Q1 2026 Itron Inc Earnings Call Transcript
Key Points
- Itron Inc (ITRI) reported first quarter revenue of $587 million, exceeding expectations due to strong execution and accelerated project timelines.
- The Outcomes segment grew 22% year-over-year, with total company annual recurring revenue reaching $414 million, up 28%.
- The integration of the Resiliency Solutions segment is on track, contributing meaningfully to the company's performance.
- Itron Inc (ITRI) achieved a record backlog of $4.4 billion, indicating strong future demand and business stability.
- The company reported a significant increase in adjusted gross margin, up 490 basis points year-over-year, driven by favorable mix and operational efficiencies.
- First quarter revenue was down compared to the previous year, primarily due to the timing of large network projects.
- GAAP net income decreased to $53 million from $65 million in the prior year, impacted by higher operating expenses and lower interest income.
- Device Solutions revenue decreased 9% on a constant currency basis due to declines in legacy electricity products and project timing.
- Network Solutions revenue decreased 14% on a constant currency basis, also affected by the timing of large deployments.
- The company anticipates a decline in second quarter revenue and non-GAAP EPS compared to the previous year, reflecting ongoing challenges in project timing and market conditions.
Good day, and thank you for standing by. Welcome to Itron's first quarter 2026 earnings conference call. (Operator Instructions). Today's call is being recorded. I will now hand the conference over to your speaker host, Paul Vincent, Vice President of Investor Relations. Please go ahead.
Good morning, and welcome to Itron's first quarter 2026 earnings conference call. Tom Deitrich, Itron's President and Chief Executive Officer; and Joan Hooper, Senior Vice President and Chief Financial Officer, will review Itron's first quarter results and provide a general business update and outlook. Earlier today, the company issued a press release announcing its results.
This release also includes details related to the conference call and webcast replay information. Accompanying today's call is a presentation that is available through the webcast and on our corporate website under the Investor Relations tab.
Following prepared remarks, the call will open for questions using the process the operator described.
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