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Itron Inc. (ITRI) filed Quarterly Report for the period ended 2011-09-30.
Itron Inc. has a market cap of $1.5 billion; its shares were traded at around $36.79 with a P/E ratio of 9.1 and P/S ratio of 0.7. Itron Inc. had an annual average earning growth of 16.7% over the past 10 years. GuruFocus rated Itron Inc. the business predictability rank of 3.5-star.
This is the annual revenues and earnings per share of ITRI over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of ITRI.
Highlight of Business Operations:
Revenues for the three months ended September 30, 2011 increased 7% to $616 million, and revenues for the nine months ended September 30, 2011 increased 9% to $1.8 billion, compared with the same periods last year. The revenue growth was driven by Itron International with 23% and 19% revenue increases for the three and nine months ended September 30, 2011, compared with the same periods last year. Meter and communication module volumes were relatively unchanged for the three and nine months ended September 30, 2011, compared with the same periods last year. Gross margin was three percentage points lower for the three months ended September 30, 2011 and 50 basis points lower for the nine months ended September 30, 2011, compared with the same periods last year, primarily due to third quarter 2011 Itron North America warranty charges. Total backlog was $1.4 billion and twelve-month backlog was $901 million at September 30, 2011.market value was significantly lower than the aggregate carrying value of our net assets. Therefore, we performed an interim impairment test of our goodwill as of September 30, 2011 which resulted in an estimated goodwill write-down of $540.4 million in the third quarter of 2011. The estimated goodwill impairment was associated with two reporting units from the Itron International operating segment. As a result, our diluted loss per share was $12.70 and $11.21 for the three and nine months ended September 30, 2011, compared with diluted earnings per share of $0.68 and $1.91 for the same periods last year. The goodwill impairment was not deductible for tax purposes and therefore did not reduce the tax provision for the three and nine months ended September 30, 2011. The amount of the goodwill impairment charge is subject to finalization during the fourth quarter of 2011.
Revenues increased $41.9 million and $153.0 million, or 7% and 9%, for the three and nine months ended September 30, 2011, compared with the same periods last year. The net translation effect of our operations denominated in foreign currencies to the U.S. dollar accounted for $28.0 million and $68.0 million of the increase in revenues for the three and nine months ended September 30, 2011, compared with the same periods last year. A more detailed analysis of these fluctuations is provided in Operating Segment Results.
No single customer represented more than 10% of total revenues for the three and nine months ended September 30, 2011, and one customer represented more than 10% of total revenues for the three and nine months ended September 30, 2010. Our 10 largest customers accounted for 35% and 31% of total revenues for the three and nine months ended September 30, 2011, and 37% and 33% for the three and nine months ended September 30, 2010, respectively.
Revenues increased $60.5 million, or 23%, for the three months ended September 30, 2011, compared with the same period last year. The net translation effect of our operations denominated in foreign currencies to the U.S. dollar accounted for $24.4 million of the increase in revenues. Meter and communication module volumes increased 6% for the three months ended September 30, 2011, compared with the same period last year primarily due to increased gas and water advanced metering projects and electricity prepayment meter sales.
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