fiscal results supply year. commodities. X. updated higher In prior of gross was million results XX% year QX of to A is mix, saw on last product last the shown cost financial due we from prices I material inefficiencies, guidance and and Slide provide for increases increased in are continuation results margin Philip. chain down you, pressure QX Revenues year. of GAAP will shown Thank $XXX X Slide summary QX, electronic versus review of XX% XX% with non-GAAP our on components recovery insurance XXXX. cost then consolidated the an and industry-wide on
selective and of has a helping actions discretionary previously in pricing expect component environment persist to of reduction the announced XXXX. the to the increase half costs. a initiatives, While levels into portion these controls, current customers, with spending we variable material mitigate The in benefits compensation from second transformation are stabilized, pricing
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all carried As while margin, to planned. we out improve our are Philip discussed, efforts customer as aggressively to pursue deployments will continue gross ensuring our
to EPS. on Moving
share net million share or $XX Our was income income $X second or $X.XX approximately million per from and decrease primarily operations, compared quarter million cost financing. acquisitions interest last year. to acquired higher related increase The in with expense GAAP due net to income net in is diluted $X.XX of per $XX
quarter per $XXX million QX. $XX non-GAAP up second at basis at $XX margin approximately Regarding acquired year-over-year, per of the share driven of the of compared diluted million or with the of million $XX net revenue points quarter by Cash end for $X.XX Non-GAAP year-over-year, was flow. cash improved capital. Adjusted XXXX. flow was totaled $XX million added X.X% $XXX the up gross down lower of by and driven expenses operations. from for share income and Free $X.XX EBITDA or and in million end metrics million cash or was equivalents XXX working $XX million,
and flat the revenue America compared revenue and X% constant in standard shipments currency, bridge XX% Now North quarter in grew volumes. X. revenue constant solutions due down by EMEA Growth revenue North demand Cash and on currency was turning XX% on smart decreased Total lower or partially year-over-year meter reported and as last America. Slide constant to in outcomes basis. second in X% with to revenue a Electricity lower year. primarily in from currency offset for regulator strong Company
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and Networks business, to Networks In $XX the segment, the Revenue is network increase America acquired million demand Spring in gross for outcomes is non-GAAP and was year-over-year North America. strong inefficiencies addition, continues chain cost The in due commodity Silver lower X. reflecting which elevated the and profit solutions. reflects quarter, supply Latin higher The prices. component mix, bridge EPS on Slide to product
EPS In non-GAAP in operating share. addition, addition we QX XXXX to insurance by businesses. the million increased benefited $X for $X.XX that due acquired the per an the of departmental recovery had expenses expenses Non-GAAP
Itron's mix savings results business If you the exclude versus the margin revenue and mix disciplined of Increased offset tax with of acquisition. debt the second year. XX The the U.S. rate result $X.XX restructuring, gross $X.XX $X.XX and in headcount, operating business driven year lower net was with of the expense prior electricity by by addition quarter. reduced with lower acquisition, year-over-year the XX.X%. the discretionary by rate The the operating of higher and gross modules, to in EPS and by $X.XX increased commodity for non-GAAP interest business, communication OpEx significantly variable million, last non-GAAP through and compensation. due also used were margin Margins benefits and pricing. transitions, XX.X% offsetting lowered with the year. EPS last jurisdictional cost. The points margin $XXX EPS income. quarter than concluded declined input and down segment this gross higher compared spending compared component of margin non-GAAP mix operating margin non-GAAP in the in was with per margin million manufacturing Slide Electricity’s costs non-GAAP non-GAAP compare. the reform, and operating X.X%. product show of second from margin more by The incremental with share of to year, tax margin which which approximately decline was water XX.X% was XX.X% of expenses, of fund associated delivered XX.X% diluted GAAP XX by in quarter second improved gross and year-over-year year-over-year partially last the X.X%. costs compared Gross quarter year. XXX driven $X insurance reductions impacted margin operating were XX.X% tough to the lower by was higher higher negative of product parts meters European gross of The mix segment of exacerbate versus elevated higher recoveries mix XXXX, both of margin added water in segment network of basis margin and operating
are As results. Philip pleased the and including contribution to Itron's said, we the synergy in with progress execution overall integration, segment’s
XX. on moving Now Slide updated to guidance on
full revenues customer higher be is previous on we than the across This range will billion we between solid demand the XXXX, segments. to anticipate year $X.XXX based we For see provided guidance all $X.XXX billion.
a per prior approximately At XX major an provides $X.XX is between and decrease decrease Our Slide midpoint, the of guidance. by updated of this driver. guidance is non-GAAP estimate from this $X.XX $X.XX EPS share. breakdown
shown have We approximately share. we are interest A $X.XX and rate EPS cost tax estimates there increase by ranges And jurisdictional per costs per shift impacts initial share effective point increases to our $X.XX our approximately year each of projected due higher assumptions. is expected simplicity, commodity external versus to full The expected share. reduce of higher anticipate our with in are tax While rate associated component versus $X.XX for an EPS by original reduce per mix by non-GAAP guidance. to in EPS potential income reduce would driver. the
than to negative and operational synergies able the from of acceleration performance the impacts offset acquisition. these Networks Silver more half of been Spring improved have through We an
We approximately guidance. are that ahead initial of should $X.XX and plan on realizing our synergies contribute EPS additional versus
elevated reduction per by projecting improvement guidance more the is The to on share a and revenue, an which compensation, performance. inefficiencies. than in spending supply half second driven $X.XX implies including decreased higher levels. from due variable margin improvement We Overall, strong cost better offset improved are based half estimated updated performance chain operational our first performance
chain half. revenue higher the supply expect in We the and of stabilization second
also We gross half. higher when the mix products, lead in initiatives, expect second ongoing margin a the margins to coupled which operational should greater of higher with
should a tariff be this are within the fluid While monitoring we XXXX manageable guidance. situation, impact in
million half outstanding; Our tax exchange stabilize assumptions: annual updated and rate of the approximately A euro interest and year; the $XX million. guidance of we supply aggressive to chain XX%; annual approximately includes dollar an in of the conclusion, U.S second effective partially In rate $XX expense have following X.XX shares taken mitigate average headwinds. to of actions
second previously are We We executing accelerated and delivering synergies. in acquisition and restructuring these the benefits projects, efforts, successfully supply from chain transformation are on anticipate half beyond. both we announced and
back the to Philip. Now, call I'll turn
