Itron, Inc. (NASDAQ:ITRI) has reported financial results for its second quarter ended June 30, 2006. Highlights of the results include:
o Record quarter and year-to-date revenues of $163.8 million and $319.4 million;
o Automated Meter Reading (AMR) unit shipments in 2006 up 40% for the quarter and 58% year-to-date over 2005;
o GAAP diluted EPS of 39 cents and 66 cents for the quarter and year-to-date in 2006 vs. 38 cents and 43 cents for the same periods in 2005;
o Pro forma diluted EPS of 62 cents for the quarter and $1.20 year-to-date, an increase of 48% and 60% over the same periods in 2005;
o Cash flow from operations of $56.8 million for the first six months of 2006, up from $36.6 million last year;
New order bookings of $313 million year-to-date in 2006, up 6% over 2005.
“We are excited about our results for both the quarter and six month periods,” said LeRoy Nosbaum, Chairman and CEO. “Our operating groups’ results are strong and once again we have achieved a record level of revenue and earnings, giving us confidence that our 2006 expectations are on track and that we are executing well on our business plans for the year. The economic drivers for Itron solutions remain strong and we are pleased with the level of industry-wide activity.”
Revenues for the second quarter of 2006 were $163.8 million, 21% higher than second quarter 2005 revenues of $135.1 million. Revenues for the six months ended June 30, 2006 were $319.4 million, which reflects a 27% increase over revenues of $251.6 million in the first six months of 2005. The increased revenues in 2006 were primarily due to higher shipments of Itron AMR technology.
Loading...