Itron Announces Third Quarter 2015 Financial Results
Summary
The improvement in gross margin was driven by the Electricity segment, which benefited from increased volumes and lower costs on an OpenWay project in North America. Excluding the foreign currency impact, expenses increased due to product development investments and higher personnel, severance and professional service costs. Our broad product portfolio includes electricity, gas, water and thermal energy measurement devices and control technology; communications systems; software; as well as managed and consulting services. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and ability to service debt by excluding certain expenses that may not be indicative of our recurring core operating results. We believe free cash flow provides investors with a relevant measure of liquidity and a useful basis for assessing our ability to fund our operations and repay our debt.
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