Itron (ITRI, Financial) is riding a wave of growth as demand for its smart utility solutions accelerates, delivering a stellar third-quarter performance that outpaced Wall Street expectations. With revenue up 10% year-over-year to $615 million, Itron's Device Solutions segment led the charge, posting an 11% gain on the back of rising demand for smart water and electric solutions. Meanwhile, Networked Solutions grew by 8% from new project launches, and recurring revenue in Outcomes rose 17%, showing the market's appetite for Itron's innovative tech. Non-GAAP EPS came in at $1.84, beating estimates by a solid $0.71, further underscoring Itron's upward momentum.
CEO Tom Deitrich credits the strong results to Itron's grid-edge intelligence platform, which aligns squarely with the needs of a rapidly evolving utility market. Net income jumped to $78 million—a $38 million boost over last year—fueled by operational efficiency, interest income, and favorable tax outcomes. The company's free cash flow also rose sharply to $59 million, highlighting its capacity to generate cash while driving growth in smart utility solutions that help clients transition to a more sustainable future.
Looking ahead, Itron raised its full-year 2024 guidance, now expecting revenue of $2.428 billion to $2.438 billion, with non-GAAP EPS of $5.28 to $5.38. The revised guidance reflects a confident outlook for Itron, positioning it as a leader in the smart infrastructure space. Investors took notice, with shares surging over 9% following the news. As utilities worldwide increase their focus on sustainable and resilient energy and water management, Itron's growth trajectory looks more promising than ever.
