Itron Shareholders Approve All Proposals at 2025 Annual Meeting

At its May 8, 2025 annual meeting, Itron shareholders approved all six proposals, including the election of Diana D. Tremblay as director, executive compensation in an advisory vote, and amendments to the Articles of Incorporation.

These amendments doubled the authorized common stock to 150 million shares, removed obsolete preferred stock language, updated the registered agent details, and added director and officer indemnification provisions. Shareholders also ratified Deloitte & Touche LLP as the company’s 2025 auditor.

Itron reported fourth-quarter 2024 revenue of $613 million, up 6% from the prior year, and full-year revenue of $2.4 billion, an increase of 12%. Gross profit for the quarter was $214 million, up 9%, while full-year gross profit reached $839 million, an 18% increase.

Net income attributable to Itron, Inc. for the fourth quarter was $58 million, or $1.26 per diluted share, compared to $44 million, or $0.96 per diluted share, in the prior year. For the full year, net income was $239 million, or $5.18 per diluted share, up from $97 million, or $2.11 per diluted share, in 2023. Non-GAAP diluted EPS for the quarter was $1.35, and $5.62 for the full year.

Adjusted EBITDA grew 19% to $81 million in the quarter and 43% to $324 million for the full year. Free cash flow was $70 million for the quarter and $208 million for the year, reflecting strong earnings and increased interest income.

CEO Tom Deitrich highlighted record performance in the Outcomes segment, quarterly bookings, and total backlog of $4.7 billion. He emphasized the growing demand for Itron’s grid edge intelligence platform and the company’s focus on helping utilities and cities navigate evolving infrastructure needs.

For 2025, Itron forecasts first-quarter revenue between $610 million and $620 million, with non-GAAP diluted EPS of $1.25 to $1.35. Full-year 2025 revenue is expected to range from $2.4 billion to $2.5 billion, with non-GAAP diluted EPS between $5.20 and $5.60, assuming stable market conditions and continued trade policies from 2024.

source: Itron, Inc., GlobeNewswire, February 25, 2025.

Itron, Inc. has announced that two members of its board of directors, Lynda L. Ziegler and Mary C. Hemmingsen, will not stand for re-election at the company’s 2025 Annual Meeting of Shareholders.

Lynda L. Ziegler, who has served on the board since 2013, is currently the chair of the Nominating and Corporate Governance Committee and a member of the Compensation Committee. Her decision to retire is not due to any disagreement with the company or management. She will continue to serve until the 2025 Annual Board Meeting.

Mary C. Hemmingsen, a board member since 2022 and a member of the Audit/Finance Committee, is stepping down due to her workload as a partner at Moneta Securities and her responsibilities as an audit chair for four companies. Her departure is also not related to any disagreements with the company.

As a result, effective May 8, 2025, Itron's board size will be reduced from nine to seven directors.

Source: Itron, Inc., "Form 8-K Filing," February 24, 2025.