Announces Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Earnings Guidance for the Year 2015
Feb 11 15
Itron, Inc. announced unaudited consolidated financial results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported revenues of $510,095,000 against $523,526,000 a year ago. Operating loss was $49,092,000 against $149,016,000 a year ago. Loss before income taxes was $53,867,000 against $153,252,000 a year ago. Net loss attributable to company was $49,233,000 or $1.25 per diluted share against $154,430,000 or $3.93 per diluted share a year ago. Non-GAAP operating income was $125,545,000 against $38,072,000 a year ago. Non-GAAP net income was $14,150,000 or $0.36 per diluted share against $14,285,000 or $0.36 per diluted share a year ago. Adjusted EBITDA was $39,288,000 against $50,332,000 a year ago. Free cash flow was $4,000,000 compared to $24,072,000 a year ago. For the quarter, increased revenues were driven by growth in each segment – Electricity, Gas and Water.
For the year, the company reported revenues of $1,970,697,000 against $1,948,728,000 a year ago, the increase for the full year period was driven by growth in the Water and Gas segments, which more than offset a decrease in the Electricity segment. Operating income was $3,832,000 against operating loss of $135,181,000 a year ago. Loss before income taxes was $14,909,000 against $148,254,000 a year ago. Net loss attributable to company was $22,920,000 or $0.58 per diluted share against $146,809,000 or $3.74 per diluted share a year ago. Net cash provided by operating activities was $132,973,000 against $105,421,000 a year ago. Acquisitions of property, plant and equipment was $44,495,000 against $60,020,000 a year ago. Non-GAAP operating income was $114,823,000 against $117,874,000 a year ago. Non-GAAP net income was $63,209,000 or $1.60 per diluted share against $75,136,000 or $1.90 per diluted share a year ago. Adjusted EBITDA was $160,579,000 against $168,474,000 a year ago. Free cash flow was $88,478,000 compared to $45,401,000 a year ago.
For the full year 2015, the company expects revenue between $1.8 and $1.9 billion and non-GAAP diluted EPS between $1.60 and $2.00. The guidance also assumes a gross margin of 32% to 33%, average shares outstanding of approximately 39 million for the year and a non-GAAP effective tax rate for the year of 37%.