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Itron Q1'18 non-GAAP net income declines

Itron Inc. reported first-quarter 2018 non-GAAP net income attributable to the company of $5.1 million, or 13 cents per share, down from $22.2 million, or 57 cents per share, in the same quarter of 2017.

The S&P Capital IQ normalized consensus EPS estimate was 13 cents.

Adjusted EBITDA for the three months ending March 31 increased to $39.6 million, from $45.6 million in the same quarter of 2017.

Itron's non-GAAP operating income was $27.8 million in the 2018 first quarter, compared to $38.8 million in the corresponding three-month period of 2017.

Revenue for the quarter was $607.2 million, compared to $477.6 million in the same quarter of 2017.

Itron said growth in revenues was driven by increased sales of smart electric and gas solutions in Europe, accelerated deliveries in the Americas and strong performance in the network segment.

On a GAAP basis, the company posted a first-quarter net loss of $145.7 million, down from net income of $15.8 million in the first quarter of 2017.

Itron reported a total backlog of $3.1 billion, compared with $1.6 billion at the end of the first quarter of 2017.