Itron’s Revenue Falls by 7% YoY in Q4 2021, Registers a Net Loss of $58.9 Million
Increasing backlog due to semiconductor component shortages impacted Q4 results
U.S.-based energy and water resource management technology company Itron in its recently announced financial results recorded revenue of $485.6 million in the fourth quarter (Q4) 2021, a year-over-year (YoY) decline of 7% compared to $525 million in Q4 2020 and a quarter-over-quarter (QoQ) growth of 0.2% compared to $486.9 million recorded in Q3 2021.
The adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for Q4 2021 was $3.2 million, a YoY decrease of 94% compared to a $55.5 million registered in Q4 2020 and a QoQ drop of 87% compared to $26.1 million recorded in Q3 2021. The EBITDA margin was 0.7%
The company registered a net loss of $58.9 million in Q4 2021, compared to a net profit of $21.5 million registered in Q4 2020.
Itron offers smart networks, software, services, meters and sensors to efficiently manage electricity, gas and water resources.
“Customer demand for Itron’s solutions is at an all-time high, as demonstrated by record bookings and backlog in the fourth quarter,” said Tom Dietrich, Itron’s President and CEO. “Unfortunately, headwinds due to semiconductor component shortages impacted our fourth-quarter results, and we anticipate these conditions continuing through at least the first half of 2022.”
Full-year 2021 results
The revenue recorded for the full year 2021 was $1.98 billion, a YoY drop of 8% compared to $2.17 billion registered in 2020.
The adjusted EBITDA for 2021 was $115.2 million, a YoY decline of 35% compared to $178.4 million registered in 2020. The EBITDA margin was 5.8%.
The company registered a net loss of $81.3 million in 2021, a YoY increase of 40% compared to a net loss of $58 million registered in 2020.
The company claims the revenue was down due to component constraints, which impacted the quarter by around $75 million and approximately $225 million for the whole year. The component shortages also resulted in unfulfilled customer demand.
While the company recorded $1.1 billion worth of bookings during Q4 and $2.8 billion through 2021, the total backlog stood at $4 billion and the 12-month backlog at $1.5 billion due to semiconductor component shortages.
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