Quarterly ResultApr 28, 2026, 01:21 PM
ITRI Q1 Revenue $587.0M, EPS $1.18; Acquires Locusview; Refinances Debt
AI Summary
Itron, Inc. reported Q1 2026 revenues of $587.0 million, a 3.3% decrease year-over-year, with diluted EPS falling 16.9% to $1.18. Despite the revenue decline, gross profit increased by 8.8%. During the quarter, Itron completed the acquisition of Locusview, Ltd. for $515.1 million and repaid its $460.0 million 2021 Convertible Notes while issuing $805.0 million in 2026 Convertible Notes.
Key Highlights
- Acquired Locusview, Ltd. for $515.1 million cash, adding $357.0 million in goodwill.
- Repaid $460.0 million of 2021 Convertible Notes on March 16, 2026.
- Issued $805.0 million of 2026 Convertible Notes on February 23, 2026.
- Total revenues decreased 3.3% to $587.0 million from $607.2 million YoY.
- Net income attributable to Itron, Inc. fell 18.4% to $53.5 million from $65.5 million YoY.
- Diluted EPS decreased 16.9% to $1.18 from $1.42 YoY.
- Gross profit increased 8.8% to $236.3 million from $217.2 million YoY.
- Cash and cash equivalents were $712.9 million at March 31, 2026.