Itron Inc. posted strong results in the second quarter, with shares gaining 26.23 percent to close at $107.02 on the news. The technology company reported non-GAAP diluted earnings per share of $1.59, exceeding its prior guidance range of $1.25 to $1.35, though this represented a $0.03 decline from the comparable quarter a year earlier. Revenue totaled $563 million, down 7 percent year-over-year but within the company’s projected range of $560 million to $570 million.
Company leadership attributed the results to robust demand across multiple segments, with President and CEO Tom Deitrich noting record gross margins and strong free cash flow generation. He cited constructive market conditions driven by grid expansion initiatives, resilience investments, and affordability considerations, alongside increasing industry focus on rapid power deployment. Attributable net income declined to $53.27 million from $68.3 million in the prior-year period, a decrease of 22 percent.
Looking ahead, Itron raised its full-year 2026 revenue guidance to a range of $2.37 billion to $2.41 billion, implying flat to 1.7 percent growth compared to 2025’s $2.37 billion. The company also guided non-GAAP diluted earnings per share for the year at $6.30 to $6.50. For the third quarter, the company projects revenues between $590 million and $600 million, representing 1.37 percent to 3 percent growth relative to the prior-year quarter’s $582 million, with non-GAAP diluted EPS anticipated at $1.50 to $1.60.
Institutional investor activity showed mixed signals during the first quarter of the year. While the number of hedge funds holding Itron positions decreased to 38 from 46 in the previous quarter, institutional conviction strengthened as combined holdings increased to $538 million from $456 million, indicating existing investors expanded their stakes despite reduced hedge fund participation.
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