Itron Delivers Record-Breaking Quarter, Cements Leadership in Grid Intelligence
Itron, a global technology company, has announced its fourth-quarter 2024 earnings release conference call results, showcasing remarkable financial and operational achievements. The company's performance highlights include record quarterly bookings of $1.4 billion, resulting in a new record total backlog level of $4.7 billion.
Financially, Itron delivered solid numbers, with revenue reaching $613 million, adjusted EBITDA hitting $81 million, non-GAAP earnings per share coming in at $1.35, and free cash flow totaling $70 million. These figures demonstrate the company's strategic progress and financial discipline, particularly within its growth segments of Network Solutions and Outcomes.
One notable example of market demand is the partnership between Itron and Potomac Electric Power Company (Pepco), serving the Washington, D.C. area. This collaboration has led to a successful residential demand response program, with nearly 500,000 participants utilizing direct load control devices and smart thermostats to reduce peak loads on Pepco's system.
Itron's Grid Intelligence platform continues to drive adoption, with over 13.4 million distributed intelligence endpoints shipped and more than 15 million applications licensed. This milestone solidifies the company's leadership in grid resiliency, capacity, safety, and automation solutions.
Looking ahead, Itron's record full-year bookings of $2.7 billion contribute to a strong book-to-bill ratio of 1.11 for 2024. The company's backlog is dominated by Grid Edge Intelligence platform content from its Network Solutions and Outcomes segments, including over 10 million endpoints and associated platform elements.
The agreement with one of Itron's longest-standing gas customers for the Intelis technology further demonstrates the company's commitment to innovation in connected metrology on the active grid. This solution aims to maximize safety and Grid Edge Intelligence for their customers.
