Itron Shines Bright in Q1 2025: Record Gross Margin and Strong Earnings Growth
May 1, 2025 – Itron, a leading provider of innovative solutions for the utility industry, has reported impressive financial results for its first quarter of 2025. The company's performance exceeded expectations, driven by favorable product mix and strong execution.
In its earnings conference call, Tom Deitrich, President and Chief Executive Officer, highlighted Itron's ability to meet customers' core needs for robust solutions to their mission-critical operating challenges. The company's disciplined manufacturing and customer adoption of its grid edge intelligence platform contributed to a record gross margin and strong earnings growth.
Itron's first-quarter revenue reached $607 million, with adjusted EBITDA of $88 million and non-GAAP earnings per share of $1.52. Free cash flow totaled $67 million, demonstrating the company's commitment to financial stability. Notably, Itron's bookings in the quarter were in line with expectations, totaling $580 million and representing a book-to-bill ratio of 0.9:1.
The company's Network Solutions and Outcomes segments continued to dominate its bookings, accounting for over 95% of its total backlog. This segment saw significant growth, with Itron shipping 14.4 million distributed intelligence-capable endpoints by the end of the quarter. The company also reported a $10-plus million backlog in this area.
Key bookings for the quarter included a major project with First Energy, which will enhance data management solutions and enable consumers to better understand and control their energy usage. Additionally, Itron was selected to support a modernization project for Public Service Company of New Mexico, the state's largest electricity provider. This project aims to deliver distributed intelligence capabilities, improve efficiency, reliability, resilience, and security, while also providing real-time energy usage information for consumers.
Tom Deitrich emphasized that Itron's team is focused on executing its strategy effectively, as demonstrated by the results from the past quarter. The company's strong performance is a testament to its ability to meet customers' needs and drive growth in the utility industry.
