ITRI · Itron, Inc. Q2 FY2026 earnings call record财报电话会记录

“The common thread, customers want to do more with the infrastructure they already have, unlocking the capacity embedded in their distribution systems, reducing waste, and deferring or optimizing capital-intensive upgrades.”

“Customers choose Itron because our platform solves multiple challenges.”

“Outcomes again delivered strong year-over-year growth, and annual recurring revenue grew by approximately 21% year-over-year, clear evidence of the continued adoption of Itron's higher-value offerings and the durability we are building into the revenue base.”

“Gross margin of 41% was 410 basis points higher than last year due to favorable mix, operational efficiencies, and continued cost discipline.”

“Moving to the non-GAAP year-over-year EPS bridge on slide 10, our Q2 non-GAAP earnings per share of $1.59 per diluted share decreased $0.03 year-over-year.”

“Turning to slides 11 through 14, I'll review the Q2 segment results compared with the prior year.”

“Adjusted gross margin increased 30 basis points year-over-year due to a higher margin revenue mix, and operating margin increased 290 basis points due to higher operating leverage.”

“We anticipate Q3 revenue to be within a range of $590 million-$600 million, which at the midpoint is up 2% versus last year and 6% sequentially.”

“We anticipate third quarter non-GAAP earnings per share to be within a range of $1.50-$1.60 per diluted share, up 1% year-over-year at the midpoint.”

“The full year revenue outlook is similar to what we provided back in February, but we are now able to narrow the range to $2.37 billion-$2.41 billion, which at the midpoint is up 1% versus 2025.”

“We go into the quarter with somewhere, call it 80%, 85% of the shipments that are planned for the quarter in backlog, and the rest come through turns during the 12, 13 weeks to come.”

“We had some roll-off late last year of some customers who had a lower margin profile.”