Itron, Inc. reported significant financial growth for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues for Q3 2024 reached $615.5 million, a 10% increase from $560.8 million in Q3 2023. For the nine months, revenues rose to $1.8 billion, up 15% from $1.6 billion in the prior year. Product revenues contributed to this growth, increasing by 12% in Q3 and 17% for the nine months, driven by higher sales in the Device Solutions and Networked Solutions segments.
Gross profit for Q3 2024 was $209.6 million, reflecting a gross margin of 34.1%, up from 33.4% in Q3 2023. For the nine months, gross profit was $625.4 million, with a margin of 34.2%, compared to 32.4% in the previous year. Operating income for Q3 2024 surged to $73.9 million, a 35% increase, while for the nine months, it reached $201.4 million, a remarkable 153% increase year-over-year. Net income attributable to Itron, Inc. for Q3 2024 was $78.0 million, a 94% increase from $40.2 million in Q3 2023, and for the nine months, it was $181.0 million, compared to $52.5 million in the prior year.
The company also reported a substantial increase in cash flow, with net cash provided by operating activities for the nine months ending September 30, 2024, amounting to $158.3 million, up from $77.1 million in 2023. Cash and cash equivalents at the end of the period were $982.5 million, an increase of $680.5 million from the beginning of the year, primarily due to proceeds from convertible notes and operational cash generation.
Strategically, Itron completed the acquisition of Elpis2, Inc. on March 1, 2024, for $34.1 million, enhancing its utility grid analytics and operational software capabilities. The company has also initiated a share repurchase program, authorizing up to $100 million over 18 months, with $100 million already utilized in repurchasing shares under a previous program.
Itron's restructuring efforts continue, with ongoing projects aimed at optimizing global supply chain and manufacturing operations. The company reported a decrease in restructuring costs, contributing to improved profitability. Overall, Itron's performance reflects strong demand for its products and services, alongside effective cost management and strategic acquisitions.
About ITRON, INC.
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