Itron, Inc. (NASDAQ: ITRI), a developer and manufacturer of smart infrastructure technology, released its first-quarter results. Itron was able to demonstrate the value of its solutions despite supply chain challenges and decreased revenue.
Itron’s total revenue dropped 9% to $475 million in the third quarter (-6 percent excluding foreign exchange). Component shortages and supply chain issues have harmed Itron’s operations, preventing the company from satisfying all of its customers’ demands.
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Profits were also down against this backdrop. It was $1 million, or $0.02 per diluted share, versus $13 million and $0.3 the previous year. The order book (backlog) increased to $3.9 billion, though. The company received new orders totaling $417 million during the quarter.
Itron’s solutions continue to be in high demand, and supply challenges, while persistent, are only temporary. Utility infrastructure automation tools, smart meters, and other equipment and software are available from the company, which help to eliminate financial and resource losses.
So, the Itron contract with Yokogawa India got public this week. In Satna, Madhya Pradesh, India, Itron solutions were used for water management as part of a smart infrastructure project. The Itron system was designed to reduce water losses by employing a network of sensors to identify leaks and optimize the operation of water pumping stations based on water usage changes.
Itron, one of the first smart system deployments in India, has signed a five-year partnership with Yokogawa. Yokogawa is banking on its application’s popularity and huge water savings. Success in this huge water-scarce sector could lead to additional contracts for Itron.
Itron Inc. (ITRI) shares fell 0.00 percent to $51.17. Itron Inc.’s stock fell -5.08 percent to $51.17 in the most recent trading session. The stock had a trading volume of 0.39 million shares, which was lower than the average daily trading volume of 0.43 million shares for the previous 50 days.
Itron Inc.’s stock has been down 5.35 percent in the last five days but has lost -1.88 percent in the last month. Over the previous three months, the stock has lost -12.17 percent, and it has lost -39.53 percent this year.
