Itron has reported fourth quarter revenue of $551 million (+11 percent) and full year revenue of $2.0 billion.
By segment, Electricity revenue increased 20 percent driven by higher smart solution deliveries primarily in North America and Europe, Middle East and Africa (EMEA) regions.
Gas and Water revenue increased 2 percent and 3 percent, respectively, primarily due to a favorable impact from changes in foreign currency exchange rates.
The acquisition of Silver Spring Networks closed on Jan. 5, 2018 and will operate and report as a new Itron Networks segment, Itron said.
“Our fourth quarter results reflect strong execution of our strategy as we delivered year-over-year growth in revenue and non-GAAP earnings per share,” said Philip Mezey, Itron president and chief executive officer.
“The progress we made in the quarter and throughout 2017 provides a solid foundation for 2018 as we optimize our operations and integrate Silver Spring Networks,” Mezey added. “The integration is progressing as planned with active collaboration across our team, a powerful sense of our shared mission and values and positive support from customers and partners.”
Bookings of $811 million increased 24 percent compared with the fourth quarter of 2016. Total backlog was $1.8 billion and 12-month backlog was $931 million at the end of the quarter, a year-over-year increase of 6 percent and 22 percent, respectively.
Itron’s revenue for the full year 2018 is expected to be between $2.33 and $2.43 billion and for the first quarter of 2018, the company expects revenue between $575 and $600 million.
The company also confirmed its expectations that the acquisition of Silver Spring Networks will be accretive to gross margin in 2018 and will be accretive to non-GAAP EPS and adjusted EBITDA in 2019.