Itron, a U.S.-based energy and water resource management solutions provider, reported a revenue of $475.3 million for the first quarter (Q1) of 2022, a 9 % year-over-year (YoY) decrease compared to $519.6 million reported in Q1 2021.

Itron’s portfolio includes smart networks, software, services, meters, and sensors to help better manage electricity, gas, and water resources.

The revenue dipped by 2.12% quarter-over-quarter (QoQ) compared to $485.6 million in Q4 2021.

The company attributed the impact of alterations in foreign currency exchange rates and component constraints to the decrease in revenue.

The net income attributable to Itron decreased 93% YoY from $12.6 million reported in Q1 2021 to $900,000 in Q1 2022.

Itron attributed this decline to lower operating income, partially offset by lower interest expense. The notable decrease in operational expenditure was prominently due to lower restructuring, amortization, and product development expenses.

Source: Itron

The company’s gross margin of 28.4% decreased 380 basis points from the prior year due to higher component costs and manufacturing inefficiencies related to component shortages.

Itron’s adjusted Earnings Before Tax, Depreciation, and Amortization (EBITDA) was $19 million in Q1, a YoY dip of 62% compared to $50 million in the previous year’s first quarter.

The company reported a total backlog of $3.9 billion and a 12-month backlog of $1.6 billion, a YoY difference of 14.7% and 23% compared to $3.4 billion and $1.3 billion, respectively, in the same period last year. The company recorded bookings amounting to $417 million in Q1 2022.

Tom Deitrich, Itron’s President and Chief Executive Officer said, “In the first quarter of 2022, customer demand remained strong with a focus on our Networked Solutions and Outcomes offerings. While we continue to be impacted by the current supply constraints and an inflationary environment, we remain focused on driving our strategy forward.”

The company had previously recorded total revenue of $1.98 billion for 2021, a YoY drop of 8% compared to $2.17 billion in 2020.