XML 42 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
Quarterly Results (Unaudited) (Text Block)
 12 Months Ended
Dec. 31, 2017
Quarterly Results (Unaudited) [Abstract]  
Quarterly Financial Information [Text Block]
Quarterly Results (Unaudited)

 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Total Year
 
(in thousands, except per share data)
2017
 
 
 
 
 
 
 
 
 
Statement of operations data (unaudited):
 
 
 
 
 
 
 
 
 
Revenues
$
477,592

 
$
503,082

 
$
486,747

 
$
550,776

 
$
2,018,197

Gross profit
157,225

 
177,860

 
165,318

 
174,751

 
675,154

Net income attributable to Itron, Inc.
15,845

 
14,097

 
25,576

 
1,780

 
57,298

 
 
 
 
 
 
 
 
 
 
Earnings per common share - Basic(1)
$
0.41

 
$
0.36

 
$
0.66

 
$
0.05

 
$
1.48

Earnings per common share - Diluted(1)
$
0.40

 
$
0.36

 
$
0.65

 
$
0.05

 
$
1.45

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Total Year
 
(in thousands, except per share data)
2016
 
 
 
 
 
 
 
 
 
Statement of operations data (unaudited):
 
 
 
 
 
 
 
 
 
Revenues
$
497,590

 
$
513,024

 
$
506,859

 
$
495,713

 
$
2,013,186

Gross profit
163,203

 
169,705

 
170,749

 
156,663

 
660,320

Net income (loss) attributable to Itron, Inc.
10,089

 
19,917

 
(9,885
)
 
11,649

 
31,770

 
 
 
 
 
 
 
 
 
 
Earnings (loss) per common share - Basic(1)
$
0.27

 
$
0.52

 
$
(0.26
)
 
$
0.30

 
$
0.83

Earnings (loss) per common share - Diluted(1)
$
0.26

 
$
0.52

 
$
(0.26
)
 
$
0.30

 
$
0.82

(1) 
The sum of the quarterly EPS data presented in the table may not equal the annual results due to rounding and the impact of dilutive securities on the annual versus the quarterly EPS calculations.

During the fourth quarter of 2017, the Tax Act was enacted into law in the United States. We recognized provisional estimates for the impact of the Tax Act of $30.4 million to remeasure our deferred tax assets as a result of these legislative changes. This resulted in a decrease of $0.79 and $0.77 to basic and diluted earnings per share, respectively, for the three months ended December 31, 2017.

During the second quarter of 2017, we recognized an insurance recovery in our Water segment associated with warranty costs recognized as a result of our 2015 product replacement notification to customers who had purchased certain communication modules. As a result, gross profit increased $8.0 million for the three months ended June 30, 2017. After adjusting for the tax impact, the recovery resulted in an increase of $0.13 and $0.12 to basic and diluted earnings per share, respectively, for the three months ended June 30, 2017.

During the third quarter of 2016, we announced the 2016 Projects to restructure various company activities in order to improve operational efficiencies, reduce expenses and improve competiveness. As a result, we recognized $40.0 million and $7.8 million in restructuring costs during the third and fourth quarters of 2016, respectively, related to the 2016 Projects.